The Indonesia stock market turned lower again on Wednesday, one session after snapping the two-day slide in which it had fallen more than 60 points or 0.8 percent. The Jakarta Composite Index now rests just beneath the 7,200-point plateau although it’s expected to bounce higher again on Thursday.
The global forecast for the Asian markets is mixed to higher thanks mainly to bargain hunting after heavy selling in the region. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The JCI finished modestly lower on Wednesday following losses from the financial shares and mixed performances from the cement and resource companies.
For the day, the index shed 35.39 points or 0.49 percent to finish at 7,196.76 after trading between 7,175.07 and 7,226.02.
Among the actives, Bank Danamon Indonesia rallied 2.08 percent, while Bank CIMB Niaga dropped 0.95 percent, Bank Negara Indonesia surrendered 1.56 percent, Bank Central Asia collected 0.92 percent, Bank Mandiri stumbled 1.50 percent, Bank Rakyat Indonesia retreated 1.82 percent, Indosat rose 0.35 percent, Indocement lost 0.48 percent, Semen Indonesia climbed 1.17 percent, Indofood Suskes improved 0.79 percent, United Tractors added 0.52 percent, Astra International lost 1.04 percent, Energi Mega Persada surged 6.70 percent, Bakrie Sumatera Plantations plunged 4.13 percent, Astra Agro Lestari accelerated 1.98 percent, Aneka Tambang spiked 2.40 percent, Vale Indonesia dipped 0.35 percent, Timah jumped 2.19 percent and Bumi Resources soared 3.70 percent.
The lead from Wall Street ends up mixed and flat after the major averages shook off early support on Wednesday, fading late and ending on opposite sides of the unchanged line.
The Dow added 61.75 points or 0.19 percent to finish at 33,301.93, while the NASDAQ eased 1.81 points or 0.01 percent to close at 12,488.93 and the S&P 500 rose 8.76 points or 0.21 percent to end at 4,183.96.
The markets had opened higher on bargain hunting and earnings optimism but gave back most of those gains as the day progressed on worries over a Covid-fueled economic slowdown and the outlook for interest rates.
In economic news, the National Association of Realtors said that pending home sales fell for the fifth straight month in March, although the decline was less than expected.
Crude oil prices climbed higher on Wednesday, lifted by data showing a drop in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for rose $0.32 or 0.3 percent at $102.02 a barrel.
Market Analysis
Rebound Anticipated For Indonesia Stock Market
2022-04-28 02:02:15
