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603 2164 5303

Saturna Sdn. Bhd.
Suite 5-03, 5th Floor, Menara Atlan
161B, Jalan Ampang
50450 Kuala Lumpur

Fax: 603 2164 5308

 

Saturna Capital Headquarters
1300 N. State St.
Bellingham, WA 98225
USA
Ph: +1-360-734-9900
Fx: +1-360-734-0755

Market Review ASEAN

Monthly Market Commentary

2016

December | PDF This link will open a PDF file.

Except for Singapore, all ASEAN equity markets recorded gains. Being the last trading month of the year, we believe that equity markets received a boost from year-end window dressing activities. Although markets fared well, concerns remain on...

November | PDF This link will open a PDF file.

The ASEAN equity markets were generally weak in November as Malaysia, Indonesia, and the Philippines retreated meaningfully while Singapore and Thailand posted monthly gains. On November 8, US Republican Party presidential nominee Donald Trump unexpectedly...

October | PDF This link will open a PDF file.

The ASEAN equity markets were mixed in October as Malaysia, Indonesia, and Thailand recorded gains while Singapore and Philippines posted monthly declines. Generally, global equity market performance in October was influenced by US presidential election uncertainty and...

September | PDF This link will open a PDF file.

The ASEAN equity markets were generally weak in September as the Philippines, Thailand, Malaysia, and Indonesia all posted declines, with Singapore being the lone gainer. Regional markets were impacted by continued oil weakness, Fed rate worries, and North Korea's claims of a successful nuclear...

August | PDF This link will open a PDF file.

The performance of ASEAN equity markets was mixed in August as Malaysia, Indonesia, and Thailand posted strong gains while the Philippines and Singapore ended the month in negative territory. Indonesia continued its strong performance as foreign investors remained excited about...

July | PDF This link will open a PDF file.

ASEAN equity markets mostly continued their strong performance in July as Indonesia, the Philippines, and Thailand delivered upbeat local-currency returns. Indonesia benefited from accelerating infrastructure projects and the tax amnesty plan announced in early July. Investors also rewarded the Philippines as they...

June | PDF This link will open a PDF file.

ASEAN equity markets performed well in June as Malaysia, Indonesia, the Philippines, Thailand, and Singapore all delivered positive local-currency returns. The Philippines, in particular, delivered yet another strong performance driven by the election victory of popular candidate...

May | PDF This link will open a PDF file.

ASEAN equity markets were mixed once again in May as Malaysia, Indonesia, and Singapore delivered negative local currency returns given the dearth of positive news during the month. The Philippines, by contrast, delivered strong performance driven by...

April | PDF This link will open a PDF file.

After recording strong gains in the previous month, ASEAN equity markets were mixed in April 2016. Malaysia and the Philippines both recorded negative returns on concerns related to ongoing political dynamics in these countries. Regional currencies remained mostly unchanged with the exception of...

March | PDF This link will open a PDF file.

After months of volatility, confidence is returning to Asian stocks with ASEAN markets receiving record equity inflows in March. Regional currencies, particularly the Malaysian ringgit, staged a strong rebound. As global oil prices and the Chinese economy have begun to stabilize...

February | PDF This link will open a PDF file.

Equity markets started February on a soft note as concerns lingered on China's growth outlook and the global economy. Volatility in the commodity space, especially the crude oil markets, further unsettled financial markets. Investors closely monitored the actions of central banks across the globe aimed at spurring economic growth...

January | PDF This link will open a PDF file.

Equity markets launched a volatile and difficult start to the year, falling sharply in the first three weeks of January. Weak Chinese manufacturing data gave rise to renewed concerns regarding growth in China, and fears of contagion to the global economy resurfaced...

2015

December | PDF This link will open a PDF file.

Global equities delivered positive returns in the final quarter of 2015 despite generally poor performance in December. The hallmark event in December was the US Federal Reserve's raising interest rates for the first time in over a decade. On December 16, the Fed decided to raise the benchmark rate by 25 basis points, but the decision was well anticipated...

November | PDF This link will open a PDF file.

November turned out to be an eventful month marked by several incidents that heightened geopolitical tensions. The terror attacks in France and the downing of a Russian warplane by Turkey inside its borders were the key highlights. Meanwhile, the minutes from the US Federal Open Market Committee...

