1. Capital Markets Research
Mar 7, 2011
Thai Stock Market US Market
Mar 04 Change Mar 04 Change
SET Index 995.91
Dow Jones +5.83 12,169.88 -88.32
Market Turnover (Bt mn) 25,471.87
Nasdaq -376.37 2,784.67 -14.07
Foreign Net Position (Bt mn) -201.04
S&P 500 +1,519.86 1,321.15 -9.82
Thai Bond Market Mar 04
US 10 yr T-note (%) Change 3.50 -7 bp
Total Return Index 200.64
US 2yr T-note (%) +0.04 0.69 -8 bp
NYMEX crude ($/b) 103.67 +1.75
Yield curve 1m 3m 6m 1yr 2yr 3yr 5yr 7yr 10yr 12yr 14yr 18yr
Mar 04 (%) 2.10 2.34 2.57 2.76 3.13 3.35 3.47 3.69 3.91 4.07 4.14 4.21
Chng 1D (bp) +0 +1 +1 +0 -1 +0 +0 +0 +1 +0 -1 -1
Chng 5D (bp) +0 +5 +8 +8 +1 -1 -1 +0 +2 +1 -1 -1
Interbank Rates Mar 07 Mar 03 BIBOR 1w 1m 2m 3m 6m 9m 1yr
Overnight (%) 2.25 1.750-2.210 Mar 04 2.33750 2.46500 2.53250 2.60750 2.71000 2.76375 2.84750
Repurchase Rates 1-day 7-day 14-day 1m SIBOR 1m 3m 6m
Mar 04 2.25000 2.25000 - - Mar 04 0.27200 0.31450 0.47110
THBFIX (Ref.) 1m 2m 3m 6m 9m 1yr LIBOR 1m 3m 6m
Mar 04 1.95335 2.10539 2.24230 2.47316 2.68454 2.87914 Mar 04 0.26000 0.30950 0.46250
SWAP (THB/THB,Onshore) 1yr 2yr 3yr 4yr 5yr 7yr 10yr
Mar 07 Bid/Ask 2.70/2.74 3.08/3.12 3.39/3.43 3.65/3.69 3.85/3.89 4.15/4.19 4.36/4.40
KBank Counter Rates Buying Selling Premium/Discount (stgs/m)
(against THB) Sight Bill T/T T/T Export/Import
USD 30.23 30.33 30.58 1.70/8.10
EUR 42.1950 42.3338 42.8675 0.94/6.82
GBP 49.0825 49.2450 49.8350 2.61/8.01
JPY 0.3654 0.3665 0.3733 2.09/8.56
KBank Technical Analysis Mar 07 Mar 04 Support Resistance Trend Strategy
THB (Onshore) 30.45 30.46 30.40 30.50 Sideway Sell USD near resistance
JPY 82.3 82.26 82.00 82.60 Sideway Sell USD near resistance
EUR/USD 1.3977 1.3982 1.3950 1.4100 Sideway Buy EUR near support
Macro and Market Outlook
• Crude oil price weakened stock market sentiments as Libya’s protests intensify
• U.S. non-farm payrolls at 192K in February while unemployment rate fell to 8.9%
• Eurozone summit on March 11 while leaders continue to debate over easing credit conditions
for Ireland and Greece. Fitch put Spain’s credit rating on negative watch
FX Market Wrap
• EUR/USD tested 1.40 intraday on Friday, its highest since early November last year. This was
despite the positive gains in the U.S. non-farm payrolls. The market is still betting on ECB’s
raising of interest rate and further clarity in EU’s solution to debt problems this week
• USD/THB decline to 30.45, in line with most Asian currencies on the back of the dollar’s
weakness. This week, we expect the USD/THB to range between 30.35 and 30.70
Economic News Update
• Premier Wen Jiabao’s pledge to stem inflation in China underscored forecasts for more interest-
rate increases as a jump in food and housing prices risks sparking public anger.
