Downward trend in share prices will not last long: Analysts

first_imgMSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7 percent, Japan’s Nikkei and Korea’s KOSPI were in the red, Hong Kong’s Hang Seng fell 0.6 percent and the Shanghai Composite was 0.1 percent weaker.Fears of the coronavirus outbreak, which has severely hurt the world’s second largest economy, also further undermined Indonesia’s economic growth, which has been stuck at about 5 percent for the past three years.Investors began to sideline the market as fears mounted. The volume of stocks traded in the last week of January was recorded at only 40.82 billion shares, with a total value of Rp 32.23 trillion, far lower than the 75.99 billion shares valued at Rp 80.98 trillion recorded during the same period last year, according to the IDX data. (ydp)Topics : Most securities analysts believe share prices on the local market have bottomed out, with many countries now committed to halting the spread of the virus. As of Saturday, the deadly virus has killed more than 813 people worldwide, mostly in China, and infected more than 37,549 people in over 25 countries, according to the Johns Hopkins University Center for Systems Science and Engineering (CSSE).“The drop in prices this month was mainly caused by panic selling amid fears over the spread of the coronavirus,” Artha Sekuritas Indonesia vice president Frederik Rasali told The Jakarta Post on Tuesday via text.Read also: BI injects $1.8b to stabilize Indonesian markets as investors flee over coronavirus fears Indonesian stock prices appear to have bottomed out following a nearly 6 percent drop in January as investors feared the spread of the coronavirus, which started in China in late December 2019, would further drag down global economic growth.The JCI, the main index at the Indonesia Stock Exchange (IDX), only gained a modest 1.7 percent in 2019 to close the year at 6,299 in the backdrop of sluggish economic growth. The index was under selling pressure through most of January due to fears over the impact of the coronavirus outbreak.Declining by 5.7 percent in January to close the month at 5,940, the index showed signs of recovery at the start of February following growing optimism that the outbreak could be kept under control. The JCI gained ground in the last two weeks to close at 5,999 on Friday. The JCI’s fall contrasts with the upward trend typically recorded in January, known as the “January effect” — a phenomenon wherein investors go on a shopping spree during the first month of the year.As documented by Bloomberg, between 2010 and 2020, the index’s performance fell only three times in the month of January. The index fell 7.95 percent in January 2011, 0.05 in January 2017 and 5.7 in January 2020. In other years, the index grew considerably, with the highest growth recorded in January 2019 at 5.46 percent.“[The downward trend] will not last for the long term, of course, because governments of each country have responded swiftly [to the outbreak],” said Frederik, adding that he predicted the index would return to the 6,000 level following the release of full year financial reports for 2019, which typically occurs before the end of February.Bank Negara Indonesia (BNI) Sekuritas’s head of research Kim Kwie Sjamsudin wrote in a report that during previous viral outbreaks, the market tended to bottom out several months after the first reported case.“As investors tend to overreact during the onset of a virus outbreak, the subsequent rebounds have been quite swift as well,” Kim wrote, adding that the JCI’s current valuation level offered “an attractive risk to risk to reward proposition”.Jakarta Composite Index (JCI) movement from March 2019 to Feb. 7, 2020. (JP/Bloomberg).Usage: 0 (JP/Bloomberg)The prices of big caps — those with market capitalization above Rp 20 trillion — have depreciated recently. On Friday, blue chip BNI shares dropped 4.85 percent month-to-month (mtm), while other big caps Astra International and Charoen Pokphand Indonesia fell 6.23 percent and 12.07 percent, respectively.However, Trimegah Securities head of research and foreign institutional equity Sebastian Tobing said a number of stocks had not been affected by the coronavirus fears, such as Bumi Serpong Damai (BSD), which booked a 7.17 percent week-on-week increase.Indonesia’s stock market decline conforms to the global stock market movement, with stock markets around the world also seeing downturns.Most share markets in Asia slipped on Friday, as the growing death toll and economic impact of the coronavirus outbreak put a lid on the week’s sharp rally, Bloomberg reported.Read also: Coronavirus to affect stock market until contained: Analysts Between Jan. 27 and Jan. 31, foreign investors recorded net sales of Rp 2.35 trillion (US$171 million), a sharp contrast to the transactions recorded during the same period last year, when foreign investors made net purchases of Rp 3.7 trillion.last_img read more