October | PDF This link will open a PDF file.

Investors breathed a sigh of relief in October after global equities staged a robust rebound, reversing most of the third quarter declines during the month. The third quarter witnessed excessive volatility across global markets driven by an indecisive US Federal Reserve, a global commodities rout, and weakness in China...

September | PDF This link will open a PDF file.

Global stock markets continued their decline in September, ending the third quarter on a volatile note driven by an uncertain US Federal Reserve Bank, the ongoing global commodities rout, and weakness in China and across the broader emerging markets. At its September meeting, the Fed decided to postpone raising interest rates again...

August | PDF This link will open a PDF file.

Global stock markets staged a sell-off in August 2015, amid mounting worries over the Chinese economy, continued low oil prices, and the possibility of a US interest rate hike. The sudden two percent devaluation of the Chinese yuan against the US dollar exacerbated these events. As a result, the FTSE All World Index ended the month down -6.74% month-over-month and down -5.57% over a year ago...

July | PDF This link will open a PDF file.

Global stock markets inched higher in July led by gains in the US and European equity markets. The FTSE All World Index closed at 281.55 as at 31 July 2015, up 0.87% month-on-month and up 4.03% since the beginning of 2015. The S&P 500 gained 2.10% while the Dow Jones Industrial Average gained 0.52%. Stocks in the ASEAN region continued the previous month’s weakness, causing the Dow Jones ASEAN Islamic Total Return Index (MYR-denominated) to...

June | PDF This link will open a PDF file.

Global stock markets ended lower in June 2015 as a result of Greece’s looming debt defaults and potential exit from the eurozone. Although the FTSE All World Index closed at 279.5, down -2.30% month-on-month, it gained 3.13% in the first half of 2015. The S&P 500 closed up 1.23% year-to-date despite a -1.94% decline in June. The Dow Jones Industrial Average, meanwhile, declined -2.06% in June, erasing all its gains and...

May | PDF This link will open a PDF file.

Global stock markets ended flat in May. Weak performance in European and emerging stock markets overshadowed positive performance in the US and Japan. The FTSE All World Index closed unchanged at 286.75 points. The S&P 500 and Dow Jones Industrial Average, meanwhile, gained 1.29% and 1.35%, respectively. In tandem with weak emerging markets stock performance, the Dow Jones ASEAN Islamic Total Return Index (MYR-denominated) closed -1.04% lower...

April | PDF This link will open a PDF file.

Global stock markets performed well in April. The FTSE All World Index gained 2.96% month-over-month, in line with strong European and Japanese stock markets. Gains in the US stock market were milder. The S&P 500 gained only 0.96%, while the Dow Jones Industrial Average was up 0.45%. The Dow Jones ASEAN Islamic Total Return Index (MYR-denominated) meanwhile, closed...

March | PDF This link will open a PDF file.

Global stock markets were marginally lower in March. The FTSE All World Index declined -1.46% month-over-month. On the back of a weaker economic outlook, the S&P 500 declined -1.58% while the Dow Jones Industrial Average closed -1.85% lower. The Dow Jones ASEAN Islamic Total Return Index (MYR-denominated), meanwhile, closed unchanged, outperforming the broader market due to strong Indonesian equity performance.

February | PDF This link will open a PDF file.

Global stock markets were mostly higher in February. The FTSE All World Index gained 5.57% month-over-month, in line with the upbeat economic outlook that is helping to fuel a strong US stock market. The S&P 500 gained 5.75%, while the Dow Jones Industrial Average closed 6.01% higher. The Dow Jones ASEAN Islamic Total Return Index (MYR-denominated), meanwhile, gained only 1.44%, underperforming the broader market due to...

January | PDF This link will open a PDF file.

Global stock markets were mostly lower in January. The FTSE All World Index declined -1.47% month-over-month, dragged by crude oil price volatility and a weak US stock market. The S&P 500 fell -3.00%, while the Dow Jones Industrial Average fell -3.58%. The Dow Jones ASEAN Islamic Total Return Index (MYR denominated), meanwhile...

2014

December | PDF This link will open a PDF file.

