"Philippine shares top gainer, Vietnam stocks sink" BANGKOK, January 3 -- Philippine shares rallied on Thursday on expectations of positive inflation data, while stocks in technology export reliant Vietnam sank to an over one-year low after iPhone maker Apple Inc cut its sales forecast. Apple's move to cut its quarterly sales forecast blaming slowing iPhone sales in China sent US stock futures and Asian shares tumbling, with MSCI's broadest gauge of Asia-Pacific shares outside Japan falling 0.6%. Vietnam's index was the top loser in the region, plunging 1.5% to an over one year closing low. "Vietnam is tightly caught up in the tech story. We are becoming a very large tech hub for a lot of the outflow from tech companies based in China," said Fiachra Mac Cana, head of research at Ho Chi Minh Securities. Vietnam is the largest smartphone production base for South Korean mobile phone giant Samsung Electronics, while the country's largest earner from exports are smartphones. "For us, it's like if demand for iPhones are weak, will demand for Samsung phones also be weak then? Yes, very easily. All of that makes the Vietnamese market a complete risk off environment right now," he added. Singapore's benchmark index also tumbled, with electronic equipment maker Venture Corp among top percentage losers, shedding 1.8%. The Stock Exchange of Thailand index dropped 5.91 points or 0.38% to 1,560.03, in trade worth 39 billion baht. The country's energy-heavy index see-sawed throughout the session to end lower, with energy stocks slumping in tandem with falling oil prices amid worries over lower fuel demand in 2019 and surging crude supplies. However, defying the broader Asian downturn was Philippine's index, which soared 2.6% to close at a near one-month high, ahead of inflation data due on Friday. A Reuters poll shows that the country's inflation is expected to cool to a six-month low in December. "Investors were mainly concerned about inflation during 2018... so now we're seeing some buying in the index stocks as there's better expectation on earnings growth," said Rachelle C Cruz, an analyst at AP Securities. Benchmark heavyweight SM Investments Corp's stock rose 4.6%, while that of conglomerate Aboitiz Equity Ventures Inc added 6.2%. Malaysia's index also rose, with shares of palm oil producer Sime Darby Plantation Bhd rising 3.5% and those of lender Hong Leong Financial Group Bhd firming 3.2%. Indonesia's benchmark edged up with household products maker Unilever Indonesia Tbk's counter notching a 2.4% gain, while animal feed producer Charoen Pokphand Indonesia Tbk rose 4%.
0 Comments
"SET index, Philippine stocks cling to meager gains" BANGKOK, January 2 -- The Stock Exchange of Thailand index and Philippine shares ended slightly higher, while other Southeast Asian markets ended in the red on Wednesday with Malaysia losing the most. Disappointing Chinese economic data and a barrage of other dismal economic indicators stoked fears of a slowdown. In China -- the region's largest trading partner -- the Caixin/Markit PMI slipped into contraction territory for the first time in 19 months in December, broadly tracking an official survey released on Monday. With the fresh data, together with a fall in industrial profits, and softer retail sales growth in November, "we can confirm that the economy is weakening," Iris Pang, an economist on Greater China at ING said in a note to clients. China's weakness spilled over to other Asian economies, with Malaysia's manufacturing activity in December shrinking to its weakest pace of expansion since it launched the survey in 2012. Adding to the worries, official economic data out of export-reliant Singapore showed its gross domestic product grew more slowly than forecast in the fourth quarter as its manufacturing sector contracted on a quarterly basis. The SET index gained 2.06 points or 0.13% to 1,565.94, in trade worth 31 billion baht. The index edged up, with financials and energy stocks underpinning gains. The Philippine stock market rose as strong gains in real-estate stocks offset losses in most other sectors. Driving the benchmark was heavyweight Ayala Land Inc's counter, which bounced back after falling for two consecutive weeks. Shares of property developer SM Prime Holdings Inc along with Ayala Land were among top boosts to the index, up 3.4% and 1.7%, respectively. The Malaysian benchmark index was the worst performer in the region, shedding 1.3%, with shares of Sime Darby Plantation Berhad falling 4.4%, while those of oil and gas services provider Dialog Group Berhad ending 3.5% lower. Singapore's index followed suit, tumbling nearly 1%. Shares of industrial conglomerate Jardine Matheson Holdings Ltd and lender UOL Group Ltd lost 2.4% and 1.9%, respectively. The Indonesian index also edged lower on the back of