The Indonesia stock market has moved higher in consecutive trading days, advancing more than 75 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 7,275-point plateau although it’s likely to move lower again on Friday.
The global forecast for the Asian markets suggests consolidation on growing concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to follow the latter lead.
The JCI finished modestly higher on Thursday following mixed performances from the financial shares, cement companies and resource stocks.
For the day, the index gained 48.83 points or 0.68 percent to finish at 7,276.19 after trading between 7,245.73 and 7,294.67.
Among the actives, Bank Danamon Indonesia shed 0.42 percent, while Bank CIMB Niaga tumbled 1.83 percent, Bank Negara Indonesia accelerated 4.46 percent, Bank Central Asia surged 3.59 percent, Bank Mandiri soared 5.73 percent, Bank Rakyat Indonesia stumbled 1.03 percent, Indosat retreated 1.40 percent, Indocement sank 0.73 percent, Semen Indonesia rallied 2.10 percent, Indofood Suskes added 0.40 percent, United Tractors dropped 0.79 percent, Astra International jumped 1.45 percent, Energi Mega Persada slumped 1.08 percent, Bakrie Sumatera Plantations lost 0.78 percent, Astra Agro Lestari spiked 4.43 percent, Aneka Tambang skidded 1.06 percent, Vale Indonesia plummeted 5.60 percent, Timah declined 1.26 percent and Bumi Resources plunged 3.17 percent.
The lead from Wall Street is negative as the major averages were unable to hold early gains on Thursday, accelerating into the red as the day progressed.
The Dow tumbled 368.03 points or 1.05 percent to finish at 34,792.76, while the NASDAQ dropped 278.41 points or 2.07 percent to close at 13,174.41 and the S&P 500 sank 65.79 points or 1.48 percent to end at 4,393.66.
The sharp pullback on Wall Street came as Treasury yields showed a notable move back to the upside after falling on Wednesday. The yield on the benchmark ten-year note more than offset yesterday’s drop, reaching its highest closing level since December 2018.
Concerns about the outlook for interest rates contributed to the rebound by Treasury yields after Federal Reserve Chair Jerome Powell told the International Monetary Fund that it would be appropriate to raise rates “a little more quickly” and predicted a 50 basis point rate hike would be on the table at the Fed’s May meeting.
Early in the session, stocks benefited from some upbeat earnings news from the likes of Tesla (TSLA), American Airlines (AAL) and United Airlines (UAL).
In economic news, the Labor Department noted a slight decrease in first-time claims for U.S. unemployment benefits last week. Also, the Federal Reserve Bank of Philadelphia said growth in Philadelphia-area manufacturing activity slowed more than expected in April.
Crude oil prices climbed higher Thursday, extending gains from the previous session amid concerns about global crude supply and strong demand in the U.S. West Texas Intermediate Crude oil futures for June ended higher by $1.60 or 1.6 percent at $103.79 a barrel.
Market Analysis
Lower Open Predicted For Indonesia Stock Market
2022-04-22 02:02:23
