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ASEAN STOCK WATCH Asean Affairs  25 September 2012

ASEAN Market Preview

By Shayne Heffernan Ph.D.

The Dow Industrials edged slightly higher on Monday, buoyed by gains in industrial, consumer discretionary and energy stocks, but gains were slight as sliding German business sentiment added to concerns about global economic growth.

Philippines

Most local stocks gained on Monday on the back of a property play and quarter-end window-dressing, allowing the main index to firm up after a four-day decline and return to the 5,300 level.

The main-share Philippine Stock Exchange index added 33.54 points, or 0.63 percent, to close at 5,325.60, again nearing the all-time intraday high of 5,400 seen in early July.

Most counters gained, led by the property sub-index (+1.6 percent) due to the rise of stocks like Ayala Land (+2.08 percent), SM Prime (+3.18 percent) and Megaworld (+0.9 percent). FLI (+1.4 percent), though not part of the PSEi, also helped buoy the property counter. The monetary easing sanctioned by major central banks around the world is seen keeping interest rates low, thus favoring the property counter.

Value turnover amounted to P4.22 billion. There were 79 advancers against 68 decliners while 41 stocks were unchanged.

Other outperformers for the day were BDO (+3.37 percent), Jollibee (+2 percent), AGI (+1.94 percent), Globe Telecom (+1.06 percent) and MPI (+0.97 percent). Philex Mining also rebounded by 0.94 percent.

Investors also bought up stocks outside the PSEi such as Security Bank (+1.07 percent), Puregold (+1.33 percent), EastWest Bank (+4.59 percent) and Union Bank (+0.19 percent).

On the other hand, Monday’s index gains were tempered by the decline of SMIC, EDC, PLDT, BPI and RLC. First Holdings also closed lower in heavy trade.

Metropolitan Bank and Trust Co. noted in its daily research that Wall Street closed mostly lower on Friday, erasing earlier gains on optimism that Spain might seek a bailout. “Weakness in global economies abroad will still weigh on investor psyche. On the local front, the positive catalyst would be the quarter-end window-dressing,” the research said.

Malaysia

 KLCI index lost 11.32 points or 0.70% on Monday. The Finance Index fell 0.88% to 14474 points, the Properties Index dropped 0.85% to 1018.32 points and the Plantation Index down 0.93% to 8202.69 points. The market traded within a range of 20.13 points between an intra-day high of 1615.98 and a low of 1595.85 during the session.

Actively traded stocks include IPOWER, IGBREIT, SCOMI, JCY, INGENS, HWGB, ASUPREM, MAYBANK, YTL and IRIS. Trading volume decreased to 827.16 mil shares worth RM1351.95 mil as compared to Friday’s 1075.33 mil shares worth RM1911.57 mil.

Leading Movers were YTL (+3 sen to RM1.77) and PPB (+14 sen to RM12.14). Lagging Movers were MAYBANK (-14 sen to RM9.01), CIMB (-9 sen to RM7.44), PBBANK (-10 sen to RM14.24), PETCHEM (-11 sen to RM6.43) and GENM (-10 sen to RM3.40). Market breadth was negative with 183 gainers as compared to 571 losers.


Indonesia

The benchmark Jakarta Composite Index mirrored most regional markets on Monday, down 1.03 percent after shedding 43.71 points to close at 4200.91.

The Indonesia Stock Exchange opened on Monday after a mixed showing last week that saw the JCI down 0.7 percent overall.

A total of 5.11 billion shares were traded on Monday, valued at about Rp 3.55 trillion ($371 million), according to Bloomberg data.

The mining sector, and specifically Indonesia’s biggest coal miner Bumi Resources, led the decline. Sector-wide, stocks tumbled 3.6 percent.

Bumi Plc, the coal mining group controlled by Indonesian investors including the politically influential Bakrie family, has begun an urgent investigation into allegations of “financial and other irregularities” at its Indonesian operations, sending its shares down more than 30 percent.

Bumi, co-founded by financier Nat Rothschild, said in a brief statement on Monday that it had commissioned an independent investigation into the allegations concerning its Indonesian subsidiaries, including 29-percent owned Bumi Resources, Asia’s biggest exporter of thermal coal, which is used in power stations.

Bumi is one of several foreign-owned, London-listed miners that have raised corporate governance concerns among investors over the past year. It has heavily underperformed the mining sector since its re-listing in June last year, weighed down by worries over its subsidiaries’ debts amid weak thermal coal prices, battles between shareholders and a complex corporate structure.


Tokyo was 0.45 percent down, closing 40.71 points lower at 9,069.29, while Sydney shed 0.52 percent, or 22.8 points, to close at 4,385.5 and Seoul closed flat, edging up 1.07 points to 2,003.44.

Hong Kong ended 0.19 percent lower, giving up 40.24 points to 20,694.70 while Shanghai rose 0.32 percent higher, adding 6.50 points to 2,033.19.

– Taipei rose 0.18 percent, or 13.71 points, to 7,768.3.

Hon Hai Precision lost 1.03 percent to Tw$95.8 while Taiwan Semiconductor Manufacturing Co. was 0.47 percent higher at Tw$86.1.

– Manila rose 0.63 percent, or 33.54 points, to 5,325.60.

Ayala Land added 2.08 percent to 24.50 pesos and Petron Corp. gained 0.38 percent at 10.30 pesos.

– Wellington was flat, nudging down 0.42 points to 3,809.15.

– Singapore closed down 0.33 percent, or 10.30 points, to 3,067.93.

Singapore Airlines fell 1.93 percent to Sg$10.66 and DBS Group shed 1.03 percent to Sg$14.35.

– Jakarta ended 1.03 percent, or 43.71 points, lower at 4,200.91.

Bumi Resources fell 19 percent to 680 rupiah, Timah dipped 3.1 percent to 1,540 rupiah and Vale Indonesia slid 6.6 percent to 2,850 rupiah.

– Kuala Lumpur dipped 0.70 percent, or 11.32 points, to end at 1,612.38.

Malayan Banking fell 1.53 percent to 9.01 ringgit, while Sime Darby lost 0.41 percent to 9.75. Scomi Group gained 4.48 percent to 0.35 ringgit.

– Bangkok fell 0.15 percent, or 1.96 points, to 1,284.30.

Oil company PTT lost 0.89 percent to 334 baht, while Banpu dropped 2.97 percent to 392 baht.

– Mumbai slid 0.42 percent, or 79.49 points, to 18,673.34.
 

Shayne Heffernan Ph.D.  

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