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Indonesian Shares May Open Under Pressure 8 days ago
(RTTNews) - The Indonesian stock market has finished higher now in back-to-back sessions, gathering nearly 40 points or 1.6 percent in the process. The Jakarta Composite Index finished above the 2,420-point plateau, but now analysts are forecasting that the market will turn lower at the opening of trade on Friday.
The global forecast for the Asian markets is firmly negative thanks to a decline in commodity prices - particularly gold and oil. Financials, properties and airlines also are expected to see some heavy selling. The European markets were little changed but mostly lower, while the U.S. bourses were firmly down - and the Asian markets are also tipped to trend to the downside.
The JCI finished modestly higher on Thursday, thanks to gains among the automobile producers and the energy stocks.
For the day, the index added 16.40 points or 0.68 percent to finish at 2,420.28 after trading between 2,405.13 and 2,434.01. Volume was 6.04 billion shares worth 5.97 trillion rupiah.
Among the gainers, Astra International jumped 5 percent, while Bank Central Asia climbed 2.13 percent and Adaro Energy spiked 4.52 percent.
Finishing lower, United Tractors shed 1.26 percent, while Bank Permata plunged 8.89 percent and Bank Rakyat Indonesia eased 0.68 percent.
The lead from Wall Street is decidedly soft as stocks fell by considerable margins on Thursday, despite the day's better-than-expected jobs data and further signs of life on the M&A front. The major averages all moved lower, more than offsetting Wednesday's moderate rally.
The pullback on the day came even though statistics from the Labor Department showed that first time claims for unemployment benefits fell by more than expected in the week ended November 7.
Initial jobless claims fell to 502,000 from the previous week's revised figure of 514,000. Economists had been expecting claims to edge down to 510,000 from the 512,000 originally reported for the previous week. Analysts have pointed out that while the data continues to signal a moderation in the pace of job losses, there remains some uncertainty about the level of hiring.
In corporate news, Hewlett-Packard (HPQ) has agreed to acquire communications equipment maker 3Com (COMS). HP will purchase 3Com for $7.90 per share in cash or a total of about $2.7 billion. Shares of 3Com rallied on the news while HP saw modest weakness.
Also in tech news, Advanced Micro Devices (AMD) announced an agreement with Intel (INTC) to end all outstanding legal disputes between the companies. The deal includes a five-year cross license agreement and a payment of $1.25 billion to AMD from Intel.
Further, diversified conglomerates General Electric Co. (GE) and United Technologies Corp. (UTX) announced the signing of a definitive deal under which United Technologies will acquire GE's Security business for $1.82 billion.
The major averages moved off their worst levels of the day going into the close, although they still posted sizeable losses. The Dow fell by 93.79 points or 0.9 percent to 10,197.47, the NASDAQ dropped by 17.88 points or 0.8 percent to 2,149.02 and the S&P 500 closed down by 11.27 points or 1 percent to close at 1,087.24.
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