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Jakarta Stocks May Extend Losses 71 days ago
(RTTNews) - The Indonesian stock market has finished lower now in four straight sessions, ahead of Friday's market holiday for the Eid al-Adha celebrations - giving away nearly 120 points or 4.6 percent in the process. The Jakarta Composite Index fell below the 2,400-point plateau, and now investors are bracing for continued weakness at the opening of trade on Monday.
The market gets its first chance to react to the debt crisis in Dubai after much of the rest of Asia plunged Friday on the news. Commodities also were down on the news - and even though the United Arab Emirates central bank has sought to reassure investors, the market is forecast to see an initial decline.
The JCI finished sharply lower on Thursday, dragged lower by selling among the miners and the financials.
For the day, the index plunged 68.01 points or 2.76 percent to finish at 2,393.51 after trading between 2,386.73 and 2,462.32.
Leading the decliners, energy company Energi Mega Persada shed 6.4 percent.
The lead from Wall Street remains sharply negative as stocks saw significant weakness during trading on Friday, with traders expressing concerns about the financial crisis in Dubai. The major averages all ended the day firmly in negative territory, although well off their worst levels of the day.
Stocks moved sharply lower at the open as traders reacted to news that Dubai World, the main investment arm of Dubai, has requested to postpone payment on nearly $60 billion in debt. The news raised concerns about the potential impact of a default by the company.
The news contributed to substantial weakness in the Asia-Pacific markets that carried over into the U.S. markets. Light volume on Wall Street amid a holiday-shortened session may have helped to exaggerate the extent of the downward move.
Among individual stocks, financial services giant ING (ING) showed a notable decline after the company priced its 7.5 billion euro rights issue at a nearly 40 percent discount. ING said it would issue 1.77 billion shares at 4.24 Euros each.
Selling pressure waned not long after the open, however, and the major averages staged a notable recovery attempt over the course of the morning.
While the major averages moved well off their lows for the session, they still ended the day sharply lower. The Dow closed down 154.48 points or 1.5 percent at 10,309.92, the NASDAQ fell 37.61 points or 1.7 percent to 2,138.44 and the S&P 500 closed down 19.14 points or 1.7 percent at 1,091.49. For the holiday-shortened week, the Dow and the NASDAQ posted modest losses, while the S&P 500 was nearly unchanged. The Dow fell 0.1 percent for the week, while the NASDAQ lost 0.4 percent.
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