Global stock markets were mostly lower in December. The FTSE All World Index declined -1.89% month-over-month, dragged by energy shares responding to crude oil price declines. The US stock market was resilient, with the S&P 500 falling mildly by -0.25%, while the Dow Jones Industrial Average gained 0.12%. Year-to-date, both indices have gained...

November | PDF This link will open a PDF file.

Global stock markets mostly expanded in November. The FTSE All World Index rose 1.72% month-over-month, led by strong US stock market performance, with the S&P 500 advancing 2.69% while the Dow Jones Industrial Average gained 2.86%. Year-to-date, both indices have gained 13.98% and 9.92%, respectively. The Dow Jones ASEAN Islamic Total Return Index...

October | PDF This link will open a PDF file.

Global stock markets bounced back in October after a sell-off in September. The FTSE All World Index rose 0.71% month-over-month, led by strong US stock market performance, with the S&P 500 advancing 2.44% and the Dow Jones Industrial Average gaining 2.16%. Year-to-date, these indices have gained 10.99% and 6.86%, respectively. In line with...

September | PDF This link will open a PDF file.

Global stock markets were mostly down in September. The FTSE All World Index fell -3.17% month-over-month, affected by weak emerging market performance led by China and Brazil. The MSCI Emerging Markets Index fell -7.41% over the month, paring its year-to-date gain to 2.43%. In the US, the S&P 500 declined -1.40%...

August | PDF This link will open a PDF file.

Global stock markets were generally positive in August. The FTSE All World Index rose 2.26% month-over-month led by strong US stock market performance, with the S&P 500 advancing 4.00% and the Dow Jones Industrial Average gaining 3.60%. Year-to-date, both indices have gained 9.89% and 4.84%, respectively. In line with global stock market...

July | PDF This link will open a PDF file.

Global stock markets were mixed in July. The FTSE All World Index declined -1.17% month-over-month, due to weak US stock market performance as investors fret over Argentina's default and ongoing tensions with Russia. The S&P 500 Index declined -1.38% and the Dow Jones Industrial Average declined -1.44% for the month...

June | PDF This link will open a PDF file.

Global stock markets continued to rise higher in June. The FTSE All World Index rose 1.96% month-over-month, led by strong US stock market performance in tandem with the improved global economy. The S&P 500 and Dow Jones Industrial Average advanced 2.07% and 0.75%, respectively, while the MSCI Emerging Markets Index...

May | PDF This link will open a PDF file.

Global stock markets continued to roll higher in May. The FTSE All World Index rose 2.24% month-over-month, led by strong US stock market performance, in tandem with the improved global economy. The S&P 500 and Dow Jones Industrial Average advanced 2.35% and 1.19%, respectively, while the MSCI Emerging Markets Index jumped...

April | PDF This link will open a PDF file.

Global stock markets resumed an upward trend in April. The FTSE All World Index rose 0.98% month-over-month, led by strong US stock market performance, positive economic data, and easing concern as the Fed signaled it would keep interest rates low until early next year. The S&P 500 and Dow Jones Industrial Average advanced...

March | PDF This link will open a PDF file.

Global stock markets resumed an upward trend in March. The FTSE All World Index rose 0.59% month-over-month, led by strong US stock market performance in response to positive economic data and easing concern as the Fed signaled to keep interest rates low until early next year. The S&P 500 and Dow Jones Industrial Average advanced...

February | PDF This link will open a PDF file.

Global stock markets rebounded in February. The MSCI All Country World Index surged 4.88% month-over-month as corporate earnings for the fourth quarter were broadly positive. The S&P 500 and Dow Jones Industrial Average soared 4.57% and 4.34%, respectively while the MSCI Emerging Markets Index rose 3.31% over the month...

January | PDF This link will open a PDF file.

Global stock markets plunged in January. The MSCI All Country World Index declined -3.98% month-over-month, dragged down by a number of factors: uninspiring US stock market performance; an emerging markets sell-off due to renewed fears over the tapering of the US quantitative easing (QE) program; and a slowing economy in China...

2013

December | PDF This link will open a PDF file.

Global stock markets maintained their upward trend in December. The FTSE All World Index rose 1.75% month-over-month, led by strong US performance. The S&P 500 and Dow Jones Industrial Average rose 2.53% and 3.19%, respectively. Year-to-date, the two indices have gained 32.39% and 29.65%, respectively...

