The market is in the middle of consolidation after its recent record break-ing run. This period of waiting for new catalysts is likely going to be pro-longed, as net-buying foreign institutional investors are being balanced against profit taking
- COAL: more 1H10 earnings are being released. And at face value they do fall a bit short of expectations. ADRO net -49%YoY, and BUMI net -30%YoY. Heavy rainfall and strong IDR were the main causes of lower than expected earnings and have affected the entire coal sector during the same period.
- MACRO: the datapoint most are waiting for is tomorrow's annoucement of the August inflation data (1%MoM, 6.69%YoY forecasted) and the Central Bank's interest rate decision on Friday Sep 3rd. Meanwhile, the Rupiah has fallen back to below 9000 levels after having traded w/ an 8 handle for a month; allthough that currency move was also due to general USD strength.
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