Indonesian shares outlook - Higher on Wall Street rise led by energy stocks |
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Mon, 26 Nov 2007 02:54
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JAKARTA (Thomson Financial) - Indonesian shares are expected to open higher Monday, tracking gains across the region spurredby Wall Street's advance on Friday.Energy and mining stocks are likely to lead the rally with crude oil prices flirting with the 100dollar level again in New York Friday. Crude futures breached 99 dollars a barrel last Wednesday.'Wall Street should support a positive trend here today,' said Darmawan Halim, an analyst atAmcapital Indonesia.Buyers may focus on mining and energy stocks, plantation as well as some banks but anyrally could spark profit-taking as investors have become have ry short-term oriented,' said CeceRidwanulloh, a fund manager with Ekokapital Sekuritas.He said a strong run today would not necessarily set the market's direction for the rest of the week. As such Ridwanulloh is not certain if the main index could recover from its 3.2 percent loss last week.'It will really depend on how Wall Street and regional markets perform this week, which is so unpredictable now,' he said.On Friday, the composite index closed up 14.83 points or 0.6 percent at 2,584.35.Volume traded reached 2.18 billion shares worth 3.55 trillion rupiah.The Indonesian rupiah was trading at 9,355/9,365 to the dollar, up 0.1 percent from late Friday.(1 US dollar = 9,380 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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Jakarta shares outlook - Mixed after volatile Wall Street, focus on Q3 results 