November | PDF This link will open a PDF file.

Global stock markets resumed an upward trend in November. The FTSE All World Index rose 1.45% month-over-month, led by strong US performance. The S&P 500 and Dow Jones Industrial Average rose 3.05% and 3.82%, respectively. Year-to-date, the two indexes have gained 29.12% and 25.64%, respectively...

October | PDF This link will open a PDF file.

Global stock markets were mostly up in October. The FTSE All World Index rose 4.03% month-over-month as the US Federal Reserve decided to hold off tapering its quantitative easing. The S&P 500 and Dow Jones Industrial Average gained 4.60% and 2.88%, respectively. Year-to-date, both indices have soared...

September | PDF This link will open a PDF file.

Global stock markets bounced back strongly in September after the sell-off in August. The FTSE All World Index rose 5.25% month-over-month, helped by the US Federal Reserve's decision to maintain its US$85 billion a month bond-buying programme. The S&P 500 and Dow Jones Industrial Average gained 3.14% and 2.27%, respectively...

August | PDF This link will open a PDF file.

Global stock markets were mostly down in August. The FTSE All World Index fell -2.02% month-over-month, triggered by uncertainty over whether the US Federal Reserve would begin tapering its bond-buying programme (QE). The S&P 500 and Dow Jones Industrial Average lost -2.90% and -4.11%, respectively...

July | PDF This link will open a PDF file.

Global stock markets bounced back in July after a sell-off in June. The FTSE All World Index rose 4.79% month-over-month, helped by robust US performance. The S&P 500 and Dow Jones Industrial Average gained 5.09% and 4.12%, respectively. Year-to-date, the two indexes have gained 19.61% and 19.95%, respectively...

June | PDF This link will open a PDF file.

Global stock markets plunged in June. The FTSE All World Index dropped -2.86% month-over-month due to weak US performance. The S&P 500 and Dow Jones Industrial Average fell -1.34% and -1.25%, respectively. Year-to-date, however, both indices are still higher by 13.82% and 15.20%, respectively...

May | PDF This link will open a PDF file.

Stock market performance remained positive in May. In local currency terms, the Malaysian stock market was slightly higher, with the FBM KLCI Index rising by 3.62% whilst the FBM EMAS Shariah Index rose 7.18%, for year-to-date gains of 6.48% and 9.36%, respectively...

April | PDF This link will open a PDF file.

Stock market performance remained positive in April. In local currency terms, the Malaysian stock market was remarkably higher, with the FBM KLCI Index rising 3.19% whilst the FBM EMAS Shariah Index rose 2.74%, for year-to-date gains of 2.76% and 2.03%, respectively...

March | PDF This link will open a PDF file.

Globally, stock market performance traded strongly higher in March. The FBM KLCI Index rose 2.25% whilst the FBM EMAS Shariah Index rose 2.58%. Meanwhile, the FTSE All World Index rose 1.81%, bringing year-to-date performance to 6.49%. U.S. benchmarks showed solid performance...

February | PDF This link will open a PDF file.

Stock market performance remained globally mixed in February. In local currency terms, the Malaysian stock market was marginally higher, with the FBM KLCI Index rising by just 0.90% whilst the FBM EMAS Shariah Index rose slightly by 0.05% during...

January | PDF This link will open a PDF file.

Stock market performance globally was mixed in January. The FBM KLCI Index declined 3.61% whilst the FBM EMAS Shariah Index slipped 3.31%. Meanwhile, the FTSE All World Index rose 4.62%. The U.S. benchmarks showed solid performance...

2012

December | PDF This link will open a PDF file.

Stock market performance remained positive in December. In local currency terms, the Malaysian stock market was remarkably higher, with the FBM KLCI Index rising 5.03% whilst the FBM EMAS Shariah Index rose 5.49%, for year to date gains of 14.40% and 15.89%, respectively. The FTSE All World Index continued to recover...

November | PDF This link will open a PDF file.

Global stock market performance was mixed in November. The FBM KLCI Index declined 3.33% whilst the FBM EMAS Shariah Index slipped 4.05%, bringing year to date gains to 8.92% and 9.86%, respectively. Meanwhile, the FTSE All World Index rose 1.35%, bringing its year to date performance to 14.40%. The U.S. benchmarks...

