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MALAYSIAN investors can purchase directly trade stocks listed in Singapore, Thailand, the Philippines and Indonesia once the proposed Asian trading board starts operation next year.

Bursa Malaysia Bhd’s chief executive officer, Datuk Yusli Mohamed Yusoff, said the multilateral trading gateways was a result of more than one year of groundwork by a working group comprising all the five stock exchanges whose bourse capitalisation size was estimated to be more than US$1 trillion.

Yusli said the Asean stock exchange was primarily an electronic linkages that would allow investors from other Asean countries to buy or sell Asean-listed securities through their local brokers.

“Forging closer cooperation among regional exchanges is crucial for us to remain globally relevant. This will encourage greater intra-Asean trading and an integrated Asean capital market will raise the profile of this region’s securities to the global investment community,” he said.
Yusri was speaking after a memorandum of understanding (MoU) signing ceremony between the five exchanges which was witnessed by Thai Finance Minister, Korn Chatikavani, here today.

Bursa Malaysia, Indonesia Stock Exchange, Philippine Stock Exchange Inc, Singapore Exchange and the Stock Exchange of Thailand (SET) signed the MOU to form an Asean electronic trading link to enhance the competitiveness of theircapital markets.

Yusri said the e-trading link, through one single access point, allows intra-Asean cross border trading and would attract more international funds into Asean.

“The next step after signing of the MOU is to work with technology partner to see how the tradings can be done. Eventually, an investor can invest in another country’s exchange without having to call broker in that country,” he said.

According to him, this was the first time such linkages among separate owners are being introduced in the region, adding that similar and much more advanced concept exist in Europe but involves common ownerships.

Earlier this month, Nongram Wongwanich, chief operation officer of SET, had said the collaboration would start with first bilateral stock trading either between SET and SGX, or SET and the Bursa Malaysia, as these three stock markets have the most readiness in terms of system.

She had said that the second bilateral stock trading would start three months after the first one.

In his speech, Korn said a stronger, integrated and more competitive Asean was necessary to respond to the changing global landscape.

“Offering a single platform is a starting point to achieve our 2015 vision of a more integrated Asean capital market with harmonised rules, regulations and practices”, he said. — BERNAMA

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AIRASIA said Monday that British banking giant Barclays was funding its purchase of 15 new Airbus A320-200 aircraft, despite gloomy forecasts for the aviation industry.

“AirAsia… has mandated Barclays Capital, the investment banking division of Barclays PLC, to finance 15 of its new Airbus A320-200 aircraft,” AirAsia chief executive officer Tony Fernandes said in a statement.

Fernandes did not reveal the size of the deal, but AirAsia officials said the catalogue price of each A320 was about 60 million dollars, and that the financing covers 85 per cent of the purchase price.

Fernandes said that three aircraft had been delivered under the funding facility since the start of this year.
“This partnership between AirAsia and Barclays Capital is a testament of the confidence and trust that the global financial community has towards AirAsia’s prospects and potentials,” he said.

“We are very positive that we will carry through the global economic storm and emerge bigger and stronger.” A signing ceremony was held in London Monday to formalise the facility.

Fernandes said the deal would bring AirAsia’s total fleet to 85 aircraft by early 2010.

“This is crucial in ensuring that AirAsia meets its projected expansion growth,” he said.

AirAsia, which was launched in 2001 with just two aircraft, now services over 114 routes covering more than 64 destinations.

AirAsia became the world’s biggest customer for the Airbus A320-200 after placing an order for 175 aircraft in December 2007, with an option for 50 more.
Deliveries are expected to run until 2014. – AFP

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Macquarie’s top picks are Genting, AMMB Holdings, KNM Group, TM International and Tenaga Nasional.

INVESTORS still see potential upside in Malaysian stocks with the market expected to strengthen in 2009, Macquarie Research says.

The research house, which spent a week marketing in Malaysia, Singapore and Hong Kong, said investor demand was surprisingly good.

“The main questions that arose revolved around what bombed stocks should be bought.

“Additionally, investors were also wondering if the current strength in plantations should be bought or sold,” it said in a research note.
Macquarie said most investors still thought of Malaysia as low beta, where risks and returns are low. They were also surprised that one can make money in the country and outperform regional markets in bear rallies.

This in itself probably led investors to rethink their positioning if they expect a rally in the second and third quarters of 2009.

“We recommend investors move out of cash into equities in first quarter because we expect a bear market rally this year,” the research house said.

Macquarie’s top picks are Genting Bhd, AMMB Holdings, KNM Group, TM International and Tenaga Nasional Bhd.

Elaborating on the stock choices, it said TM International was chosen due to its cheap valuation and growth. “Most investors felt they would wait till the potential cash call is completed,” the research house said.

It said TNB was quite topical in the second half of the week after the government adjusted tariffs in favour of the company.

The main positive is that the regulatory regime continues to demonstrate favour for Tenaga and the introduction of a tariff formula is now more likely than in recent history.

“The main pushback was that investors wanted to wait for further clarity on the regulatory front,” Macquarie said.

As for Genting, the stock has been forgotten since the third and fourth quarters of 2008, and investors sat up when they realised how cheap it is – excluding the market value of its Singapore subsidiary.

The main concern for Genting is that a number of investors did not believe Sentosa would be a success because they compared it with Macau and Las Vegas.

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