The Indonesia stock market has finished lower in three straight sessions, sinking more than 170 points or 2.7 percent in that span. The Jakarta Composite Index now rests just beneath the 6,260-point plateau although it’s due for support on Tuesday.
The global forecast for the Asian markets suggests mild upside, with tech and oil shares likely to lead the way. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to follow the latter lead.
The JCI finished modestly lower on Monday following losses from the telecoms and cement companies, while the financials and resource stocks were mixed.
For the day, the index dropped 48.56 points or 0.77 percent to finish at 6,258.57 after trading between 6,148.31 and 6,322.73.
Among the actives, Bank Danamon Indonesia tumbled 2.22 percent, while Bank Mandiri climbed 1.39 percent, Bank CIMB Niaga tanked 3.03 percent, Bank Negara Indonesia sank 0.80 percent, Bank Rakyat Indonesia collected 1.27 percent, Indosat skidded 1.83 percent, Telkom Indonesia slid 0.59 percent, Semen Indonesia dropped 3.09 percent, Astra International retreated 3.36 percent, Indofood Suskes shed 0.75 percent, Astra Agro Lestari plunged 4.08 percent, Aneka Tambang fell 0.35 percent, Vale Indonesia added 0.40 percent, Timah advanced 1.36 percent, Bumi Resources plummeted 6.06 percent and Indocement was unchanged.
The lead from Wall Street is mixed as stocks fluctuated throughout the trading day on Monday before ending on opposite sides of the unchanged line.
The Dow fell 36.98 points or 0.12 percent to finish at 30,960.00, while the NASDAQ jumped 92.93 points or 0.69 percent to end at a record 13,635.99 and the S&P 500 rose 13.89 points or 0.36 percent to close at a record 3,855.36.
The continued advance by the NASDAQ came as traders expressed optimism about upcoming earnings from big-name tech companies such as Tesla (TSLA), Apple (AAPL) and Microsoft (MSFT). On the other hand, the drop by the Dow came as American Express (AXP) and Caterpillar (CAT) slipped ahead of their quarterly results.
Traders also kept an eye on developments in Washington amid reports of growing Republican opposition to President Joe Biden’s proposed $1.9 trillion stimulus package.
Crude oil futures settled higher on Monday amid expectations of a drop in crude supplies following reports that oil exports have been halted at some Libyan ports due to a dispute over wages. West Texas Intermediate Crude oil futures for March ended up $0.50 or 1 percent at $52.77 a barrel.
Market Analysis
Higher Open Called For Indonesia Stock Market
2021-01-26 02:00:11