October | PDF This link will open a PDF file.

Stock market performance remained positive in October. In local currency terms, the Malaysian stock market was moderately higher, with the FBM KLCI Index rising by 2.37% whilst the FBM EMAS Shariah Index rose by 1.44%, for year-to-date gains of 12.67% and 14.49%, respectively. The FTSE All World Index was slightly down...

September | PDF This link will open a PDF file.

In local currency terms, the Malaysian stock market traded moderately higher in September, with the FBM KLCI Index rising 0.11% whilst the FBM EMAS Shariah Index rose 0.09%, for year to date gains of 10.05% and 12.86%, respectively. The FTSE All World Index continued to recover...

August | PDF This link will open a PDF file.

Stock market performance remained positive in August. The FBM KLCI Index rose 1.19% whilst the FBM EMAS Shariah Index rose 1.06%, for year-to-date gains of 9.93% and 12.76%, respectively. The FTSE All World Index rose 2.22%, bringing its year-to-date performance to 9.94%. The U.S. benchmarks...

July | PDF This link will open a PDF file.

Stock market performance remained positive in July. In local currency terms, the Malaysian stock market delivered robust performance, with the FBM KLCI Index rising 2.06% whilst the FBM EMAS Shariah Index rose 2.63%, for year to date gains of 8.64% and 11.57%, respectively. The FTSE All World Index continued...

June | PDF This link will open a PDF file.

Stock markets rebounded strongly in June after uninspiring performance in May. Malaysian stock indices, however, lagged global benchmarks in the rebound after their out-performance in May. The FBM KLCI Index rose 1.4%, while the FBM EMAS Shariah Index advanced 3.1% in June...

May | PDF This link will open a PDF file.

Stock market performance globally was subdued in May. In local currency terms, the Malaysian stock market bucked the trend, with the FBM KLCI Index rising 1.1% whilst the FBM EMAS Shariah Index rose 0.63%, bringing their year to date gains to 4.93% and 5.42%, respectively...

April | PDF This link will open a PDF file.

Stock markets pared back the previous two months of gains in April. FBM KLCI declined 1.12% while FBM EMAS Shariah fell 0.73%, bringing their year to date gains to 3.79% and 4.76% respectively. The FTSE All World Index declined 1.11%, for year to date performance of 10.85%. The U.S. benchmarks showed mixed performance ...

March | PDF This link will open a PDF file.

Stocks enjoyed another positive month in March. FBM KLCI rose 1.97% while FBM EMAS Shariah tacked on 0.23% for first quarter increases of 4.96% and 5.53%, respectively. The FTSE All World Index rose 0.63% to bring the first quarter gain to 12.10%. The U.S. benchmarks S&P 500 and Dow Jones Industrial Average rose ...

February | PDF This link will open a PDF file.

World stock markets continued their strong opening run into February. The FTSE All World Index added another 5.10% to bring the year-to-date gain to 11.40%. The MSCI Emerging Markets Index rose 5.94% to bring its year-to-date gain to 17.90%...

January | PDF This link will open a PDF file.

Global investors suddenly embraced risk with the reset of the calendar, propelling stock markets to one of the strongest opening months in history. Malaysia stock indexes lagged behind global benchmarks after their out-performance in 2011...

2011

December | PDF This link will open a PDF file.

The Malaysian stock market turned in a strong performance for December to end the year on a positive note despite the volatility of the second half of the year. FBM EMAS Shariah rose 452 points (4.92% monthly total return) to end 2011 at RM10,300...

November | PDF This link will open a PDF file.

The Malaysia stock market ended the month with small declines despite high volatility. Malaysia's Foreign Exchange Reserves stood at US$135.0bn at the end of November, a slight increase over the prior month. Inflation was steady at 3.4% year-over-year in October...

The information in these reports has been obtained from sources which we believe to be reliable. We do not guarantee its accuracy or completeness. No liability can be accepted for any loss arising from the use of this report. All opinions and estimates expressed herein reflect our judgment as of this date and are subject to change without notice. This report is for the information of clients only. We, our directors, associates, clients and/or employees may have an interest in the securities mentioned herein.