Now you can listen to today’s exchange rate trend (press 711) and our summary of exchange rate movements (press 721)
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1
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
2. KBank Daily Update Mar 7, 2011
th
The eurozone Summit would be held on March 11 and
Macro and Market Outlook leaders are looking to confirm the extension of powers to
U.S. stocks ended the week little changed, following the EFSF (financial aid fund) to issue bonds and give loans
declines on Friday amid the unrests in Libya and other to troubled economies. Germany has yet to show new
neighboring countries. At the same time, higher oil prices comments, while the market speculates it is waiting to hear
had also overshadowed positive economic data. about other countries’ commitment before pledging more
$/ounce $/barrel loans for weaker nations. Meanwhile, Fitch Ratings put a
1600
negative watch on Spain’s AA+ credit rating on Friday,
160
citing weakness in the restructuring of banks and longer-
140
1400 term weakness in fiscal health, although it praised Spain
120
1200 for changes in its pension system.
100
1000 80
60
800
40 US Treasuries and Thai rates
600 20
Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11
Treasuries held last week’s loss before a government
report that economists said will show retail sales rose in
Gold prices (LHS) WTI oil price (RHS)
February, and as the U.S. prepared to sell 3-, 10- and 30-
year debt. The difference between yields on 10-year notes
Violence and protests continue in Libya, threatening a civil and Treasury Inflation Protected Securities, a gauge of
war. Financial markets in Asia this morning has begun to trader expectations for consumer prices, was 2.51
show responses with stocks down and U.S. crude oil price percentage points, about two basis points away from a 32-
climbing to $105/barrel. Meanwhile, gold price increased month high.
from Friday’s close to $1,436/ounce this morning as well.
Ten-year notes yielded 3.50 percent as of 9:40 a.m. in
Economic data update – Tokyo, according to BGCantor Market Data.
(Source: Bloomberg)
U.S. non-farm payrolls in February was close to market’s
forecast of 200,000 job gains, coming in at 192K. Private S&P Index (% )
payrolls added 222K jobs while the government is still 1400 4.0
cutting jobs. At the same time, unemployment rate fell to 1300
8.9% from 9.0% in January. While this number was 3.5
positive, it would have to continue in such strong gains 1200
3.0
over the next few months in order to allow the market to 1100
firmly believe in the U.S. recovery. 2.5
1000
'000 US Non-farm payrolls %
600 11 900 2.0
400 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
10
200 9 S&P Index 10yr Treasury yield
0
8
-200
-400
7 Thai interest rate: The local rates markets were relatively
-600 6 quiet on Friday but bond market saw some buying into the
-800 5 mid-curve bonds still. FX swap market was less active oon
-1000 4 Friday as well but swap points remained near their recent
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 highs as the market awaits MPC’s decision this
increase in Non-farm payrolls Unemployment rate Wednesday afternoon.
We expect the BoT to raise policy rate by 25bp during each
U.S. factory orders for the month of January increased by of the next 4 meetings, bringing to policy rate to 3.25% in
3.1% mom, the quickest pace of gain since 2006. This was July before pausing. At the moment, we still do not see the
more than the previous month and the market’s necessity of raising policy rate by 50bp but the risk of Bot
expectation, boding well for manufacturing sectors and doing so is not small, given the acceleration of global
ongoing employment. energy and food prices.
Indonesia’s central bank held its policy rate unchanged at
% Government bond yield curve had bear-flattened
6.75% on Friday amid growing uncertainties in the global
4.0
economy. Inflation rate had recently climbed down by a 3.8
slight margin and the central bank would likely continue 3.6
rate hikes in the future. At the same time, Philippines’ 3.4
inflation rate in February also rose higher from 3.6% to 3.2
4.3% (consensus 3.7%), signaling that the central bank 3.0
would be forced to raise policy rate from 4.00% soon. 2.8
2.6
TTM
Economic data update – In Europe, policymakers 2.4
continue their debate over debt problems while Ireland and 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y
EU’s Commissioner appealed leaders to allow for less strict 04-Mar-11 31-Jan-11
credit conditions for money loaned to Greece and Ireland.
