Jakarta stocks seen falling this week<\/p>\n
Agence France-Presse, Jakarta<\/p>\n
The Indonesian stock market is expected to fall this week as
\nhigh stock prices and political uncertainty after the April 5
\nlegislative election dampen sentiment, an analyst said on Friday.<\/p>\n
"Stocks are overbought, meaning that prices are already high
\nso technically sentiment is negative," said Haryajid Ramelan of
\nRifan Financindo Sekuritas.<\/p>\n
"The index is likely to go lower next week considering the
\npolitical situation. I mean the vote count is not finished yet
\nand things are still vague."<\/p>\n
He said a weaker rupiah and an absence of fresh news could
\nalso further dampen sentiment.<\/p>\n
The Jakarta Stock Exchange composite index closed on Friday at
\nRp 776.572, down 3.045 points on the previous week's close on
\nApril 8.<\/p>\n
Average daily volume was 1.74 billion shares worth Rp 730.89
\nbillion (US$84.9 million).<\/p>\n
Meanwhile, Japanese shares are likely to stay flat to weaker
\nthis week on expectations the U.S. central bank will raise
\ninterest rates to pre-empt any inflationary pressure, analysts
\nsaid.<\/p>\n
Speculation the U.S. Federal Reserve will tighten credit
\nsooner rather than later may weigh on the headline Nikkei-225
\nindex, which often take cues from performance on Wall Street,
\nalso hit recently by the rate talk, they said.<\/p>\n
However, Japanese stocks should receive support from
\nannouncements of corporate earnings for the year to March, which
\nare largely expected to show upbeat results in line with the
\ncurrent recovery in the domestic economy, brokers and strategists
\nsaid.<\/p>\n
Last week, the Nikkei-225 index of the Tokyo Stock Exchange
\nfell 72.95 points or 0.61 percent to 11,824.56.<\/p>\n
In contrast, the broader TOPIX index of all first section
\nissues gained 5.32 points or 0.45 percent to 1,196.18.<\/p>\n
The Stock Exchange of Thailand is expected to surge bolstered
\nby the release of banking and finance sector first quarter
\nearnings, dealers said.<\/p>\n
"I think that the index could go on to test 720-point mark on
\nthe back of better than expected banking earnings, coupled with
\nthe fact that the Songkran holiday passed without any incident,"
\nTeerada Charnyingyong, investment Strategist at Phillip
\nSecurities said.<\/p>\n
The Stock Exchange of Thailand composite index soared 20.81
\npoints or 3.00 percent over the two-day trading week to close on
\nFriday at 712.20.<\/p>\n
In Hong Kong, share prices are likely to stabilize after heavy
\nlosses on expectations of an interest rate risk in the U.S.,
\ndealers said.<\/p>\n
The Hang Seng Index lost 450.99 points or 3.50 percent to end
\nthe week at 12,458.38 on Friday.<\/p>\n
Singapore shares are expected to further take a breather
\nbefore resuming its uptrend on the strength of projected strong
\neconomic growth this year, dealers said.<\/p>\n
The benchmark Straits Times Index closed at 1,853.99 on
\nFriday, down 47.93 points or 2.52 percent from the previous week.<\/p>\n
"The index has retreated quite a bit from earlier this week
\nbut we do believe there is a bit more room for consolidation
\ngoing forward before we see a clear uptrend," a dealer at a local
\nbrokerage said.<\/p>\n
In Kula Lumpur, a selldown in the past week that saw Malaysian
\nshare prices tumble 2.4 percent may spur some bargain hunting in
\nthe days ahead but little fresh buying is expected amid fears of
\nan interest rate hike, an analyst said on Friday.<\/p>\n
Mercury Securities senior analyst Victor Wan said the market
\nhad consolidated at a quick pace, by about seven percent since
\nthe key index peaked at 919 points a month ago, making its
\nvaluation more attractive.<\/p>\n
The Kuala Lumpur Stock Exchange composite index closed at
\n861.81 points on Friday, down 21.28 points from the previous
\nweek.<\/p>\n
South Korean stocks will likely see lackluster trade with the
\nmarket expected to lose ground in the absence of fresh leads,
\ndealers said.<\/p>\n
They said the tone was set by Friday's sharp 1.9 percent loss
\nas investors took record results from Samsung Electronics as a
\ngood opportunity to cash in on recent gains.<\/p>\n
For the week, the market fell 0.72 percent to 898.88 points on
\naverage daily trade volume of 400.75 million shares worth 2.98
\ntrillion won ($2.57 billion), compared with 444.1 million shares
\nworth 2.78 trillion won the previous week.<\/p>\n
Australian shares are expected to struggle this week, with
\ninvestors spooked by a profit warning from Australia's largest
\nbank and the prospect of an earlier-than-expected U.S. interest
\nrate rise, dealers said.<\/p>\n
The benchmark SP\/ASX 200 index finished the week down 33.3
\npoints or 0.97 percent at 3,417.3 while the All Ordinaries lost
\n32.3 points at 3,424.3 points.<\/p>",
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