material and telecom stocks. Meanwhile, Indonesia's December annual inflation rate eased, but the pace was quicker than expected, data from the statistics bureau showed on Wednesday. NAKHON SI THAMMARAT, January 1 -- Coastal fishermen in Tha Sala bay scrambled to haul their boats onshore on Wednesday, as far as possible from the open sea, as a tropical storm moved from Vietnam into the Gulf of Thailand. They formed lines, working together to drag their small boats to higher ground back from the beach or into sheltered canals in the hope of minimising the damage tropical storm Pabuk poses to their livelihood. Out in the bay, the sea was getting rougher and already-strong winds gathered more pace. Charoen Toetae, chairman of the local coastal fishermen's association, said they were worried about what might happen in coming days. "I am closely monitoring the storm. The wind is blowing to the west and it is very strong," the fishermen's leader said. "The wind could be a warning that stronger winds are coming to the coast." Southern provinces have been put on alert, with warnings of possible downpours and gusty winds from Plabuk as the storm approaches the Gulf from the southern tip of Vietnam. The Meteorological Department issued a fresh alert on Wednesday, warning of turbulent weather and seas from Thursday to Saturday. Nakhon Si Thammarat is one of the 10 southern provinces likely to be hit first, along with Surat Thani, Phatthalung, Songkhla, Pattani, Yala, Narathiwat, Krabi, Trang and Satun. The rest of the region will follow from Friday. Provinces along the Gulf are more at risk than areas along the Andaman coast, with waves as high as five metres now forecast and a small ships warning in force. This was up from the previous forecast of four-metre waves in the Gulf. "People should be aware of the severe conditions approaching. All coastal shipping should be kept ashore until Saturday," the weather office said. HANOI, January 1 -- A law requiring Internet companies in Vietnam to remove content communist authorities deem to be against the state came into effect Tuesday, in a move critics called "a totalitarian model of information control". The new cybersecurity law has received sharp criticism from the US, the EU and Internet freedom advocates who say it mimics China's repressive censorship of the Internet. The law requires Internet companies to remove content the government regards as "toxic". Tech giants such as Facebook and Google will also have to hand over user data if asked by the government, and open representative offices in Vietnam. The communist country's powerful Ministry of Public Security (MPS) published a draft decree on how the law may be implemented in November, giving companies which offer Internet service in Vietnam up to 12 months to comply. MPS has also said the bill was aimed at staving off cyber-attacks -- and weeding out "hostile and reactionary forces" using the Internet to stir up violence and dissent, according to a transcript of a question-and-answer session with lawmakers in October. In response to the law, which was approved by Vietnam's rubber-stamp parliament last June, Facebook said they are are committed to protecting the rights of its users and enabling people to express themselves freely and safely. "We will remove content that violates (Facebook's) standards when we are made aware of it," Facebook said in an emailed statement to AFP, adding that the social media giant has a clear process to manage requests from governments around the world. Hanoi has said Google is taking steps to open up an office in Vietnam to comply with the new law. In response to AFP's request for comment, the Internet giant said it would not comment at this stage. The law also bans Internet users in Vietnam from spreading information deemed to be anti-state, anti-government or use the Internet to distort history and "post false information that could cause confusion and damage to socio-economic activities". Critics say online freedom is shrinking under a hardline administration that has been in charge since 2016. Dozens of activists have been jailed at a pace not seen in years. Human Rights Watch (HRW) has called on the communist authorities to revise the law and postpone its implementation. "This law is designed to further enable the Ministry of Public Security's pervasive surveillance to spot critics, and to deepen the Communist Party's monopoly on power," Phil Robertson, deputy Asia director of HRW said. The law comes into force a week after Vietnam's Association of Journalists announced a new code of conduct on the use of social media by its members, forbidding reporters to post news, picture and comments that "run counter to" the state. Daniel Bastard of Reporters Without Borders decried the new requirements for journalists and the