Lao bourse narrowly advances to become ASEAN's best YTD performer
Lao bourse narrowly advances to become ASEAN's best YTD performer
The Lao bourse Wednesday continued to outperform regional markets when intraday it jumped one notch and for the first time achieved another record breaking milestone by becoming ASEAN's leading 2012 YTD performer (Period 10-Jan to 07-Nov).
Laos at +26.67 percent pipped Thailand's +25.94 percent year-to-date results. Post the record crowds at the boat racing festival and a magnificent successful ASEM-9 summit that's a great turnaround for the Lao bourse, especially when you consider the Lao LSX Index was at an all time low in early January. Yesterday Vietnam dropped to 6th place overtaken by the East ASEAN Singapore (4th) and Malaysian bourses (5th). But after the US elections global and Asian markets should be less volatile and the Thai bourse is expected to reclaim the number one spot. But the Lao bourse has an enviable performance so far and regardless of market capitalisation and nothing's guaranteed. Both the Lao and Thai bourses are expected to add further gains in Q4 bettering their 2012 YTD outstanding performances.
Opening Bell: EDL-Gen's bullish Q4 price rally has seen a big slide in the market's turnover, but the tide is turning.
The stock was up +6pct as its price rally continued on Wednesday for a third straight day. By the second 9:30am session the hydro-electricity stock price had jumped 2 percent to 5,300 kip. Albeit on just 47 trades, involving small thin volumes of just 8,865 stocks, for 5,300 kip or US$0.664c. That price was last seen way back on 14-Jun-2011.
But with BCEL unsighted, EDL-Gen stock trading then vanished for the next (2) sessions. That deadlock broke when another 12,000 stocks crossed at the 11am close and involved BCEL's first appearance for the day with 26 trades for 3,500 stocks unchanged at 7,450 kip until the last session when it lost -50 kip to close at 7,400 kip. By that time international news wire services were busy proclaiming that Obama had won Ohio, thereby securing him re-election as president of the United States with early estimates of 274 electoral votes to Romney's 203. Now it's up to the lawyers.
Closing Bell: Last Friday the Index closed at 1067.27 and yesterday for 3 sessions actually hit 1,122.19 before closing Wednesday at 1,121.17. That represented a 5.05pct gain so far for the week. BCEL yesterday recorded 59 trades for 8,011 stocks but down at 7,400 kip/share. EDL-Gen volumes jumped on the back of a +100 kip gain at 5,300 kip/share and managed to record 134 trades for 25,321 stocks. Yesterday was the LSX Index's 3rd straight daily gain closing at 1121.17 points - a net gain of 17.29 points or +1.57pct on 33,332 shares for 193,557,700 kip.
Today and tomorrow's Lao stock markets close will be interesting, reflecting on a positive but small building of equity yesterday. That indicator should extend well into today and tomorrow's closes as buyers continue to seek bargains
vientiane times