Governor Wolf: Restore Pennsylvania Will Help Cambria County Battle Blight

first_img Economy,  Environment,  Infrastructure,  Press Release,  Restore Pennsylvania Johnstown, PA – Governor Tom Wolf outlined the components of the most aggressive infrastructure plan in generations, Restore Pennsylvania. The governor’s plan will help communities like Johnstown address blight, expand broadband access, mitigate the effects of localized flooding, and expand green infrastructure, restoring communities after long neglect.“My vision for Pennsylvania includes vibrant towns and cities with new development, opportunities in rural and disadvantaged areas, and a modern, interconnected commonwealth,” said Governor Wolf. “Unfortunately, after decades of neglect and declining federal investment, Pennsylvania is falling behind, and we need a bold plan to get us back on track.”To achieve these goals, Governor Wolf announced an ambitious infrastructure initiative, Restore Pennsylvania, funded by the monetization of a commonsense severance tax. Restore Pennsylvania will invest $4.5 billion over the next four years in significant high-impact projects throughout the commonwealth to help catapult Pennsylvania ahead of every state in the country in terms of technology, development, and infrastructure.Encompassing new and expanded programs to address five priority infrastructure areas including high speed internet access, storm preparedness and disaster recovery, downstream manufacturing, business development, and energy infrastructure, demolition, revitalization, and renewal, and transportation capital projects, Restore Pennsylvania projects will be driven by local input about community needs. Projects identified by local stakeholders will be evaluated through a competitive process to ensure that high priority, high impact projects are funded and needs across Pennsylvania are met.“I am encouraged by Governor Wolf’s Restore Pennsylvania initiative. Our city can greatly benefit from efforts focused on improved infrastructure and eliminating blight,” said Melissa Komar, Executive Director, Johnstown Redevelopment Authority. “We are a proud community that has always been defined by rebirth and resiliency. Our goal is to continually create a more robust economy in our county. We look forward to working with the governor and his administration on the implementation of this initiative to create a better Johnstown and Cambria County.”“The Restore Pennsylvania plan will allow for communities across the commonwealth to invest into their neighborhoods and create a safer and more robust region, which will allow them to attract new residents and businesses, and we look forward to seeing how Restore Pennsylvania will benefit Cambria County and its municipalities like the City of Johnstown,” said Renee Daly, Executive Director, Redevelopment Authority of Cambria County.In Johnstown, the governor outlined how Restore Pennsylvania will help the city and Cambria County address blight. There are approximately 1,800 blighted properties in Cambria County,and the municipalities where these properties are located are not able to fund the demolitions themselves.Demolition, Revitalization, and RenewalBlight Demolition and RedevelopmentRestore Pennsylvania will increase resources for addressing blight by providing financial resources at the local level to establish land banks and acquire and demolish blighted buildings in order to create new development opportunities or provide new green space. The funding will be administered by entities established by the legislature as land banks or demolition funds.Brownfield Clean-UpRestore Pennsylvania will provide funding to ensure the continuation of Pennsylvania’s Brownfields program, ensuring that more sites can be returned to use for recreation, or returned to the tax rolls as commercial, residential, or industrial sites.Contaminant RemediationRestore Pennsylvania will fund expanded efforts to remove lead and other contaminants from communities.Green InfrastructureRestore Pennsylvania will provide significant new funding to enable new environmental projects and new recreational opportunities across the state, including infrastructure and maintenance in state parks, creation and revitalization of new local parks, and funding for new hiking, biking, and ATV trail projects.View the full Restore Pennsylvania plan here. February 06, 2019 Governor Wolf: Restore Pennsylvania Will Help Cambria County Battle Blightcenter_img SHARE Email Facebook Twitterlast_img read more

