Indonesian shares outlook - Lower on Wall Street's fall, big caps may cut losses |
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Tue, 13 Nov 2007 02:53
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JAKARTA (Thomson Financial) - Indonesian shares are expected to open lower Tuesday as credit fears continued to weigh on WallStreet overnight.But a likely rebound in some big caps like Telkom may trim losses.'I am still hoping that although the broader market may remain under selling pressure, we couldstill see liquidity-driven rebound in a few stocks. We have seen it yesterday and it could happen again today,' said Bagus Hananto, an analyst at AAA Securities.Hananto said with crude oil prices easing from record highs reached recently, investors may bemore willing to start accumulating some stocks after yesterday's selloff.'I am afraid the market could just extend its losses today. As investors had priced in the recent record oil prices, they might think that it is now a good time to take profit in energy and mining stocks,' said Noer Syamsuddin, a dealer with BNI Securities.On Monday, the composite index closed down 35.76 points or 1.3 percent at 2,671.90.Volume was 4.44 billion shares worth 8.26 trillion rupiah.The Indonesian rupiah was trading at 9,187/9,192 to the dollar, down 0.2 percent from late Monday.(1 US dollar = 9,167 rupiah)aloysius.bhui@thomson.comab/msCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Indonesian shares outlook - Lower after Wall Street falls 