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Jakarta Shares May See Positive Bounce 77 days ago
(RTTNews) - The Indonesian stock market has finished lower in two of three sessions since the end of 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 above the 2,480-point plateau, and now investors are looking for the market to turn back to the upside again at the opening of trade on Tuesday.
The global forecast for the Asian markets is firmly positive, thanks to some better than expected economic data out of the United States and a continued rebound in the price of commodities - especially gold. Financials and airlines also are expected to provide support. The European and U.S. markets ended sharply higher, and the Asian bourses are also tipped to trend to the upside.
The JCI finished slightly lower on Monday, nudged lower by weakness among the financials in spite of gains from the mining companies.
For the day, the index shed 5.94 points or 0.24 percent to finish at 2,481.41 after trading between 2,467.50 and 2,494.82. Volume was 7.4 billion shares worth 4.4 trillion rupiah.
Among the decliners, Bumi Resources shed 2.65 percent, while Perusahaan Gas Negara lost 1.94 percent and Bank Central Asia fell 1.06 percent.
Finishing higher, Adaro Energy added 4.12 percent, while Tambang Batubara Bukit Asam gained 2.25 percent and Gudang Garam was up 2.4 percent.
The lead from Wall Street is broadly optimistic as stocks rose by significant margins to open the holiday-shortened week on Monday, able to hold onto the bulk of their early gains. The major averages all closed in positive territory, with the Dow setting a fresh yearly high.
Initial gains among stocks came amid weakness in the U.S. dollar, which came following comments from St. Louis Fed President James Bullard, who indicated that the government may extend its mortgage backed security purchase plan past its expiration date in March.
Solidifying buying interest was a report from the National Association of Realtors, showing that existing home sales rose by more than anticipated in October. The strong sales growth was partly due to the first-time homebuyer tax credit, helping to drive the annual rate to its highest level since February of 2007.
Existing home sales jumped 10.1 percent to an annual rate of 6.10 million units in October from a downwardly revised 5.54 million in September. Economists had expected sales to rise to 5.70 million from the 5.57 million originally reported for the previous month.
In corporate news, the race to acquire U.K.-based confectionery maker Cadbury (CBY) heated up, with Kraft Foods (KFT) reportedly considering an increase in its bid to $16.3 billion. U.S. chocolate maker Hershey (HSY) and Swiss chocolate giant Nestle have also shown interest in Cadbury.
The major averages moved well off their highs over the course of the trading day but still posted strong gains. The Dow closed up 132.79 points or 1.3 percent at 10,450.95, the NASDAQ advanced by 29.97 points or 1.4 percent to 2,176.01 and the S&P 500 rose by 14.86 points or 1.4 percent to 1,106.24.
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