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Japanese growth prospects lure buyers
February 9, 2011--What is Asia’s best performing stock market in 2011? Not China, not Indonesia, certainly not India. As investors have pulled out money from emerging market equity funds, they have poured it into developed markets. Long unloved by investors, Japan is the region’s biggest gainer.
The draw is the country’s strengthening industrial growth and exports, just as developing economies such as China and India face a bruising battle with inflation. “Suddenly people are seeing that they can get some form of growth without the tightening risk in the developed markets,” says Jonathan Allum, strategist at Mizuho International.
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Source: FT.com
Hang Seng Indexes to Use CBOE VIX Methodology and S&P Calculation for HSI Volatility Index
February 9, 2011--The Chicago Board Options Exchange (CBOE) and Standard & Poor's (S&P) announced today that Hang Seng Indexes Company Limited (Hang Seng Indexes) will begin disseminating a volatility index for the Hang Seng Index on February 21, 2011, which will use the CBOE Volatility Index (VIX) methodology.
The new HSI Volatility Index (VHSI) will reflect expected equity market volatility over the next 30 days, using bid/ask quotes for Hang Seng Index options traded on the derivatives market of Hong Kong Exchanges and Clearing Limited to calculate a weighted average of the implied volatility of the options using the proprietary VIX methodology owned by CBOE.
The HSI Volatility Index has been created under a licensing agreement with Standard & Poor's with the permission of CBOE. Standard & Poor's will calculate and maintain the HSI Volatility Index, calculated back to January 2, 2001.
"We welcome Hang Seng indexes to the growing international roster of major index providers now using CBOE's VIX methodology to calculate volatility. We are excited about further broadening the application of CBOE's VIX methodology in Asia through our long-standing partnership with S&P," said CBOE Executive Vice President Richard DuFour. "As the benchmark of the Hong Kong Stock Market, the Hang Seng Index is one of the best known indices in Asia."
"S&P, along with CBOE, has been active over the last several months in bringing the VIX methodology to key markets throughout the world — including Canada, Australia and now Hong Kong," said Robert Shakotko, Managing Director at S&P Indices. "This new Index will not only serve as a key market measure of risk, but will also lead to the development of a volatility trading and hedging market in Hong Kong."
CBOE, through its partnership with Standard & Poor's, has licensing agreements allowing other exchanges — including NYSE Euronext, Taiwan Futures Exchange, National Stock Exchange of India, the Australian Stock Exchange, and the TMX Group — to use the VIX methodology.
Source: CBOE
Thai Capital Market Bodies Urge Monitoring Situation
February 9, 2011--Thai stock prices have been affected by several factors, e.g., the Thai-Cambodian border tension, imposition of the Internal Security Act in seven Bangkok districts, and anti-government rallies, which are planned to intensify on February 11, noted Mr. Paiboon Nalinthrangkurn, chairman of the Federation of Thai Capital Market Organizations (FeTCO).
He suggested that investors buy stocks with sound fundamentals while keeping updated on global economic movement. The Stock Exchange of Thailand (SET) affirmed that it has received no reports that any listed firm has been significantly affected by the Thai-Cambodian border crisis, while assuring that it has been closely monitoring events.
Source: Mondovisione
Index Drops But Trading Value On Thai Bourse Rises In January
February 9, 2011--In 2010, The Stock Exchange of Thailand (SET) had the second-highest rate of return in all of Asia, at 40.60% for the year. It was therefore no surprise that foreign investors cashed in on some of their profits in January 2011, as they did in other emerging markets that had given such high returns in 2010, moving to markets expected to benefit from the US economic recovery.
Thus, as of January 31, the SET Index closed at 964.10, down 6.65% from end-2010. The decrease in stock prices led SET’s market capitalization to drop to THB7.81 trillion (approx. USD 254.43 billion), while the SET’s forward P/E ratio also dropped from 14.55 at end-2010 to 11.48 at end-January 2011. However, daily average trading value of the SET and Market for Alternative Index (mai) rose to THB36 billion (approx. USD 1.17 billion), an 89.23% year-on-year surge and a 12.06% month-on-month increase. The daily average trading volume on the derivatives market also increased in all products, particularly 10-baht weight gold futures, went up to 2,925 contracts, which is the highest record since it opened for trade in August 2010.
