ASEAN Markets will Open Lower but may recover in the afternoon session.
Overnight in the USA
A combination of factors – the
crisis in Libya along with poor data from China, the US and Spain – forced
stock markets in the US and Europe sharply lower.
Stocks fell broadly, but energy
companies were hit the hardest. Exxon Mobil, the largest company in the world
by market value, fell 3 per cent. Chevron also fell 3 per cent.
The Dow Jones industrial average
was 228.48 points lower, down by 1.87 per cent, at 11,984.61 at the close.
The Standard & Poor’s 500
index fell 24.91, or 1.89 per cent, to 1295.11.
The Nasdaq composite fell 50.7,
or 1.84 per cent, to 2701.02.
Expect Manila to break a 6 day
winning streak today as the weight of overnight falls on Wall St suppress
sentiment with international investors.
Buy Quality today, PLDT, San
Miguel and Ayala Corp stand out according to Shayne Heffernan.
In Manila yesterday the
Philippine Stock Exchange index added 33.08 points or 0.84 percent to finish at
3,959.94.
The day’s rally was led by the
financial and property sectors which surged by 1.6 percent and 1.5 percent,
respectively.
Value turnover was robust at P5.9
billion, supported by around P711 million in net foreign buying.
Over the short-term, Garcia said
the index would likely trade between 3,800 and 4,000 depending on geopolitical
developments and the movement of global oil prices.
Strong 2010 and fourth quarter
local corporate earnings also allowed bargain-hunter to prevail over
profit-takers.
The Winners PLDT, SM Investments,
Aboitiz Power, Metrobank, Megaworld, Ayala Land, Ayala Corp., Robinsons Land,
PNB and Leisure & Resorts.
The Losers Aboitiz Equity Ventures,
ICTSI, Cebu Air, SM Prime, San Miguel Corp., DMCI and Universal Robina.
Singapore will be hit hard by the
falls on Wall St overnight, so today is a day to be looking for bargains.
DBS Bank fell 0.28 per cent to
S$14.42 yesterday and is great buying as it heads toward $14 today, SingTel
fell 1.32 per cent to S$3.00 yesterday and will be trading in the $2.90s today
and is a good addition to the portfolio at these levels.
Noble Group declined 3.3 per cent
to S$2.06 yesterday, if this goes under $2 today it is a very strong buy, Olam
International fell 0.4 per cent to S$2.70 and will see the $2.50 range during
the day, another good buy Wilmar International slipped 0.4 per cent to S$5.29,
buy all you can shouold it hit $5.
Keppel Corp fell is another good
company trading cheaply down 1.5 per cent to S$11.82 and Sembcorp Marine down
0.2 per cent at S$5.76 are both good long term buys.
In Singapore yesterday The
Straits Times Index fell 17.46 points to end at 3,075.44.
Volume was 997 million shares.
Losers led gainers 297 to 137.
Mitrajaya Holdings Bhd has been
upgraded to a Strong Buy by Shayne Heffernan with a 2012 price target of
4.10MYR.
Mitrajaya Holdings Berhad is a
Malaysia-based investment holdings company. The principal activities of the subsidiary
companies are investment holdings, civil engineering, building and road
construction works, as well as property development and property management.
Expect a mild sell off in
Thailand today, certainly nothing like the fall in USA trading overnight.
There will be bargains today and
Shayne Heffernan has names Sri Trang Agro, PTT and Rich Asia Steel as the best
buys.
Shayne Heffernan has upgraded
Rich Asia Steel PCL to buy from a hold. The stock has a very low P/E Ratio and
is in a strong sector, price target for 2011 is .30b
Rich Asia Steel Public Company
Limited is a Thailand-based company engaged in the distribution of steel pipes,
steel scraps and steel products.
The Company’s products include
square tubes, steel pipes, rectangular tubes, lip-channeled steels, hot-rolled
steel coils and sheets, as well as billets.
It operates a production site in
Samutsakhorn province with an annual production capacity of 125,000 tons. The
Company has five branches, of which four are located in Changwat Samuthsakorn
and one in Changwat Pranakornsriayudhaya.
Sri Trang Agro-Industry ,
Thailand’s largest publicly traded rubber maker is listed in Singapore and
Bangkok.
Official says, Thai rubber
exports in Y 2011 will double in value on rising World price
Thailand expected to earn twice
as much from Rubber exports in Y 2011 from last year on soaring global price
and rising demand from China and India, a Thai official said.
Thailand, the World’s largest
rubber producer and exporter, could expect to earn US$14B from its exports of
about 3M tons of Natural Rubber in Y 2011, Luckchai Kittipol, president of the
private Thai Rubber Association, said in an interview.
This is compared to a revenue of
US$7B from an amount of exports of 2.7M tons in Y 2010.
Despite the almost same amount of
export tonnage, the revenue in USD terms is expected to double on the rising
Global Rubber price.
PTT posted a net profit of 61.4
billion for the first nine months of 2010 against a full-year figure of 59.6
billion for 2009.
It expects good results for the
fourth quarter on soaring prices of crude and related products.
Tevin Vongvanich, PTT’s chief
financial officer, said both companies are operating under strict financial
discipline, and the investment exposure will generate good returns.
In Bangkok yesterday the Stock
Exchange of Thailand (SET) composite index closed up 2.21 points or 0.22% at
1,019.22 points. The trade value was 25.64 billion baht.
Top five most active values were
as follows;
IVL closed at 50.75 baht up 0.75
baht (1.50%)
PTL closed at 23.70 baht, up 1.40
baht (6.28%)
CPF closed at 24.30 baht, up 0.20
baht (0.83%)
TOP closed at 76.75 baht, up 1.25
baht (1.66%)
BANPU closed at 726.00 baht, down
6.00 baht (0.82%)
Business & Investment Opportunities
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