The Indonesia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had gained almost 70 points or 1.2 percent. The Jakarta Composite Index now rests just above the 6,110-point plateau although it’s expected rebound again on Thursday.
The global forecast for the Asian markets is cautiously optimistic, riding a spike in crude oil prices and some bargain hunting. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly lower on Wednesday following mixed performances from the financial shares, resource stocks and cement companies.
For the day, the index lost 18.87 points or 0.31 percent to finish at 6,110.23 after trading between 6,100.00 and 6,125.33.
Among the actives, Bank Danamon Indonesia surged 5.74 percent, while Bank Negara Indonesia dropped 0.93 percent, Bank Central Asia shed 0.76 percent, Bank Mandiri collected 0.41 percent, Bank Rakyat Indonesia declined 1.08 percent, Indosat rose 0.36 percent, Indocement sank 0.70 percent, Indofood Suskes advanced 1.21 percent, United Tractors climbed 1.17 percent, Astra International plunged 2.26 percent, Astra Agro Lestari jumped 1.49 percent, Aneka Tambang added 0.81 percent, Vale Indonesia retreated 1.29 percent, Timah gained 0.33 percent and Bumi Resources, Bank CIMB Niaga, Semen Indonesia and Energi Mega Persada were unchanged.
The lead from Wall Street is positive as the major averages opened lower on Wednesday but quickly turned higher, continuing to pick up steam heading into the close.
The Dow spiked 236.82 points or 0.68 percent to finish at 34,814.39, while the NASDAQ jumped 123.77 points or 0.82 percent to end at 15,161.53 and the S&P 500 gained 37.65 points or 0.85 percent to close at 4,480.70.
The strength that emerged on Wall Street may partly have reflected bargain hunting following the downward trend seen over the past several sessions.
Traders were also digesting the latest batch of data, including a report from the Fed showing industrial production in the U.S. increased less than expected in August. Also, the Labor Department said U.S. import prices fell last month for the first time since October 2020.
Crude oil prices rose sharply Wednesday, lifting the most active crude futures contracts to a nearly seven-week closing high after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for October ended up by $2.15 or 3.1 percent at $72.61 a barrel, the highest settlement since July 30.
Market Analysis
Higher Open Predicted For Indonesia Stock Market
2021-09-16 02:00:12
