Good day to you.Stocks suffered their worst one-day loss in two months. The DJIA dropped 200.72 points, or 2.35 %, to end at 8,339.01. Underscoring worries about the economy's outlook, the World Bank said prospects for the global economy remain "unusually uncertain" as it cut 2009 growth forecasts for most economies.
Most Southeast Asian stock markets fell on Monday. Oil, which fell below $69 on Monday, weighed on regional sentiment while investors were cautiously awaiting guidance on interest rates and the economic outlook from a U.S. Federal Reserve meeting this week, analysts said.
The Thai index lost 1.1 %, Singapore's index inched down 0.3 %, Vietnam fell for a second day, ending down 3.6 %, and The Jakarta index fell 0.8 %.
Crude oil for July delivery fell $2.62 to $66.93 a barrel. Nickel declined 3 % to $14,750 a ton and tin slipped 0.7 % to $14,725 a ton. Crude palm oil futures dropped as much as 5.7 % yesterday to hit a fresh 11-week low as weaker oil prices weighed on global vegetable oil markets.
Indonesian economy is still growing at 4% – 5% rate while other countries in the Southeast Asian region are showing negative growth. JCI trading at 11.25x PE’10 whichis lower than regional peers like Singapore 13.6x PE’10. But if presidential election were extended to two round, we expect turbulence in our market.
Our Market will under pressure for today with support JCI at 1850. Maintain Cash and underweight for short term strategy. Back on fundamental valuation or wait and see.
“Skeptical, aren’t we?”
[Personal Opinion ]
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DISCLAIMER: This report is issued by [BRIGHT INFO]. Although the contents of this document may represent the opinion of [BRIGHT INFO]. We cannot guarantee its accuracy and completeness.
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