2
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
3. KBank Daily Update Mar 7, 2011
FX Wrap Currency Movement
Fri 04-Mar-11 Thu 03-Mar-11 % Change
44 31.3
31.1 USD/THB 30.45 30.47 -0.07
43 30.9 USD/JPY 82.29 82.39 -0.12
30.7
42
30.5 EUR/USD 1.399 1.396 +0.21
41
30.3 GBP/USD 1.6272 1.6272 +0.0
30.1
USD/CHF 0.9255 0.9316 -0.65
40 29.9
29.7 USD/SGD 1.2671 1.2678 -0.06
39 29.5 USD/TWD 29.38 29.47 -0.30
1-Oct 1-Nov 1-Dec 1-Jan 1-Feb 1-Mar
USD/KRW 1,117.5 1,113.40 +0.37
EUR/THB (LHS) USD/THB onshore (RHS)
USD/PHP 43.28 43.33 -0.12
USD/IDR 9,040 8,803 +2.69
EUR/USD tested 1.40 intraday on Friday, its highest since
early November last year. This was despite the positive USD/MYR 3.028 3.030 -0.07
gains in the U.S. non-farm payrolls. The market is still USD/CNY 6.567 6.572 -0.07
betting on ECB’s raising of interest rate and further clarity Source: Reuters
in EU’s solution to debt problems this week. .FX Consensus Forecast
The dollar index (weighted measure of the U.S. dollar Spot Jun 2011 Dec 2011
against 6 other major currencies), declined to near its 4-
USD/THB 30.46 30.00 29.00
month low on Friday, indicating substantial weakness for
the near term. USD/JPY 82.36 85.00 89.00
EUR/USD 1.40 1.34 1.35
38.50 80
GBP/USD 1.62 1.60 1.62
38.00 81
37.50 USD/CNY 6.57 6.47 6.30
82
37.00
USD/SGD 1.27 1.26 1.23
83 USD/IDR 8,787 8,900 8,795
36.50
36.00 84 USD/MYR 3.03 3.02 2.96
USD/PHP 43.38 42.90 42.00
35.50 85
1-Jan 16-Jan 31-Jan 15-Feb 2-Mar USD/KRW 1,117 1,092 1,050
JPY/THB (LHS) USD/JPY (RHS, inverted axis) USD/TWD 29.41 28.80 28.25
USD/THB decline to 30.45, in line with most Asian AUD/USD 1.01 1.00 0.98
currencies on the back of the dollar’s weakness. This NZD/USD 0.74 0.76 0.75
week, we expect the USD/THB to range between 30.35 Source: Bloomberg, KBank for USD/THB
and 30.70
Currency Pair Targets
Spot Jun 2011 Dec 2011
31.20
31.00 USD/THB 0.37 0.35 0.33
30.80 EUR/THB 42.56 40.20 39.15
30.60
30.40 JPY/THB 49.49 48.00 46.98
30.20 GBP/THB 4.64 4.64 4.60
30.00
CNY/THB 30.87 30.00 28.42
29.80
29.60 AUD/THB 22.47 22.80 21.75
1-Dec 16-Dec 31-Dec 15-Jan 30-Jan 14-Feb 1-Mar
CHF/THB 24.05 23.81 23.58
USD/THB Source: KBank, Bloomberg
KBank NEER Index
Current 98.32
YTD + 5.58%
vs 52 weeks ago + 3.09%
vs 1mth ago + 0.10%
vs 1 week ago - 0.01%
vs 1 day ago + 0.00%
vs long term average + 10.48%
Note: NEER is constructed from the weighted average of bilateral exchange
rates of the baht via Thailand’s 21 major trading partners and trade
competitors. An increase in NEER refers to an appreciation
3
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
4. KBank Daily Update Mar 7, 2011
Total Return Analysis – 3 month horizon, annualized Auction results of BoT bonds Mar 04
Yield shift (bps) -40 -30 -20 -10 0 +10 +20 +30 +40 Bid-
Tenor Amt. Accepted
LB116A 2.63 2.58 2.52 2.46 2.40 2.34 2.29 2.23 1.92 Symbol Avg. Yield (%) coverage
(yrs) (Bt mn) Range (%)
ratio
LB11NA 3.57 3.34 3.11 2.88 2.65 2.42 2.19 1.96 1.47
CB11322A 0.04 95,000 2.063/2.080 2.072720 1.23
LB123A 4.17 3.83 3.49 3.15 2.80 2.46 2.12 1.78 1.18
Source: ThaiBMA
LB12NA 5.28 4.71 4.13 3.56 2.98 2.41 1.83 1.26 0.43
Auction Calendar of BoT Bonds
LB133A 6.07 5.35 4.63 3.91 3.20 2.48 1.76 1.04 0.08
LB137A 6.57 5.75 4.92 4.10 3.27 2.45 1.62 0.80 -0.28 Tenor Amt.
