Singapore
Singapore’s economy would expand
by 2.9 percent this year before firming up to 3.4 percent in 2013, and
Singapore has ample policy space to mitigate the effects of a steeper global
growth slowdown or financial turmoil, the International Monetary Fund (IMF) said.
“Singapore’s growth performance
over the past year has been driven by global and regional events,” the IMF said
Monday in a report.
A poor second half of 2011,
reflecting deteriorating global activity as well as regional supply disruptions
from natural disasters, was followed by a strong bounce-back in the first
quarter of 2012, as the easing of supply disruptions boosted manufacturing
exports, reported Xinhua citing the report.
Singapore’s gross domestic
product (GDP) growth was expected to weaken in 2012, even as inflation pressure
remained high. The strong global growth impulse seen earlier this year has
given way to tepid world demand, the global lender said in its annual economic
and financial checkup of the Asian economy.
Global financial turbulence has
over the past year continued to cause volatility in Singapore’s equity and
currency markets. Housing prices and transaction volumes have moderated,
particularly in the private housing market, but local banks’ exposure to the
real estate sector was high, added the IMF.
Malaysia
KLCI index lost 1.53 points or
0.09% on Wednesday. The Finance Index fell 0.04% to 14772.52 points, the
Properties Index dropped 0.27% to 1056.21 points and the Plantation Index down
0.35% to 8609.79 points. The market traded within a range of 4.94 points
between an intra-day high of 1650.52 and a low of 1645.58 during the session.
Actively traded stocks include
PASUKGB, UTOPIA, LUSTER, THHEAVY, INSBIO, UTOPIA-WA, TMS, INGENS-WA, THHEAVY-WA
and PERMAJU. Trading volume increased to 1262.74 mil shares worth RM1295.65 mil
as compared to Tuesday’s 1210.79 mil shares worth RM1106.56 mil.
Leading Movers were DIGI (+4 sen
to RM4.84), IHH (+6 sen to RM3.17), UMW (+12 sen to RM10.22), PETDAG (+22 sen
to RM22.82) and TENAGA (+1 sen to RM6.83). Lagging Movers were GENTING (-12 sen
to RM9.02), GENM (-6 sen to RM3.30), KLK (-32 sen to RM23.24), AIRASIA (-5 sen
to RM3.50) and PETCHEM (-3 sen to RM6.50). Market breadth was negative with 352
gainers as compared to 363 losers.
Thailand
– Thailand’s trade deficit widens
in July as euro-zone crisis weighs on exports.
– Commerce ministry will revise
government’s 2012 exports growth target after Sept. 3 meeting.
(Adds deputy minister’s comments
in third and sixth paragraphs, more trade data in fourth paragraph, production
data in fifth paragraph, comments from finance minister in seventh paragraph,
and comments from central-bank governor in final paragraph.)
BANGKOK–Thailand’s trade deficit
widened in July as the euro-zone crisis continued to weigh on exports and
pressure local production, the Ministry of Commerce said Wednesday.
Based on raw customs data,
exports fell 4.46% from a year earlier to $19.54 billion, while imports surged
13.73% to $21.29 billion, resulting in a trade deficit of $1.75 billion for
July compared with June’s $550 million deficit, Deputy Commerce Minister Poom
Sarapol said at a news conference.
The fall in exports was due to
declines in both industrial and agricultural products, including electronics
equipment, rice and rubber, he said.
Over the first seven months of
the year, exports declined 0.4% to $131.81 billion, while imports rose 10.50%
to $143.90 billion, resulting in a trade deficit of $12.09 billion.
Indonesia
The JCI closed at 4,093.17 — the
lowest since August 8 — on Wednesday, bucking regional trends as benchmark
indices in Japan, South Korea and Singapore rose. Markets in Malaysia and
mainland China dropped.
Bumi Resources fell even further
on Wednesday, dropping 13.16 percent and closing at Rp 660. The coal giant
posted a $334.1 million loss in the first half of this year as it struggled to
pay the interest on its large debt.
The nation’s second-largest coal
producer, Adaro Energy, slid 2.86 percent, while Borneo Lumbung Energi &
Metal fell 3.7 percent to close at Rp 520 as demand shifts amid weakening
global demand.
Shares in Indonesia’s largest
automaker, Astra International dropped 2.10 percent to Rp 7,000. State-owned
enterprises continued to slide, with Bank Mandiri, Indonesia’s largest bank by
assets, falling 4.29 percent to close at Rp 7,800. Cement producer Semen Gresik
dropped 3.88 percent to Rp 12,400 a share.
