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Jakarta Stocks May Continue Win Streak 84 days ago
(RTTNews) - The winning streak has hit four sessions now for the Indonesian stock market, which has added nearly 90 points or 3.5 percent in the process. The Jakarta Composite Index finished just below the 2,470-point plateau, and now analysts are forecasting continued gains at the opening of trade on Tuesday.
The global forecast for the Asian markets is firmly positive thanks to a rebound in the price of resource stocks - particularly the oil and gold companies, while the steel companies and properties also are tipped to provide support. The European and U.S. markets ended solidly higher, and the Asian bourses also are forecast to move higher.
The JCI finished sharply higher again on Monday, riding gains from the commodity stocks.
For the day, the index jumped 41.87 points or 1.73 percent to finish at 2,468.67 after trading between 2,427.31 and 2,471.71.
Leading the gainers, Bank Mandiri added 4.8 percent and coal miner Bumi Resources jumped 6.1 percent.
The lead from Wall Street is strong as stocks saw notable gains on Monday, with continued indications of low interest rates from Federal Reserve Chairman Ben Bernanke and better-than-expected news from the retail sector generating considerable buying interest. The major averages all finished the day in positive territory by comfortable margins, setting fresh yearly highs.
Monday afternoon, Bernanke reassured the markets that a number of accommodative policies, including near-zero interest rates, would remain in effect for an extended period. He also noted that the Fed is attentive to the declining U.S. dollar, but will continue to focus on its objective of maximum employment and price stability.
"Our commitment to our dual objectives, together with the underlying strengths of the U.S. economy, will help ensure that the dollar is strong and a source of global financial stability," Bernanke said.
Early strength in stocks came following news from the Commerce Department that retail sales increased by 1.4 percent in October following a revised 2.3 percent decrease in September. Economists had expected sales to increase by 0.9 percent compared to the 1.5 percent decrease originally reported for the previous month.
Excluding a 7.4 percent increase in auto sales, retail sales increased by a much more modest 0.2 percent in October compared to a 0.4 percent increase in the previous month. The ex-auto sales growth came in below economist estimates of a 0.4 percent increase.
In a separate report, the Commerce Department said that business inventories fell by 0.4 percent in September following a revised 1.6 percent decrease in August. Economists had been expecting inventories to decrease by 0.7 percent compared to the 1.5 percent drop originally reported for the previous month.
Also on the economic front this morning, the Federal Reserve Bank of New York released a report showing that conditions for New York manufacturers continued to improve in November, although the pace of improvement slowed by more than economists had been expecting.
While the major averages gave back some ground in the latter part of the trading day, they managed to hold onto strong gains. The Dow closed up 136.49 points or 1.3 percent at 10,406.96, the NASDAQ advanced by 29.97 points or 1.4 percent to 2,197.85 and the S&P 500 rose by 15.82 points or 1.5 percent to 1,109.30.
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