Symbol Auction Date Maturity Date Remark
(yrs) (Bt mn)
LB13OA 6.99 6.07 5.15 4.23 3.31 2.39 1.47 0.55 -0.62
LB143A 7.50 6.48 5.45 4.43 3.40 2.38 1.35 0.33 -0.94 CB11407C 0.08 25,000 08-Mar-11 07-Apr-11 -
LB145A 7.86 6.75 5.64 4.53 3.42 2.31 1.20 0.09 -1.27 CB11609B 0.25 20,000 08-Mar-11 09-Jun-11 -
LB145B 7.85 6.74 5.63 4.52 3.41 2.30 1.20 0.09 -1.27 CB11908A 0.50 12,000 08-Mar-11 08-Sep-11 -
LB14DA 8.68 7.39 6.09 4.80 3.50 2.21 0.91 -0.38 -1.93 Source: ThaiBMA
LB155A 9.44 7.96 6.47 4.99 3.51 2.03 0.54 -0.94 -2.67 Auction Calendar of Government Bonds
LB157A 9.30 7.85 6.41 4.96 3.52 2.08 0.63 -0.81 -2.50
Tenor Amt.
LB15DA 10.23 8.54 6.85 5.16 3.47 1.78 0.09 -1.59 -3.53 Symbol Auction Date Maturity Date Remark
(yrs) (Bt mn)
LB167A 10.87 9.05 7.24 5.42 3.60 1.79 -0.03 -1.84 -3.91 LB316A 20.62 6,000 16-Mar-11 20-Jun-31 -
LB16NA 11.42 9.48 7.53 5.58 3.64 1.69 -0.25 -2.20 -4.39 -
LB14NA 4.00 8,000 16-Mar-11 26-Nov-14
LB171A 11.49 9.54 7.58 5.63 3.68 1.73 -0.22 -2.17 -4.37
LB17OA 7.09 10,000 30-Mar-11 10-Oct-17 -
LB175A 12.00 9.92 7.84 5.76 3.69 1.61 -0.47 -2.55 -4.88
Source: ThaiBMA
LB183A 13.29 10.90 8.51 6.12 3.74 1.35 -1.03 -3.42 -6.05
LB183B 13.02 10.70 8.38 6.06 3.74 1.42 -0.90 -3.22 -5.78
LB191A 13.79 11.29 8.79 6.28 3.78 1.28 -1.22 -3.71 -6.46
LB196A 14.70 11.96 9.22 6.48 3.75 1.01 -1.72 -4.46 -7.44
LB198A 14.53 11.86 9.18 6.50 3.83 1.15 -1.52 -4.19 -7.11
LB19DA 14.83 12.09 9.36 6.62 3.88 1.15 -1.59 -4.32 -7.30
LB213A 15.96 12.96 9.96 6.96 3.96 0.97 -2.03 -5.02 -8.26
LB214A 15.84 12.88 9.92 6.96 4.01 1.05 -1.90 -4.86 -8.06
LB22NA 17.91 14.45 10.99 7.54 4.08 0.63 -2.82 -6.27 -9.97
LB233A 18.31 14.76 11.22 7.67 4.13 0.59 -2.95 -6.49 -10.28
LB236A 19.43 15.61 11.79 7.97 4.15 0.34 -3.48 -7.29 -11.35
LB244A 19.54 15.70 11.86 8.02 4.18 0.35 -3.49 -7.32 -11.40
LB24DA 20.14 16.15 12.16 8.18 4.19 0.21 -3.77 -7.75 -11.98
LB267A 20.65 16.55 12.45 8.35 4.25 0.15 -3.94 -8.03 -12.37
LB283A 22.32 17.80 13.28 8.77 4.26 -0.25 -4.76 -9.26 -14.01
LB296A 23.60 18.76 13.93 9.09 4.27 -0.56 -5.38 -10.20 -15.27
LB383A 28.37 22.35 16.35 10.35 4.35 -1.64 -7.63 -13.61 -19.84
LB396A 29.15 22.94 16.75 10.56 4.37 -1.81 -7.99 -14.15 -20.57
Average 13.26 10.86 8.47 6.07 3.68 1.28 -1.11 -3.50 -6.14
Source: KBank, Bloomberg
KBank Rich – Cheap Model
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00 3 mth avg
Now
-40.00
LB296A
LB113A
LB116A
LB11NA
LB123A
LB133A
LB137A
LB145B
LB14DA
LB155A
LB15DA
LB167A
LB16NA
LB175A
LB183B
LB191A
LB196A
LB198A
LB19DA
LB213A
LB24DA
LB267A
LB283A
LB396A
Source: Bloomberg, KBank The 3-month average indicates the average differences between observed and derived yields
4
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
5. KBank Daily Update Mar 7, 2011
Economic News Update
Inflation Endangering China ‘Dream’