cybersecurity law, calling it "a totalitarian model of information control". Vietnam wants to build a reputation as a Southeast Asian hub for fintech. Critics warn the new Internet law -- particularly the data-sharing element -- will make start-ups think twice about relocating to the country. "Malaysia shares lead Asean peers on window dressing" BANGKOK, December 21 -- Most Southeast Asian stock markets pared some losses but ended lower on Friday with Philippines losing most. But Malaysia bounced back as fund managers rushed to prop up their portfolio towards year end. Earlier in the session, all regions slipped as a cocktail of negative leads ranging from the prospect of a US government shutdown to US chastising China for economic espionage weighed on sentiment. Despite a marginal recovery, the sentiment remained subdued with most regions ending lower on economic worries, while Malaysia and Indonesia reversed course to notch gains. The Stock Exchange of Thailand index ended 1,595.33 at close, down 0.77 points or 0.05%, in turnover worth almost 47 billion baht. Malaysia's benchmark reversed course to end at a more than one-week high. It was the sole country in the region which notched a weekly gain, ending higher by about 0.5%. Shares of electric utilities provider Tenaga Nasional Berhad jumped 5.2% and those of palm oil producer Sime Darby Plantation Berhad tacked on nearly 10%. The gain on the index was likely due to a technical rebound following recent price weakness and also year-end "window dressing activities," said Syed Muhammed Kifni, chief strategist at MIDF. Window dressing is a strategy used by portfolio managers near the year or quarter end to improve appearance of a fund's performance before presenting it to clients, purchasing high-flying stocks and selling losing ones. He also noted that the benchmark had similarly jumped about 50 points during the last six trading days in 2017. Indonesian's benchmark also rose at close but failed to offset losses earlier in the week, notching a weekly loss that snapped three straight weeks of gains. Earlier in the day, the national carrier Garuda's chief executive officer said it expects to end 2018 in profit and is targeting a net profit of 1 trillion rupiah ($69.03 million) for 2019, sending shares up 0.9% at close. On the other hand, Philippine's index fell most, losing 0.6% during the week to snap five consecutive weeks of gains. Losses were largely underpinned by real-estate stocks, with property developer SM Prime Holdings Inc dropping 2.5% while Ayala Land Inc shed 1.8%. Vietnam's index posted its seventh straight session of loss, and second consecutive weekly loss. The index also recorded a weekly loss of 4.2%, its worst performance since the week ending Oct 26. Real-estate stocks were main laggards, with Vinhomes JSC's counter shedding 4.5% and that of Vincom Retail JSC off 2.7%. Singapore's index edged lower to post its third consecutive weekly loss. BANGKOK, December 20 -- Southeast Asian stock markets ended lower on Thursday with energy stocks put pressure on the Stock Exchange of Thailand and Indonesia falling the most. Regional stocks fell in line with broader Asian peers, after the US central bank hiked rates for the fourth time this year and stuck by its plan to keep withdrawing support from an economy it views as strong. "Against the backdrop of the trade war and weak economic data from major economies, people were hoping the Fed would extend a lifeline," said Fio Dejesus, an equity research analyst at RCBC Securities in Manila. "But their mandate was different from what the market hoped for." Recent disappointing data from the United States on slowing of job growth in November and a cooling housing market, along with weak manufacturing data from China heavily weighed on investor sentiment, sparking concerns over global growth. The SET index ended the day at 1,596.10, down 5.02 points or 0.31%, in turnover of 35 billion baht. Thailand's energy-heavy index suffered an additional blow after oil prices resumed their fall on Thursday amid worries of a supply glut and gloomy outlook for demand. Shares of oil and gas explorers PTT Plc and PTT Exploration and Production Plc shedding 0.5 % and 1.7%, respectively. The Indonesian index finished lower and was the worst performer in the region, with financial stocks coming under pressure. Shares of Bank Central Asia Tbk and Bank Mandiri (Persero) Tbk were among top losers, falling 2.2% and 1.7%, respectively. Singapore's index gave up modest gains early in the session to end lower, with shares of port operator Hutchison Port Holdings Trust losing 1.9% while those of agribusiness operator Wilmar International Ltd ending 1% lower. The Malaysian index edged lower with Sime Darby Plantation Berhad's counter closing 1.4% down, while that of IHH