Shares in the nation’s largest
telecommunications firm, Telekomunikasi Indonesia, remained flat on Wednesday.
Investor activity will likely
remain light ahead of US Federal Reserve Chairman Ben Bernanke’s speech before
central bankers on Friday in Jackson Hole, Wyoming. Bernake’s comments are
expected to shed some light on the state of the US recovery.
Philippines
The Asian Development Bank
believes that the Philippines will attract more foreign private equity funds
(PEFs) once the country activates its own $625-million infrastructure
fund.Under the Philippine Investment Alliance for Infrastructure (Pinai), a pool
of resources will be drawn from the Government Service Insurance System (GSIS),
a unit of the Macquarie Group, APG Asset Management, and the ADB itself.
GSIS will contribute the most
with $400 million, while ADB will provide $25 million. The two foreign firms
will account for the rest.Once it becomes operational, the government may tap
the Pinai fund to finance some of its priority infrastructure projects.
“[Pinai fund] is anticipated to
generate a development impact well beyond the initial investment by leading to
the launch of additional PEFs in the country, attracting additional foreign
capital, and further developing domestic capital markets,” ADB said in a paper
on the Pinai fund. ADB said that with the Pinai fund, foreign PEFs would gain
more confidence to do business in the Philippines.
The development bank said that
private sector investments in public infrastructure could reach 4 percent of
the country’s gross domestic product with the disbursement of the Pinai fund.
“Equity direct investments create a significantly higher multiplier effect as
new capital attracts additional investment and financing in underlying
investments,” ADB said.
Spending for public
infrastructure in the country is below 3 percent of GDP, below the 5-percent
average for Southeast Asia. Insufficient infrastructure is often cited as one
of the key reasons why the Philippines lags behind its neighbors in the area of
attracting foreign direct investments.
Yesterday in Asia
Tokyo gained 0.40 percent,
or 36.52 points, to end at 9,069.81 and Seoul added 0.64 percent, or 12.21
points, to 1,928.54. Sydney closed flat, edging down 0.07 percent, or 2.98
points, to 4,356.4 points.
Hong Kong fell 0.12
percent, or 23.29 points, to 19,788.51 and Shanghai eased 0.96 percent, or
19.91 points, to 2,053.24, its lowest since February 2009.
Taipei rose 0.40 percent,
or 29.21 points, to 7,391.15.
Taiwan Semiconductor
Manufacturing Co. was 0.36 percent higher at Tw$82.7 while leading smartphone
maker HTC gained 2.01 percent at Tw$253.5.
Manila closed 0.39 percent
higher, adding 20.10 points to 5,195.72.
Metropolitan Bank and Trust rose
1.39 percent to 94.85 pesos and SM Prime Holdings added 0.29 percent to 13.80
pesos.
Wellington closed flat,
edging down 0.66 points to 3,628.39.
Telecom was down 0.2 percent at
NZ$2.43 and Air New Zealand was flat at NZ$0.90.
Bangkok fell 1.05 percent,
or 13.00 points, to 1,220.16.
Energy firm Banpu gained 0.45
percent to 446 baht, while energy giant PTT lost 0.30 percent to 333 baht.
Kuala Lumpur stocks were
flat, losing 0.09 percent, or 1.53 points, to close at 1,645.58.
Kuala Lumpur Kepong Bhd fell 1.4
percent to 23.24 ringgit while PPB Group Bhd was down 0.7 percent to 13.98
ringgit.
Singapore was flat,
closing up 0.05 percent, or 1.50 points, at 3,041.57.
Olam International fell 2.01
percent to Sg$1.95 while DBS Group added 0.83 percent to Sg$14.62.
Jakarta closed 1.20 percent,
or 49.68 points, lower at 4,093.17.
Mining company Aneka Tambang fell
1.57 percent to 1,250 rupiah, Astra International fell 2.10 percent to 7,000
rupiah, while Indocement slid 3.12 percent to 20,200 rupiah.
Mumbai fell 0.80 percent,
or 140.90 points, to 17,490.81.
Sterlite Industries, the local
arm of global resources group Vedanta, fell 4.69 percent to 99.6 rupees while
leading motorcycle maker Bajaj Auto slid 3.96 percent to 1,627.25 rupees.
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