source: www.abs-cbnnews.com
Showing posts with label Asian Stock Market. Show all posts
Showing posts with label Asian Stock Market. Show all posts
Tuesday, August 23, 2016
Asian markets mixed on oil drop, Fed jitters
source: www.abs-cbnnews.com
Thursday, April 21, 2016
Asian stocks mostly down as Kuwait strike ends
source: www.abs-cbnnews.com
Monday, November 16, 2015
SE Asia stocks fall after Paris attacks; PH shares near 3-mth low
The Philippine composite index dropped 2.5 percent to the lowest since Aug. 25, with the 30 stocks measured by the gauge all down. Among the top losers, Energy Development Corp. and SM Prime Holdings Inc. both shed about five percent.
The Jakarta composite index declined about 1 percent to the lowest since Oct. 6, led lower by shares of Astra International and Bank Mandiri amid selling led by foreign investors, Thomson Reuters data showed.
In Bangkok, the key SET index eased 0.5 percent, recovering some early losses. Domestic funds appeared to be collecting battered stocks, brokers said.
"External pressure may lead Thai stocks to trade on the downside today," said broker Phillip Securities, forecasting support for the SET index at 1,360.
"But we believe any market dips could possibly trigger long-term equity fund and retirement mutual fund purchases to take advantage of personal income tax deductions by year end," it said.
The Paris attacks also put downward pressure on shares related to the tourism sector which expected to see potential falls in foreign tourists, brokers said.
Shares of hotelier Central Plaza Hotel Pcl were down 1.2 percent and airline firm Thai Airways International down 0.5 percent.
Data released early on Monday showed Thailand's economy expanded 2.9 percent in the third quarter from a year earlier, better than expected, with tourism revenues among key drivers.
Indexes in Singapore and Malaysia both slipped to lows hit in early October while Vietnam pulled lower after two successive days of gains.
source: www.abs-cbnnews.com
Tuesday, September 8, 2015
Asian stocks catch a lift from Wall Street, Europe
MSCI's broadest index of Asia-Pacific shares outside Japan was up 2.5 percent by 0250 GMT, with gains across all the major indices that were open.
Japan's Nikkei soared 5.7 percent, on track for its biggest one-day rise since March 2011. In the previous session, it lost 2.4 percent and wiped out its year-to-date gain.
Major Wall Street indices all logged gains of more than 2 percent overnight.
European stocks also had a banner day on news Germany's imports and exports hit record highs in value terms in July.
Chinese shares rose late on Tuesday after digesting a bigger-than-expected drop in imports. The trade data raised fears that China's slowdown could be sharper than many had expected, which in turn raised hopes that Beijing would muster more easing steps to prevent a hard landing.
The Shanghai Composite index climbed 1.7 percent on Wednesday. Hong Kong's Hang Seng index added 2.7 percent.
"With many markets having been sold off heavily over recent weeks, today’s rally, like the U.S. last night, represents a speculative bounce," said Angus Gluskie, managing director of White Funds Management in Sydney.
"The market will remain susceptible to a return of negativity until we see signs of some improvement in the original causes of weakness, which were predominantly Chinese growth concerns," he said.
The dollar put in a mixed performance, slipping slightly against a basket of six rival currencies to 95.945, and against the euro to $1.1191.
But the greenback firmed about 0.5 percent against the yen to 120.25 as the improved market mood sapped some of the appeal of the perceived safe-haven Japanese currency.
The euro also gained on the yen, rising 0.3 percent to 134.56.
Crude oil futures remained steady but at low levels on lingering concerns about a global supply glut.
U.S. crude rose 0.2 percent to $46.15 ahead of weekly crude inventories data due from industry group American Petroleum Institute later in the session.
Brent crude rose 0.4 percent to $49.74, after jumping 4 percent the previous session following upbeat German economic data.
source: www.abs-cbnnews.com
Friday, August 21, 2015
Asian shares tumble as global stocks rout deepens
The dollar notched more losses against the euro and yen after minutes from the US Federal Reserve dampened hopes for a rate rise next month, while Asia-Pacific currencies were hit by concerns about regional growth.
Shanghai shares closed down 4.27 percent, or 156.55 points, at 3,507.74, ending their worst week since 2011 as worries over the flagging economy and the possibility of weaker government support weighed.
China's benchmark index closed at almost exactly the same level as the bottom of a recent market rout on July 8, before Beijing stepped in with a vast rescue package for equities.
Hong Kong fell 1.53 percent, or 347.85 points, to finish the day at 22,409.62 -- its lowest point since May 2014 -- taking it into a bear market after a more than 20 percent slump from its April peak.
Tokyo shares fell 2.98 percent, or 597.69 points, to finish at 19,435.83, a more than three-month low and down 5.28 percent on the week.
Seoul fell 2.01 percent, or 38.48 points, to 1,876.07 as tensions climbed with North Korea, and Sydney dropped 1.40 percent, or 73.98 points, to close at 5,214.60.
"It seems like we're seeing the makings of the 1997 Asian financial crisis all over, with emerging-market currencies plunging," Nicholas Teo, a strategist at CMC Markets in Singapore, told Bloomberg News.
"China's knock-on effect on the rest of the world is huge and China's deepening economic slowdown will have an impact for the next couple of months or so."
Asia got a negative lead from Wall Street after US shares sank more than 2.0 percent Thursday, with the Dow dropping to its lowest level for 2015.
