Entries from March 2009 ↓

USD/INR likely open down on weak global dollar, but may
face possible heavy central bank intervention, pair likely open around 46.90 vs
47.03 last close. “The rupee’s strength is now in the hands of the central
bank. If the central bank continues to defend the 46.90 level, the pair should
stay quiet today, caught between downward pressure from dollar sellers, and
central bank buying,” says foreign-bank dealer; tips 46.85-47.15 band this
session. Foreign funds were net sellers of provisional INR2.33 billion worth of
Indian stocks Tuesday, 1-month NDF quoting at 47.08/47.18.

Indonesia shares last +0.5% at 2008.533 in moderate
volume, helped by expected rate cut by central bank later today, firmer IDR.
Resistance pegged at 2020. “Overall, buying looks moderate amid profit taking
by local funds,” says trader with Trimegah Securities. Foreigners net buyers of
IDR24 billion worth of shares so far. Bellwether Telkom (TLKM.JK) +1.3% at
IDR7,700 on bargain buying, Bank Rakyat (BBRI.JK) +0.8% at IDR6,750, but coal miner Adaro (ADRO.JK) down 1.5% at IDR1,350 on profit taking.

Philippine shares down slightly as investors take profit; benchmark PSEi off 0.4% to 2479.57 in thin volume, after 3-day, 5.8% rise to a fresh 8-month high. Support tipped at 2450, resistance at 2550.
“We’re due for a pullback, but I guess investors still trying to get into the
market are limiting the decline,” says Spencer Yap, analyst at BPI Securities;
leading market retreat are some property stocks that led latest rally, such as
Megaworld (MEG.PH), down 3.6% to PHP1.06, Robinsons Land (RLC.PH), down 1.3% to PHP7.50; blue chips such as geothermal producer Energy Development Corp. (EDC.PH), which settled a yen loan this week, and its major shareholder First Gen (FGEN.PH), advancing, limiting market’s slide; EDC +2.6% to PHP3.90, First Gen +8.8% to PHP21.75.