Spurs Wen Price Pledge: Premier Wen Jiabao’s
pledge to stem inflation in China underscored forecasts for
more interest-rate increases as a jump in food and housing
prices risks sparking public anger.
Wen, in his opening speech to the annual National
People’s Congress conclave in Beijing two days ago, said
that reining in consumer and property prices is the nation’s
top priority. That will be welcome to fruit vendor Song
Zhiqiang, 56, of the southwestern city of Guiyang, who
says: “My rent’s doubled in a year and my family’s food
budget has increased to 3,000 yuan,” or $456, from 1,200
yuan.
Policy makers’ 4 percent inflation target for this year was
exceeded by almost a percentage point in February,
according to the median estimate in a Bloomberg News
survey. Without higher deposit rates to encourage saving,
and a stronger currency to ease import costs, the risk is
that price pressures will keep escalating in coming months.
For their part, investors have signaled diminished concern
that Wen’s government will tighten monetary policy so fast
that it will hobble growth in the world’s fastest-expanding
major economy. The benchmark Shanghai Composite
Index of stocks has climbed in five of the past six weeks,
closing on March 4 at the highest level since mid-
November.
Additional increases in benchmark interest rates and
banks’ reserve requirements may help to bring price
pressures under control, Maguire said. Nomura Holdings
Inc. forecasts 0.75 percentage point of interest-rate
increases by year-end, along with gains in banks’ reserve
ratios.
Wen didn’t set any lending target for banks. New loans
topped a 7.5 trillion yuan ($1.1 trillion) ceiling last year and
the central bank said Feb. 17 that it will develop a wider
measure of credit growth and liquidity, including off-balance
sheet lending, local and foreign-currency loans, and bond
and stock sales.
“Exorbitant” house price increases in some cities are a top
public concern, Wen told the thousands of lawmakers
gathered in Beijing, adding that the government will curb
speculation and “adjust and improve” real-estate tax
policies. The budget for this year shows a 35 percent
increase in spending on low-income housing.
At the congress, official reports confirmed targets of 4
percent inflation and 8 percent economic growth for this
year and showed that the nation will spend more on the
internal police force than the armed forces.
In his speech, Wen said that keeping prices stable is the
“top priority in macroeconomic control” for this year and the Market Strategists:
government aims to narrow the widening gap between rich
and poor “as soon as possible.” (Source: Bloomberg) Nalin Chutchotitham
Email: nalin.c@kasikornbank.com
Tel: 02-470-3235
5
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.
