The Indonesia stock market bounced higher again on Friday, one session after ending the two-day winning streak in which it had collected more than 100 points or 1.6 percent. The Jakarta Composite Index now rests just beneath the 6,930-point plateau although it figures to head south again on Monday.
The global forecast for the Asian markets is continued volatility with a downward bias thanks to the ongoing Russian invasion of Ukraine. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.
The JCI finished modestly higher on Friday following gains from the financial shares and resource stocks.
For the day, the index advanced 59.93 points or 0.87 percent to finish at 6,928.33 after trading between 6,895.73 and 6,936.99.
Among the actives, Bank Danamon Indonesia sank 0.84 percent, Bank Negara Indonesia climbed 1.61 percent, Bank Central Asia dropped 0.94 percent, Bank Mandiri collected 0.33 percent, Bank Rakyat Indonesia improved 2.41 percent, Semen Indonesia retreated 1.49 percent, Indofood Suskes tumbled 2.02 percent, United Tractors surged 6.07 percent, Astra International gained 1.81 percent, Energi Mega Persada plummeted 6.74 percent, Bakrie Sumatera Plantations jumped 4.20 percent, Astra Agro Lestari rallied 2.64 percent, Aneka Tambang soared 6.99 percent, Vale Indonesia strengthened 2.86 percent, Timah spiked 5.66 percent, Bumi Resources skyrocketed 11.54 percent and Bank CIMB Niaga, Indosat and Indocement were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Friday and remained solidly in the red throughout the session.
The Dow dropped 179.90 points or 0.53 percent to finish at 33,614.80, while the NASDAQ tumbled 224.46 points or 1.66 percent to close at 13,313.44 and the S&P sank 34.62 points or 0.79 percent to end at 4,328.87. For the week, the NASDAQ plunged 2.8 percent and the Dow and S&P both fell 1.3 percent.
The weakness on Wall Street came as concerns about the impact of the Russian invasion of Ukraine continued to weigh on the markets, with Russia ratcheting up its attacks and taking control of Ukraine’s Zaporizhzhia nuclear power plant, the largest nuclear power plant in Europe.
Worries about Ukraine overshadowed the Labor Department report that showed U.S. employment once again jumped by much more than expected in February.
Crude oil prices moved up sharply on Friday as worries about supply disruptions grew amid an escalation in the Russia-Ukraine conflict. West Texas Intermediate Crude oil futures for April ended up by $8.01 or about 7.4 percent at $115.68 a barrel, the highest settlement since September 2008. WTI crude futures skyrocketed 26.3 percent for the week, the steepest climb in percentage terms since the week ending April 3, 2020.
Market Analysis
Renewed Selling Pressure Expected For Indonesia Stock Market
2022-03-07 02:00:09