Healthcare Berhad ending 2.6% lower. Vietnam's index traded sideways through most of the session to edge down at close. The Philippine index lost most during early trade but pared losses to inch down at close. Industrial stocks were the biggest drag on the index, with shares of sector heavyweight SM Investments Corp closing 2.1% lower. BANGKOK, December 19 -- The Stock Exchange of Thailand index jumped more than 1% on Wednesday after the Bank of Thailand increased its policy rate, while other Southeast Asian stock markets ended mostly higher, as reports of a potential US-China meeting in January boosted sentiment. Investors took heart after US Treasury Secretary Steven Mnuchin told Bloomberg in an interview that the United States and China are planning to hold meetings in January to "document an agreement" on trade. The dispute between the world's two biggest economies threatens businesses throughout the region due to global value chains. "Positive signals on the trade war front are stabilising risk in Asia," Stephen Innes, head of trading for Asia-Pacific at OANDA, said in a note. The SET index reversed course during early trade to edge higher, as gains in financial and industrial stocks offset losses in energy companies. The index gained 17.93 points or 1.13%, in turnover of 45 billion baht. The Monetary Policy Committee voted 5-2 to lift its one-day repurchase rate by a quarter-point to 1.75% after keeping the rate unchanged since April 2015. However, caution prevailed ahead of the highly anticipated US Federal Reserve meeting scheduled later on Wednesday amid expectations that their hawkish stance may give way to a "dovish" hike. Philippine shares, the top performers in the region, closed at their highest level in two weeks. Industrial and financial stocks were the biggest boost in the index, with DMCI Holdings Inc ending 6.8% higher, while Aboitiz Equity Ventures Inc closed up 5.5%. Singapore stocks ended firmer on the back of financial stocks, while Indonesian shares snapped three straight sessions of declines to close higher. Top performers computer and electronics retailer Global Teleshop Tbk closed 25% firmer, while Bank Agris Tbk ended 24.5% higher. Malaysian stocks ended 1.2% higher, after plumbing near two-year lows in the previous session. Bucking the trend, Vietnamese stocks slipped 0.9% to notch their fifth straight session in the red, with financial stocks being the biggest drag. The slump was due to a technical sell-down, owing to the recent strength that had pushed the index to a level above 960 points, said Bui Nguyen Khoa, head of macro research, BIDV Securities Company. Macro-economic factors and local business remained sound in the country, he said, adding that global downtrend in equities could apply some psychological pressure, pushing the index to about 880 points-900 points where it would stabilise again. Shares in Vietnam Joint Stock Commercial Bank for Industry and Trade closed 4.9% lower, while Joint Stock Commercial Bank for Foreign Trade of Vietnam lost about 1.3%. HO CHI MINH CITY, November 20 -- "Life is happy, so what?" sings Vietnamese artist Suboi in her new hit single N-sao.
The song has resonated with disaffected young Vietnamese and can be heard on smartphones and laptop speakers from Ho Chi Minh City to the capital, Hanoi. "Why is it nowadays a shame to be single? Why do we always have to pay when we get pulled over?" raps Suboi, 28, taking aim at traditional Vietnamese culture and petty corruption by traffic police. The Ho Chi Minh City artist's video has racked up more than 1.7 million views in the last three months. Not bad for a song in Vietnamese with lyrics that could be considered subversive in an increasingly restrictive online environment. Born Hang Lam Trang Anh, Suboi's name reflects her upbringing. "Su" is her nickname and "Boi" comes from being labelled a tomboy as a child. Like all rappers, Suboi represents her city, still known colloquially as Saigon. "N-sao is so fast. Exactly like the city. I went somewhere and two months later I went back and there were new buildings," she said. "I didn't write this song only for Saigonese. But also for the people who've been to Saigon, and can see how it's changed." The music video has English subtitles, but even Vietnamese have a hard time understanding as Suboi spits her verses with ferocity - a change from the usual rhythmical rhyme style she became known for. "My life has changed dramatically. I've tried to put all my emotions into writing new songs for this new album," she said. "And so N-sao is the first song in a new chapter of my life." |
Thank you for choosing to make a difference through your donation. We appreciate your support.
This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies. Opt Out of CookiesCategories
All
Archives
April 2024
|