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Rebound May Continue For Jakarta Stocks 70 days ago
(RTTNews) - The Indonesian stock market on Monday snapped the four-day losing streak that had cost it nearly 120 points or 4.6 percent in the process. The Jakarta Composite Index moved back above the 2,415-point plateau, and now analysts are expecting the market to extend those gains at the opening of trade on Tuesday.
The global forecast for the Asian markets is mildly positive as the markets continue to assess the contagion from the Dubai debt crisis. Commodities are forecast to provide modest support, while financials and properties also are expected to trade higher. The European markets finished sharply lower, while the U.S. bourses were firm - and the Asian markets are also tipped to move slightly higher.
For the day, the index added 23.03 points or 0.96 percent to finish at 2,416.55 after trading between 2,370.53 and 2,430.252. Volume was 2.491 billion shares worth 2.162 trillion rupiah. There were 75 decliners and 54 gainers, with 65 stocks finishing unchanged.
Among the actives, Bank Mandiri added 1.7 percent, while Bank Negara Indonesia gained 4.4 percent and Bakrieland Development plunged 16 percent.
The lead from Wall Street is cautiously optimistic as stocks were able to eke out modest gains to open the week on Monday, with a mixed set of market drivers prompting choppy trading. The major averages were all able to close in positive territory, offsetting a small portion of Friday's losses.
Trader optimism may have been boosted by data from the Institute for Supply Management - Chicago, which reported that its index of activity in the Chicago manufacturing sector rose to 56.1 in November from 54.2 in October, with a reading above 50 indicating growth in the sector. The increase by the index surprised economists, who had expected the index to slip to 53.3.
Some of the gains may have also be driven by reassurances from the Central Bank of the United Arab Emirates, which said that it would extend additional funds for local and foreign banks to cope with the financial crisis resulting from the potential failure of Dubai World.
The markets were also presented with a report from the National Retail Federation, which revealed that the average consumer spent less on Black Friday this year than last year, although the number of shoppers increased compared to last year.
The major averages all saw upside in late session dealing, closing just off of their best levels of the day. The Dow gained 34.92 points or 0.3 percent to close at 10,344.84, the NASDAQ rose by 6.16 points or 0.3 percent to 2,144.60 and the S&P 500 advanced by 4.14 points or 0.4 percent to 1,095.63.
In economic news, Indonesia is on Tuesday slated to announce October figures for imports, exports, trade balance and inflation. Imports are tipped to fall 18.3 percent on year after the 24.2 percent annual contraction in September. Exports are predicted to fall 7 percent on year after the 19.9 percent decline in the previous month. The trade balance is expected to reflect a surplus of $1.163 billion after the $1.269 billion surplus a month earlier. Inflation is expected to climb to 2.7 percent from the current 2.57 percent.
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