Securities Auction Make Stock Market Depressed

JCI Tuesday (02/08/2011) is still closed down 27.77 points or 0.79% at 3,459,93 level. Although it experienced a strengthening in the early minutes of trading yesterday, but at the end of the session index closed at negative territory.
Auction of government securities held in line with the first session of trading yesterday, managed to reap an additional Rp 5.5 trillion. In addition, retail sukuk SR-003 in 2011 to approximately 8.15% interest per year is predicted to raise funds of around Rp 8 trillion to the government.
The rise of debt instruments, it makes the stock market is still under pressure, investors prefer a certain yield in economic and political situation heated up lately. Sector which drives a decrease in trading stock index last Tuesday of the basic industries sector and consumer sector, where each sector decreased by 1.37% and 1:32%.
Dow Jones Industrial Average, Tuesday (02/08/2011) local time again experienced an increase of 71.52 points, or up 0.59% at 12233.15 level. Investors are still buying U.S. stocks are still cheap stock. The purchase is in line with results from U.S. companies that have posted positive results on its performance in 2010. Investors are a bit to concentrate on the positive results of the corporation, as opposed to thinking about the uncertainty about the crisis that hit Egypt.
All sectors experienced a decrease in trading yesterday. Auction of government securities and issuance of sukuk retail make the stock market still under pressure. The strengthening of the rupiah against the U.S. dollar in recent days has not been an impact on strengthening the JCI. Support I and II at the level of 3455 and 3434 while I and II resistance at the level of 3473 and 3500.