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Jakarta Shares May Pad Win Streak 82 days ago
(RTTNews) - The winning streak has stretched to six sessions now for the Indonesian stock market, which has added more than 105 points or 4 percent in the process. The Jakarta Composite Index finished just above the 2,480-point plateau, and now investors are looking forward to continued gains when the market kicks off trade on Thursday.
The global forecast for the Asian markets is slightly pessimistic, although commodity stocks are likely to continue to provide support thanks to yet another fresh record high for the price of gold. Oil stocks also may extend gains, while technology stocks and airlines are expected to see sustained selling pressure. The European markets finished little changed and on opposite sides of the unchanged line, while the U.S. markets ended slightly lower - and the Asian markets are also tipped to trend lightly to the downside.
The JCI finished modestly higher on Wednesday, shrugging off early weakness in the morning session thanks to strength among the miners.
For the day, the index gained 10.44 points or 0.42 percent to finish at 2,484.22 after trading between 2,451.71 and 2,487.61. Volume was 7.8 billion shares worth 4.6 trillion rupiah. There were 86 gainers and 71 decliners.
Among the gainers, carmaker Astra International added 1.78 percent, while Perusahaan Gas Negara gained 2.65 percent, Unilever Indonesia jumped 2.33 percent, Darma Henwa surged 8.04 percent and Bumi Resources climbed 1.94 percent.
The lead from Wall Street is mildly negative as stocks fell by slim margins on Wednesday, with worrisome data on inflation and the housing market prompting some traders to reduce their positions in equities. The major averages all closed in negative territory, although well off their worst levels of the day.
Earlier, a report from the Labor Department showed that consumer prices increased for the third consecutive month in October, with the continued price growth partly due to a notable increase in energy prices. The consumer price index increased by 0.3 percent in October following an unrevised 0.2 percent increase in September. Economists had been expecting a somewhat more modest increase of 0.2 percent.
Core consumer prices, which exclude food and energy prices, increased 0.2 percent in October, matching the increase seen in the previous month. The modest increase in core prices came in slightly above economist estimates of a 0.1 percent increase. The report raised inflation concerns among traders amid news that St. Louis Federal Reserve President James Bullard indicated that the Federal Reserve might not raise interest rates from near zero levels until 2012.
Separately, the Commerce Department reported that the rate of housing starts unexpectedly declined in October, although analysts pointed to uncertainty about the first-time home buyer tax credit as a possible reason behind the drop. Housing starts fell 10.6 percent to an annual rate of 529,000 in October from the revised September estimate of 592,000. The drop surprised economists, who had expected starts to edge up to 600,000 from the previous month's initial estimate of 590,000.
In other news, Rep. Paul Kanjorski, D-Penn., unveiled an amendment to financial regulation reform legislation before the House Financial Services Committee aimed at ending the problem of firms that have become "too big to fail."
Kanjorski said the plan would give federal regulators new authorities to rein in and dismantle large, interconnected firms whose unregulated failure could threaten the stability of the entire financial system.
The major averages staged a recovery attempt in late day trading but were unable to break into positive territory. The Dow fell by 11.11 points or 0.1 percent to 10,426.23, the NASDAQ dropped by 10.64 points or 0.5 percent to 2,193.14 and the S&P 500 edged down by 0.52 points or 0.1 percent to 1,109.80.
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