The Indonesia stock market on Thursday snapped the two-day slide in which it had stumbled almost 100 points or 1.6 percent. The Jakarta Composite Index now rests just beneath the 6,050-point plateau although it may spin its wheels on Friday.
The global forecast for the Asian markets is soft on sinking crude oil prices and renewed Covid-19 concerns. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished sharply higher on Thursday following large gains from the financial shares and a mixed picture from the resource stocks.
For the day, the index spiked 67.54 points or 1.13 percent to finish at the daily high of 6,046.75 after moving as low as 5,982.80.
Among the actives, Bank Negara Indonesia accelerated 3.06 percent, while Bank Central Asia collected 2.09 percent, Bank Mandiri spiked 3.07 percent, Bank Rakyat Indonesia jumped 2.70 percent, Indosat added 0.41 percent, Semen Indonesia shed 0.59 percent, Indofood Suskes advanced 0.75 percent, United Tractors soared 3.36 percent, Astra International strengthened 1.69 percent, Astra Agro Lestari rallied 2.03 percent, Aneka Tambang gained 0.77 percent, Vale Indonesia fell 0.48 percent, Timah improved 0.93 percent, Bumi Resources, Bank Danamon Indonesia, Bank CIMB Niaga and Indocement were unchanged.
The lead from Wall Street is something of a dichotomy as stocks opened lower on Thursday. The NASDAQ and S&P stayed in the red all day, but the Dow bounced back and forth across the unchanged line and managed a slightly higher finish.
The Dow added 53.79 points or 0.15 percent to finish at 34,987.02, while the NASDAQ sank 101.82 points or 0.70 percent to end at 14,543.13 and the S&P 500 fell 14.27 points or 0.33 percent to close at 4,360.03.
The weakness in the broader markets partly reflected concerns that some central banks around the world are considering tightening monetary policy much sooner than the Federal Reserve.
In economic news, the Federal Reserve said industrial production increased less than expected in June. Also, the Labor Department said first-time claims for unemployment benefits decreased in line with estimates last week.
Also, the Labor Department said U.S. import prices increased as expected last month, while separate reports from the New York Federal Reserve and the Philadelphia Federal Reserve showed mixed readings on the pace of growth in manufacturing activity in the two regions.
Crude oil prices declined sharply Thursday, sending the most active crude futures contracts to their lowest close in nearly a month amid rising concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for August ended down by $1.48 or 2 percent at $71.65 a barrel, the lowest settlement since June 18.
Market Analysis
Indonesia Stock Market Has A Red Light For Friday’s Trade
2021-07-16 02:03:59
