Friday, October 02, 2009

Wall Street retreats, IDX?

Dow Jones Industrial Average (DJIA) lost 2.09% yesterday on weak manufacturing data. Asian stock markets opened significantly lower this morning, led by Nikkei's fall of 2.1%. How about IDX composite?
Straits opened lower by 2% this morning, while Australia's All Ordinaries already lost 1.84%. Footsie conceded 1.68% yesterday, while Nasdaq lost 3.06%. Commodities led the fall of stocks worldwide. Xstrata, the world's largest thermal coal exporter, lost 5.47% in London yesterday, while BHP dropped 2.8% this morning in Sidney, Australia. Straits Asia, which controls coal concessions in Kalimantan, opened substantially lower by 2.87% in SGX this morning.
Oil and gas stocks mainly ended lower. Total lost 3% in Paris, while Chevron, ExxonMobil, and Shell conceded 2% on average in NYSE.
Metals also suffered. Freeport McMoRan dropped 4.7% in NYSE, while Newmont lost 3.7%. Teck Resources also dropped 5.3%, while Fox Resources, Mincor, and Minara lost 5.9%, 5.7%, and 3.3% respectively in Australia this morning.
Plantation stocks opened lower in SGX this morning, with Wilmar lost another 2.9%, while Indofood Agri, Golden Agri, First Resources, and Kencana Agri---all with production assets in Indonesia---declined 2% on average.
IDX is the best performer this year with 83% gain, higher than India's BSE (78%) or Shanghai (53%). Shanghai lost grounds substantially in recent months on tight money policy. It is natural to see correction at IDX, which is traded 5% below its peak last year.




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