The Indonesia stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day winning streak in which it had collected more than 45 points or 0.7 percent. The Jakarta Composite Index now rests just above the 7,050-point plateau although it figures to open lower again on Thursday.
The global forecast for the Asian markets is soft on fading hopes for peace talks between Russia and Ukraine. The European markets were mixed and the U.S. bourses were down and the Asian markets are expected to split the difference.
The JCI finished modestly higher on Wednesday following gains from the financials and cement companies, while the resource stocks were mixed.
For the day, the index gained 41.50 points or 0.59 percent to finish at 7,053.19 after trading between 7,022.65 and 7,055.87.
Among the actives, Bank Danamon Indonesia collected 0.83 percent, while Bank CIMB Niaga strengthened 1.38 percent, Bank Negara Indonesia rose 0.30 percent, Bank Central Asia perked 0.32 percent, Bank Mandiri shed 0.63 percent, Bank Rakyat Indonesia increased 0.43 percent, Indosat dropped 0.95 percent, Indocement jumped 1.63 percent, Semen Indonesia climbed 1.12 percent, Indofood Suskes accelerated 1.72 percent, United Tractors lost 0.58 percent, Astra International gathered 1.53 percent, Energi Mega Persada tanked 2.99 percent, Bakrie Sumatera Plantations improved 1.67 percent, Astra Agro Lestari rose 0.20 percent, Aneka Tambang sank 0.79 percent, Timah slumped 0.82 percent, Bumi Resources spiked 1.79 percent and Vale Indonesia was unchanged.
The lead from Wall Street is negative as the major averages opened lower on Wednesday and largely spent the entire day in the red.
The Dow shed 65.38 points or 0.19 percent to finish at 35,228.81, while the NASDAQ tumbled 177.36 points or 1.21 percent to end at 14,442.27 and the S&P 500 lost 29.15 points or 0.63 percent to close at 4,602.45.
The major U.S. averages ended lower Wednesday on news that Russia has continued to shell certain areas of Ukraine despite having promised to scale down military operations on Tuesday.
Rising worries about inflation and imminent aggressive monetary tightening by the Federal Reserve also weighed on sentiment.
In economic news, payroll processor ADP said private sector employment in the U.S. climbed more than expected in March. Also, the Commerce Department said the U.S. economy grew slightly less than estimated in Q4 2021.
Crude oil prices climbed higher Wednesday after data showed a drop in U.S. inventories last week, and amid a lack of progress in Russia-Ukraine peace talks. West Texas Intermediate Crude oil futures for May ended higher by $3.58 or 3.4 percent at $107.82 a barrel.
Market Analysis
Indonesia Stock Market Expected To Remain Rangebound
2022-03-31 02:00:09