Source: Mondovisione
KRX Revision of Regulations Related to Ex-post Margin System
February 9, 2011--I. Background
To prevent the reoccurrence of event similar to that occurred on November 11, 2010 (the option expiry day) and reduce the risks associated with the nonfulfillment of settlement obligation by the institutional investors, the KRX has revised the regulations related to the ex-post margin and position limit in itsDerivatives Market.
II. Main points of revision
A. Ex-post margin system
1. Reinforcement of selection criteria of qualified institutional investors (QIIs)
Existing regulation: According to the Financial Investment Services and Capital Market Act, the professional investors who meet the institutional category criteria* may be selected and allowed to pay the ex-post margin**.
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Source: KRX
NZX consults on new infrastructure index
February 9, 2011-- NZX has released today a short consultation paper on a new index of the top 10 NZX listed infrastructure stocks. The Investable Infrastructure Index will be the first in a series of Investable Indices, with a Construction and Property index next in line.
Comprising high-liquidity, widely held stocks, the Investable Indices will be an attractive base for index funds, index futures and Exchange Traded Funds, and will enable targeted and sector-specific investment in the New Zealand market.
NZX plans to name the indices after individuals who have made outstanding efforts to develop and advance the related sector. The Investable Infrastructure Index will be named after Lloyd Morrison CNZM, in recognition of his instrumental contribution to the New Zealand infrastructure sector at many levels, including an enormous impact on quality and efficiency, and in taking New Zealand infrastructure exports globally to Australia, the US and the UK.
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Source: NZX
OTC derivatives clearing on rise at SGX
February 8, 2011--Singapore Exchange (SGX) today said volumes achieved by its derivatives market and OTC clearing business increased in January from a year earlier.
KEY HIGHLIGHTS
Securities Market
Securities turnover totaled $37.2 billion with an SDAV of $1.8 billion.
ETF trading more than doubled to $789 million year on year.
Derivatives and Commodities Markets
Derivatives volume was 5.1 million contracts, up 2% from the previous
year. The average daily volume was 260,233.
Nifty futures (SGX S&P CNX Nifty Index futures) achieved volume of 1.19 million contracts, up 42% from a year earlier, while FTSE China A50 Index futures volume was 62% higher at 214,648 contracts from December.
Total options volume was 115,486, more than six times that of a year earlier.
AsiaClear volume in January rose 42% year on year to 16,765 contracts, with OTC iron ore swaps volume up 57% at 4,441 contracts.
Source: Singapore Exchange (SGX)
Indonesian growth hits six-year high
February 7, 2011-Indonesia’s economy grew at its fastest pace in six years in the fourth quarter of 2010, beating economists’ forecasts and heightening concerns about overheating.
The economy expanded 6.9 per cent in the three months ending in December compared to a year earlier, mirroring a spurt across much of Asia in the last quarter of 2010, with many countries defying expectations of a slowdown caused by stuttering western demand and tighter monetary policy.
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Source: FT.com
Hang Seng drops as energy stocks fade
February 7, 2011--Asia stocks slipped for the first time in five sessions as Hong Kong had its worst start to the Chinese new year since 2008 but Tokyo hit a nine-month high on strong earnings.
The FTSE Asia-Pacific index edged 0.1 per cent lower to 267.86 but remains within touching distance of 30-month highs scaled in mid-January.
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Source: FT.com
Indian economy to grow 8.6% in 2011
February 7, 2011-- India's economy is expected to grow 8.6% in the current fiscal year, a government statement said - its highest rate for three years despite a series of interest rate hikes.
The estimate for the year to March 31 was based on growth rates of more than 8% in key sectors such as manufacturing, construction, finance, real estate and business services, the Central Statistical Organisation (CSO) said.
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Source: FIN24
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