ASEAN exchanges to develop electronic trading link

MANILA: Five ASEAN exchanges, namely Bursa Malaysia Berhad, Indonesia Stock Exchange, Philippine Stock Exchange, Singapore Exchange and The Stock Exchange of Thailand have signed a Memorandum of Understanding (MOU) to form an ASEAN electronic trading link to enhance the competitiveness of their capital markets.

This e-trading link, through one single access point, allows intra-ASEAN cross-border trading and will attract more international funds into ASEAN.

This initiative is clearly another important milestone for the ASEAN nations. Korn Chatikavanij, Thailand’s Finance Minister said, “This project will strengthen our regional financial stability by deepening regional capital markets and facilitating progressive liberalisation of our financial sector. A stronger, integrated and more competitive ASEAN is 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.”

Swiss banks deposits plummet in 2008

GENEVA: The amount of money deposited in Swiss banks shrank by more than a quarter last year as the global financial crisis hit asset values and customers withdrew large sums amid concerns about probes into the offshore banking industry.

Figures released by the Swiss National Bank showed total deposits fell 27 per cent, or 1.41 trillion Swiss francs, to 3.82 trillion francs, their lowest since August 2005.

Deposits from foreign customers shrank by 882 billion francs, while Swiss customers had 531 billion francs deposited in their country's banks, according to the SNB's monthly statistical bulletin.

Foreign private customers saw the highest proportional drop in assets, 36 per cent or 371 billion francs, leaving only 671 billion francs worth of deposits in Swiss vaults.

That is the lowest deposit amount from foreign private customers since the end of 1998.

Deposits by foreign institutional customers dropped 23 per cent to 1,386 billion francs.

Domestic private customers had 417 billion francs deposited by the end of the year, 28 per cent less than in 2007.

Oil prices hold firm

LONDON: Oil prices rose slightly on Tuesday after losses the previous day, but gains were capped by lingering demand concerns and sliding equity markets, analysts said.

Brent North Sea crude for April delivery added 52 cents to 41.51 dollars per barrel.
New York's main futures contract, light sweet crude for delivery in April, gained 45 cents to 38.89 dollars a barrel.

"Demand concerns remain prevalent on the energy markets, so the upside continues to be limited and we could be in for more sideways trading," said VTB Capital analyst Andrey Kryuchenkov.

Asian and European markets spiralled lower Tuesday after Wall Street had struck a near 12-year low overnight, as investors were unconvinced by Washington's bank rescue strategy, analysts said.

Tokyo shares dived to within striking distance of a 26-year trough after the rout in New York as investor worries grew over the banking sector. However, US stocks opened higher Tuesday on bargain hunting.

Crude futures had fallen Monday in tandem with global stocks amid gathering economic gloom and despite hints that oil cartel OPEC could cut output next month in a bid to boost prices.

"Oil prices weakened further yesterday due to renewed concerns over the health of the global economy," said analysts at energy consultancy John Hall Associates.

"Contracts moved downwards in line with equities -- a factor often cited as a secondary price driver -- given that they are a barometer of economic sentiment."

KSE plunges down after Sharif Brothers case verdict

KARACHI: After Supreme Court’s verdict of declarating Sharif brothers ineligible, Karachi Stock Exchange (KSE) witnessed bearish trend on Wednesday as benchmark 100-Index shed more than 200 points to plunged down to below 5800 points.