6. KBank Daily Update Mar 7, 2011
Economic Calendar
Date / Time Country Event Period Consensus Actual Prior Revised
03/04/2011 08:00 PH Consumer Price Index (YoY) FEB 3.70% 4.30% 3.50% 3.60%
03/04/2011 08:00 PH Consumer Price Index NSA (MoM) FEB 0.60% 1.10% 0.80% --
03/04/2011 10:02 ID Money Supply - M1 (YoY) JAN -- 21.70% 17.40% 17.40%
03/04/2011 10:03 ID Money Supply - M2 (YoY) JAN -- 17.40% 15.30% 15.30%
03/04/2011 11:01 MA Current Account Balance 4Q -- 23.9B 19.9B --
03/04/2011 12:35 ID Bank Indonesia Reference Rate Mar-04 6.75% 6.75% 6.75% --
03/04/2011 14:30 TH Forward Contracts Feb-25 -- $17.7B $19.3B --
03/04/2011 14:30 TH Foreign Reserves Feb-25 -- $179.2B $176.0B --
03/04/2011 15:00 UK Halifax House Price 3Mths/Year FEB -2.50% -2.80% -2.40% --
03/04/2011 15:00 UK Halifax House Prices sa (MoM) FEB -0.50% -0.90% 0.80% --
03/04/2011 15:20 TA Foreign Exchange Reserves-US$B FEB -- $390.69B $387.11B --
03/04/2011 15:59 UK New Car Registrations (YoY) FEB -- -7.70% -11.50% --
03/04/2011 17:01 MA Exports YoY% JAN 4.50% 3.00% 4.60% --
03/04/2011 17:01 MA Imports YoY% JAN 14.60% 13.50% 11.50% --
03/04/2011 17:01 MA Trade Balance JAN 9.40B 9.19B 9.69B --
03/04/2011 18:22 ID Foreign Reserves FEB -- $99.62B $95.33B --
03/04/2011 18:23 ID Net Foreign Assets (IDR Tln) FEB -- 843.37T 827.04T --
03/04/2011 20:30 US Change in Nonfarm Payrolls FEB 196K 192K 36K 63K
03/04/2011 20:30 US Change in Private Payrolls FEB 200K 222K 50K 68K
03/04/2011 20:30 US Change in Manufact. Payrolls FEB 25K 33K 49K 53K
03/04/2011 20:30 US Unemployment Rate FEB 9.10% 8.90% 9.00% --
03/04/2011 20:30 US Avg Hourly Earning MOM All Emp FEB 0.20% 0.00% 0.40% --
03/04/2011 20:30 US Avg Hourly Earning YOY All Emp FEB 1.90% 1.70% 1.90% --
03/04/2011 20:30 US Avg Weekly Hours All Employees FEB 34.3 34.2 34.2 --
03/04/2011 22:00 CA Ivey Purchasing Managers Index FEB 51.4 69.3 41.4 --
03/04/2011 22:00 US Factory Orders JAN 2.00% 3.10% 0.20% 1.40%
03/07/2011 05:30 AU AiG Perf of Construction Index FEB -- 44.6 40.2 --
03/07/2011 06:50 JN Official Reserve Assets FEB -- $1091.5B $1093.0B --
03/07/2011 07:30 AU ANZ Job Advertisements (MoM) FEB -- 1.20% 2.40% --
03/07/2011 08:00 PH Budget Deficit/Surplus DEC -- -- 0.5B --
03/07/2011 12:00 JN Coincident Index CI JAN P 105.9 -- 103.5 --
03/07/2011 12:00 JN Leading Index CI JAN P 102.3 -- 101.4 --
03/07/2011 12:30 AU Foreign Reserves FEB -- -- 40.8B --
03/07/2011 15:00 TA CPI YoY% FEB 1.10% -- 1.11% --
03/07/2011 15:00 TA Total Trade Bal in US$ Billion FEB $0.87B -- $1.88B --
03/07/2011 15:00 TA Total Exports (YoY) FEB 18.30% -- 16.60% --
03/07/2011 15:00 TA Total Imports (YoY) FEB 20.00% -- 21.90% --
03/07/2011 15:00 TA WPI YoY% FEB 1.75% -- 1.64% --
03/07/2011 16:00 SI Foreign Reserves FEB -- -- $227.11B --
03/07/2011 16:30 MA Foreign Reserves Feb-28 -- -- $109.60B --
03/07/2011 16:30 EC Sentix Investor Confidence MAR 17.2 -- 16.7 --
Source: Bloomberg
6
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.