The Indonesia stock market tumbled again on Thursday, one session after snapping the two-day slide in which it had fallen almost 55 points or 0.9 percent. The Jakarta Composite Index now rests just beneath the 6,000-point plateau although it might reclaim that mark on Friday.
The global forecast for the Asian markets is mixed, with bargain hunting expected after heavy losses in the previous session. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.
The JCI finished sharply lower on Thursday following losses from the financial shares, resource stocks and cement companies.
For the day, the index tanked 125.83 points or 2.06 percent to finish at 5,992.32 after trading between 5,958.04 and 6,111.01.
Among the actives, Bank Danamon Indonesia tanked 3.04 percent, while Bank CIMB Niaga shed 2.06 percent, Bank Negara Indonesia skidded 2.30 percent, Bank Mandiri tumbled 3.31 percent, Bank Rakyat Indonesia plunged 4.67 percent, Indosat spiked 2.09 percent, Indocement retreated 1.56 percent, Semen Indonesia cratered 3.45 percent, Indofood Suskes lost 2.34 percent, United Tractors sank 2.15 percent, Astra International was down 1.44 percent, Astra Agro Lestari fell 0.90 percent, Aneka Tambang plummeted 5.42 percent, Vale Indonesia slid 2.07 percent, Timah surrendered 2.69 percent, Bumi Resources declined 1.85 percent and Bank Central Asia was unchanged.
The lead from Wall Street is uncertain as the major averages opened lower on Thursday but spent the day bouncing back and forth across the unchanged line, eventually ending mixed and little changed.
The Dow lost 66.57 points or 0.19 percent to finish at 34,894.12, while the NASDAQ added 15.87 points or 0.11 percent to end at 14,541 and the S&P rose 5.5 points or 0.13 percent to close at 4,405.80.
The initial downside move on Wall Street came as traders continued to digest the minutes of the Federal Reserve’s latest monetary policy meeting, which note the increased possibility the central bank’s asset purchase program may be scaled back before the end of the year.
Potentially adding evidence to Fed officials’ view that the economy is close to the goal of maximum employment, the Labor Department released a report this morning showing initial jobless claims fell to a new pandemic-era low last week.
Bargain hunting helped to lift the markets as the session progressed.
Crude oil futures fell for a sixth straight session Thursday on worries about the outlook for energy demand after data showed a surprise build in gasoline inventories and continued spikes in coronavirus cases. West Texas Intermediate futures for September ended down $1.77 or 2.7 percent at $63.60 a barrel, a three-month low.
Market Analysis
Indonesia Bourse May Cut Into Thursday’s Losses
2021-08-20 02:00:07