Benteke edging closer to return

first_img Press Association The striker has handed the club a major boost and it is thought he could return to action by the end of next month. He has been out since April after rupturing his Achilles, which forced him to miss Belgium’s World Cup campaign. Christian Benteke is closing in on an Aston Villa return as he continues his quick recovery from an Achilles injury. center_img Benteke was expected to be sidelined until Christmas but is on course to return sooner along with fellow striker Libor Kozak, who is also nearing fitness after breaking his leg in January. “Touch wood everything is OK with their rehab and in the next few weeks they will be back,” said boss Paul Lambert, ahead of Saturday’s Barclays Premier League visit of Newcastle. “Hopefully, all being right, with a bit of luck if Christian doesn’t have any major hiccups he will be back soon. “I can’t put a 100 per cent time limit on it but he is doing really well. To get him back training is important, first and foremost. “At the minute the guy is doing great. He is looking in great shape, the medical people deserve a lot of credit for getting him in shape. “I don’t want to put pressure on him but having him and Kozak back will be a big boost.” last_img read more

Tickets for Poland vs Nigeria Friendly Sold out

first_img*Ekong, Aina, Ebuehi, Iwobi, Balogun, Idowu are the early birds in campDuro Ikhazuagbe with agency reportWhen Super Eagles turn out at the 42,000 capacity Stadium Wroclaw on Friday to engage Poland in their first tune-up match en-route the World Cup in Russia in less than three months from today, Gernot Rohr and his wards will meet more than they bargained for. The Bialo-Czerwoni (White and Red), as the Polish senior football team is called, will take on the three-time African champions in front of a full house.As at press time last night, only six Super Eagles have arrived the team’s camp in Wroclaw from their respective clubs in Europe. The early birds include; Williams Troost Ekong, Ola Aina, Tyrone Ebuehi, Alex Iwobi, Leon Balogun and Brian Idowu. Others were been expected in late last night with the rest arriving today for training to begin.Top Polish journalist, Piotr Kozminski, hinted SCORENigeria that all the available 42,000 tickets have been picked by Polish football fans who want to gauge their team against an African opposition.“The 42,000 tickets for this game have been sold out, the company responsible for this has announced,” Kozminski revealed yesterday.He hinted that expectations were high in the country for the Bialo-Czerwoni to do well in Russia this coming summer.The clash against Nigeria is to give them an idea of what to expect when they take on robust-playing Senegal in their opening game of Group H.“There is high expectation around the team leading to the World Cup in Russia and it will be a major disappointment if they do not go past a first round group that also has Colombia, Senegal and Japan.“The Polish FA boss, Zbigniew Boniek, a famous player in his playing days, said he expects Poland not to lose their opening game against Senegal and for Colombia and Poland go through,” stressed the top Polish sports journalistAnd four days later, they will take on another World Cup qualifier South Korea so as to prepare for their group game against Japan.Interestingly, while there is frenzy in Wroclaw over the clash, Nigerian midfielder, Ogenyi Onazi who is expected to arrive Eagles’ Radisson Blu Hotel camp today, insisted that there was nothing friendly about the match.“Yes it’s a friendly match, but we don’t see it as friendly, every game is important for us as we start our World Cup build-up,” Onazi observed yesterday.The Trabzonspor of Turkey midfielder who scored a spectacular goal on Sunday for his club in the 4–1 win over Yeni Malatyaspor, is to have a delayed transit in Germany before connecting straight to the Polish city for the Friday night friendly.“I will arrive on Tuesday because I have a very long transit from Frankfurt to Poland,” concludes the Jos-born Onazi.Four days after the game in Wroclaw, Eagles are to take on Serbia in another friendly against Russia 2018-bound team at The Hive in London (home ground of Barnet FC and London Bees).Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more