Our Comment
Results are streaming in this morning.
A number of counter posted above-expected results:
Bank Mandiri (BUY), Gudang Garam (BUY), Indocement (BUY),and Unilever, (Under Review).
Other companies´ results are in line with expectations: Bank Central Asia (Under Review), Budi Acid(HOLD), Total (BUY) and Wijaya Karya (BUY).
China market was down 5% yesterday due to concerns over weakening loan growth, which will hurt the economy.
The selloff sent negative impacts to other markets in the region. This morning, regional stocks are still slightly down. Prices of most commodities tumbled this morning as oil price was down almost 4%as US oil stock rose.
We see the Indonesia market to continue its correction today.
Katarina Setiawan
Highlights
o Bank Mandiri (BUY): Offsetting effect of provision and tax movement
o Gudang Garam (BUY): Result beats expectation
o Wijaya Karya (BUY): Strong 2Q09 net profit
o Wijaya Karya (BUY): Awarded US$103m contract from Pertamina
o Indocement(BUY): Above expectation 1H09 net profit
o Total Bangun Persada (BUY): 1H09 net profit in line
o Budi Acid (HOLD): 1H09 net profit above expectation
o Unilever(UND. REVIEW): Result beats expectation
o BankBCA: Flat QoQ performance
o HMSampoerna: 1H09 results
o Elnusa:1H09 results
o MustikaRatu: 1H09 results
o JasaMarga: 1H09 results
o UtrajayaMilk Industry: 1H09 results
o Indomobil Sukses Makmur: 1H09 results
From our chartist desk
o IDX : We upgrade the lower target for the index from 2145 to 2180. Many stocks are overbought on stochastic signals. We prefer small caps with strong signal fromTD sequential buy. Today´s trading range is between 2116-2168-2196 (support)and 2248-2270-2321 (resistance) .
o TURI : Daily TD sequential indicated buy countdown 4th day, and we upgrade target price from Rp1700 of Rp2050. TRADING BUY
o SMRA: This stock included bullish cycle on property. We set our target of Rp600, referring to trend line. TRADING BUY
Wednesday, July 29, 2009
Dow Sends Buy Signal That’s Worked Since 1921
By Eric Martin and Michael Patterson
July 29 (Bloomberg) -- The Dow Jones Industrial Average is sending a buy signal that has foreshadowed gains of 18 percent during the past nine decades.
The 30-stock gauge climbed to more than 10 percent above its mean level from the previous 200 days, rebounding from 34 percent below the so-called 200-day moving average in November, according to data compiled by Bloomberg. Eighteen of the last 21 times the Dow rallied from at least 10 percent below the 200-day level to 10 percent above, it posted gains during the next 12 months, Bloomberg data since 1921 show.
The CHART OF THE DAY tracks the difference between the Dow's last price and its 200-day average since 1989. The lower panel displays the measure's price, along with the buy signals it sent near the start of rallies in 1991, 1999 and 2003.
"This rally, while it will have its fits and starts, is the beginning of a new trend, not just a bounce," said Michael Williams, managing director of New York-based Genesis Asset Management, which oversees about $2 billion. "It is a significant opportunity.
"The Dow posted an average advance of 18 percent during the 12-month period following buy signals since 1921, Bloomberg data show. In the six-month period, there were 17 advances for an average gain of 8.2 percent. In three months, it climbed 18 times, averaging an increase of 5.7 percent.
http://www.bloomber g.com/apps/ news?pid= 20601109& sid=aCbacdLSWjCs
July 29 (Bloomberg) -- The Dow Jones Industrial Average is sending a buy signal that has foreshadowed gains of 18 percent during the past nine decades.
The 30-stock gauge climbed to more than 10 percent above its mean level from the previous 200 days, rebounding from 34 percent below the so-called 200-day moving average in November, according to data compiled by Bloomberg. Eighteen of the last 21 times the Dow rallied from at least 10 percent below the 200-day level to 10 percent above, it posted gains during the next 12 months, Bloomberg data since 1921 show.
The CHART OF THE DAY tracks the difference between the Dow's last price and its 200-day average since 1989. The lower panel displays the measure's price, along with the buy signals it sent near the start of rallies in 1991, 1999 and 2003.
"This rally, while it will have its fits and starts, is the beginning of a new trend, not just a bounce," said Michael Williams, managing director of New York-based Genesis Asset Management, which oversees about $2 billion. "It is a significant opportunity.
"The Dow posted an average advance of 18 percent during the 12-month period following buy signals since 1921, Bloomberg data show. In the six-month period, there were 17 advances for an average gain of 8.2 percent. In three months, it climbed 18 times, averaging an increase of 5.7 percent.
http://www.bloomber g.com/apps/ news?pid= 20601109& sid=aCbacdLSWjCs
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