Monday, July 13, 2009

IDX falls 2%

Late hour rally helped IDX composite index to close lower by 2% after dropped by over 3.2% in the second session.  Regional factor, fall of commodities, and profit taking triggered the fall. 
Most stock markets in the region dropped, led by South Korea's KOSPI which lost 3.5%. Nikkei and Hang Seng ended lower by 2.6% respectively. Australia's All Ordinaries declined 1.4% on continued pressure on miners and energy stocks.
Coal stocks dropped in the range of 3-4% in Indonesia, while their peers in the region declined 2-3%. Xstrata, the world's largest thermal coal exporter, lost 5% in the morning session in London. Oil and gas stocks also ended lower, led by Elnusa -4.6% and Petrochina -3.5%. 
Bakrie Sumatra led the fall of plantation stocks with 4.7% decline, while Golden Agri Resources slashed 8% in Singapore. CPO futures contracts in Malaysia Derivatives Exchange dropped to as low as RM1970 in the afternoon but then improved to around RM2000 per ton in the closing session.
In the banking sector, BRI and BNI declined by 4.4% and 3.4% respectively. Most of blue chip stocks ended lower. Timah slashed 5.3%, Berlian Laju Tanker -5%, INCO -5.3%, MNCN -6.8%, and Unilever -4.4%.
Stock price of companies in coal, oil and gas, plantations, and metals have surged over 100% this year. Some even surged by over 300%.
"We have anticipated this retreat, but we didn't expect to come so soon. We initially thought, somehow this small bubble will bust, but not this fast," one analyst said. (th/ya)

Labels: ,


READ MORE!!!

0 Comments:

Post a Comment

<< Home