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Indonesian Stocks May Open Lower 78 days ago
(RTTNews) - The Indonesian stock market turned right back to the upside again on Friday, one day after it had halted the six-day winning streak in which it had collected more than 105 points or 4 percent in the process. The Jakarta Composite Index finished just below the 2,490-point plateau, but now investors are anticipating a modest correction to the downside when the market opens for business on Monday.
The global forecast offers little in the way of guidance for the Asian markets as investors are expected to stand largely pat ahead of a raft of crucial economic data out of the world's largest economy this week. Commodities may see a bit of strength after some profit taking last week, while technology stocks may remain weak. The European and U.S. markets finished slightly on the soft side, and the Asian markets are also forecast to trend modestly lower.
The JCI finished modestly higher on Friday, thanks to gains among the mining sector and the financial stocks.
For the day, the index gathered 18.57 points or 0.75 percent to finish at 2,487.36 after trading between 2,458.63 and 2,490.29. Volume was 8.322 billion shares worth 4.743 trillion rupiah.
Among the gainers, Bumi Resources surged 7.6 percent, while Tambang Batubara Bukit Asam added 3.8 percent, Bank Negara Indonesia gained 1.5 percent, Bank Danamon Indonesia jumped 1.7 percent, Bakrie Sumatera Plantations was up 1.3 percent and Unilever Indonesia gained 1.8 percent.
The lead from Wall Street is mildly negative as stocks moved mostly lower on Friday, with a lack of significant economic catalysts denying traders the opportunity to cash in on recent gains. The major averages all closed in negative territory, slipping further away from Tuesday's yearly highs.
The weakness in the markets was partly due to disappointing quarterly results from computer marker Dell (DELL), which reported third quarter earnings that fell to $0.17 per share from $0.37 per share in the year-ago quarter. Excluding one-time items, the company earned $0.23 per share compared to analyst estimates of $0.28 per share. Revenue for the quarter fell 15 percent to $12.9 billion, coming in below analyst estimates of $13.18 billion. Looking forward, Dell said it expects fourth quarter revenue to improve over the third quarter.
Homebuilder D.R. Horton (DHI) also released results that disappointed investors, reporting a fourth quarter net loss of $0.73 per share compared to a loss of $2.53 per share in the year-ago quarter. Analysts had expected the company to report a loss of $0.30 per share.
In other corporate news, mobile phone giant Nokia Corp. (NOK) said this morning that it plans to align its research and development operations in Finland and Denmark, effectively eliminating up to 330 R&D jobs.
While the Dow briefly peeked above the unchanged line in the final hour of trading, the major averages all ended the day in the red. The Dow closed down by 14.28 points or 0.1 percent at 10,318.16, the NASDAQ fell by 10.78 points or 0.5 percent to 2,146.04 and the S&P 500 slipped by 3.52 points or 0.3 percent to 1,091.38. Amid some profit taking over the past few sessions, the major averages closed on a mixed note for the week. The Dow posted a weekly gain of 0.5 percent, while the NASDAQ fell 1.0 percent and the S&P 500 posted a more modest 0.2 percent weekly loss.
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