Gold gained as investors looked for safer bets, rising to $1,150.67 in Asia compared to $1,138.80 late Thursday.
Sea of red
Market sentiment has nosedived since China's central bank devalued its currency last week in a surprise move widely seen as aimed at boosting the country's flagging exports.
Stoking concerns, the preliminary reading of Caixin's Purchasing Managers' Index (PMI) came in at 47.1 this month, its worst reading since March 2009 and significantly below analysts' forecasts.
"Global markets are in panic mode as the full scale of China's slowdown becomes clearer and the market pricing for a Fed September rate hike is unwound," said Angus Nicholson at IG Markets.
"China's currency devaluation, further stock market declines, and now another weak PMI appear to have put it front-and-centre in investors' minds."
Commodity shares continued their slide as concerns about a slowdown in China, the world's top importer of industrial metals and energy, continued to weigh.
A slump in raw materials prices has wiped off some $2 trillion from commodity stocks since the middle of last year.
US benchmark West Texas Intermediate (WTI) for October delivery, a new contract, lost 27 cents to $40.78 a barrel in afternoon trade, while Brent crude for October tumbled 32 cents to $46.30 a barrel.
The WTI September contract closed 32 cents higher at $41.14 in New York on Thursday, marginally higher than recent six-and-a-half year lows.
Analysts said oil held above the key $40 a barrel level thanks to a weaker greenback, which makes it cheaper for international investors to buy dollar-denominated oil.
Investors will be watching the weekly US oil rig count, due out on Friday, to see if a slump in crude prices has started to dampen production in the world's top economy.
In currency markets, the dollar stood at 122.97 yen, down from 123.38 yen in New York on Thursday.
The euro rose to $1.1255 and 138.39 yen, compared with $1.1241 and 138.69 yen in New York.
In other markets:
-- Wellington rose 0.13 percent, or 7.71 points, to 5,751.19.
Telecoms giant Spark New Zealand gained 9.42 percent to NZ$3.02 after they increased shareholder dividends. Fletcher Building was down 1.57 percent at $7.53
-- Taipei fell 3.02 percent, or 242.89 points, to 7,786.92.
Taiwan Semiconductor Manufacturing Co shed 3.97 percent to Tw$121.0 while Fubon Financial Holding lost 3.02 percent to Tw$49.85.
Financial markets in Manila are closed for a public holiday.
-- Bloomberg News contributed to this article --
source: www.abs-cbnnews.com
Wednesday, July 9, 2014
PSEi falls to a near one-week low
The Philippine index was down 0.9 percent at 0618 GMT, after touching its lowest since June 3, led by shares of financial companies amid expectations of an interest rate hike.
Although Philippine inflation slowed slightly in June, growing price pressures have been adding to expectations the central bank will raise interest rates for the first time in three years, possibly as early as this month.
China's consumer inflation cooled slightly more than expected in June, pointing to lingering weakness in the economy which could prompt Beijing to launch further stimulus measures to shore up growth.
The Singapore index was down 0.5 percent while Malaysia .KLSE traded 0.1 percent weaker.
Bucking the trend, the Thai benchmark index .SETI was up 0.2 percent at the midday break, recovering from an early decline tracking a fall in Wall Street shares and a broad weakness in Asian stock markets.
Investors awaited quarterly results of Thai banks due next week onwards, stockbrokers said.
"The second-quarter earnings season is approaching for the Thai stock market as evidenced by active earnings plays in the banking space," broker Phillip Securities said in a report.
Among gainers, Siam Commercial Bank edged up 0.5 percent and Bangkok Bank rose 0.75 percent.
The Jakarta stock market was closed for a holiday due to presidential elections, keenly monitored by investors.
source: www.abs-cbnnews.com
Friday, April 18, 2014
Can investors trust stock analysts?
This is the question that Andrew Stotz, president of the CFA Society Thailand, wanted to answer when he conducted a 10-year study on the Asian stock market and the accuracy of stock analysts.
Stotz studied all Asian markets except Japan for a 10-year period and analyzed data for 16,500 stocks.
He analyzed historical earnings per share data and compared it with analysts’ consensus estimates for the next 12 months.
“I’ve tested whether analysts are successful in forecasting and the answer is: it is pretty close to a coin flip,” he told ANC’s “On The Money.”
“On average, it’s about 50-50. But when they’re wrong, they’re really wrong. So about 50 percent of the time, I showed that analysts can be wrong in their target prices by more than 30 percent positive or negative,” he added.
Analysts did better during good years, but failed to catch a collapsing market because they tend to have positive bias.
Stotz’s data also showed that Philippine analysts are the only group with forecasts that soundly beat historical numbers, but these forecasts only covered 20 stocks in most years and in a couple of years, analysts had historic forecasts for only one stock.
Despite these results, Stotz noted that analysts are still needed because they make the market more efficient.
“We need analysts. If we didn’t have analysts, the market wouldn’t be efficient…The ability of an analyst to make a difference today is much more difficult than it was 20 or 30 years ago,” Stotz said.
He added that it is acceptable to depend on financial professionals for information, but don’t “over rely.”
“They’re not your all-in-all answer for your money problems,” he said.
Stotz said investors have three ways to avoid being over dependent on analysts:
focus on the past and present;
focus on reducing risk by spreading investments across many stocks, mutual funds, or exchange-traded funds; and
stay invested over a long period of time to get the benefits of compounding money.
source: www.abs-cbnnews.com
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