Stocks unlikely to move up in coming week: Analyst<\/p>\n
Agence France-Presse, Jakarta<\/p>\n
The Jakarta stock market is unlikely to recover lost ground in
\nthe coming week after slumping more than four percent in the past
\nweek, an analyst said on Friday.<\/p>\n
Kuo Capital Raharja Securities analyst Edwin Sinaga said he
\nexpected the market to move sideways in the coming week due to
\nconcerns about possible violence before the start of election
\ncampaigning on March 11.<\/p>\n
\"The market is somewhat worried about the potential for
\nviolence during next month's campaign period. I expect these
\nconcerns to carry over until next week and these could prompt
\ninvestors to move sideways,\" he said.<\/p>\n
\"If there is a rise, it will not be significant since it will
\nprobably be caused by a technical rebound,\" Sinaga said.<\/p>\n
The Jakarta Stock Exchange composite index closed Friday at
\n761.081, down 33.386 points or 4.2 percent from the previous
\nFriday.<\/p>\n
Average daily volume was 3.3 billion shares worth Rp 1.39
\ntrillion (US$164.9 million) compared with 4.9 billion shares
\nworth Rp 1.5 trillion the previous week.<\/p>\n
Meanwhile, other Asian stock markets gained ground Friday on a
\nmixture of corporate, economic and political news as investors
\nignored Wall Street's mixed performance.<\/p>\n
There was no single factor which prompted investors in Asia to
\nbuy, but most of the region's major markets finished the day
\nhigher after recent positive corporate results and economic data.<\/p>\n
A number of upcoming elections in Asia also led to buying.<\/p>\n
Japanese share prices closed 2.10 percent higher as robust
\nindustrial output and spending data boosted sentiment while a
\nfirmer dollar eased concerns a strong yen could hurt exporters.<\/p>\n
The Tokyo Stock Exchange's Nikkei-225 index hit a five-week
\nhigh, up 226.63 points at 11,041.92, closing above the 11,000
\nmark for the first time since January 23. The broader Topix index
\nof all first section shares gained 22.44 points or 2.12 percent
\nto 1,082.47.<\/p>\n
\"Investors interpreted the upbeat January industrial output
\ndata to mean that Japan's economic recovery remains on a steady
\npath and reacted to the data by putting money into domestic
\ndemand-related stocks,\" said Nagayuki Yamagishi, senior
\nstrategist at UFJ Tsubasa Securities.<\/p>\n
Japan's industrial output in January rose 3.4 percent from
\nDecember and was up 5.0 percent from a year earlier, the trade
\nministry said Friday.<\/p>\n
Retail figures chugged along in recent releases, raising hopes
\nthe sector that has lagged behind manufacturers in the current
\neconomic expansion cycle may be crawling out of a long slump.<\/p>\n
Spending by salaried workers' households in January rose 3.4
\npercent in real terms from a year earlier, the third straight
\nmonthly increase, the government said Friday.<\/p>\n
This follows bullish data released Thursday showed January
\nretail sales rose 1.3 percent year on year, the first rise in
\nthree months, which prompted the government to say the retail
\nsector is now showing \"signs of recovery\".<\/p>\n
In Hong Kong shares closed higher as investors snapped up
\nproperty stocks after developer Sun Hung Kai Properties received
\na strong response to its new housing project.<\/p>\n
The key Hang Seng Index closed up 232.39 points, or 1.70
\npercent.<\/p>\n
Sun Hung Kai Properties soared 3.00 dollars to 76.50. The
\ndeveloper pocketed some 700 million dollars from sales of 300
\nunits at the soft launch of its new housing project at Waterloo
\nRoad in Kowloon, which was priced at a fairly high 4,000 dollars
\nper square foot, dealers said.<\/p>\n
\"Although property developers have cut commissions payable to
\nreal estate agencies, the absorption of primary residential flats
\nremains fast,\" said Eric Yuen, analyst at Dao Heng Securities.<\/p>\n
Singapore share prices closed flat in muted trading as the
\nmarket shifted its attention to Finance Minister Lee Hsien
\nLoong's 2004 budget speech to parliament.<\/p>\n
The Straits Times Index closed down 0.07 points to 1,888.63,
\nwhile the broader All Singapore Equities Index rose 1.90 points
\nto close at 511.72.<\/p>\n
\"There were no big surprises from the budget,\" a dealer with a
\nlocal brokerage said.<\/p>\n
\"Economic figures from January have been strong, so it seems
\nthe government sees no need to introduce economic relief or
\nstimulus packages. Investors may actually take this as a good
\nsign -- that the economic recovery is on track.\"<\/p>",
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