The Indonesia stock market on Thursday ended the two-day winning streak in which it had climbed almost 100 points or 1.4 percent. The Jakarta Composite Index now rests just above the 7,180-point plateau and it may take further damage on Friday.
The global forecast for the Asian markets is soft on concerns for inflation and economic growth. The European and U.S. markets were firmly lower and the Asian bourses are tipped to open in similar fashion.
The JCI finished slightly lower on Thursday following losses from the energy producers, gains from the financials and a mixed picture from the resource stocks.
For the day, the index dipped 10.48 points or 0.15 percent to finish at 7,182.83 after trading between 7,174.82 and 7,258.00.
Among the actives, Bank Danamon Indonesia collected 0.79 percent, while Bank Negara Indonesia cratered 3.61 percent, Bank Central Asia stumbled 1.32 percent, Bank Mandiri rose 0.30 percent, Bank Rakyat Indonesia added 0.45 percent, Indosat soared 3.63 percent, Indocement retreated 1.55 percent, Semen Indonesia tanked 3.11 percent, Indofood Suskes declined 1.43 percent, United Tractors tumbled 1.97 percent, Astra International was up 0.35 percent, Energi Mega Persada plummeted 6.80 percent, Bakrie Sumatera Plantations slumped 1.63 percent, Astra Agro Lestari plunged 4.77 percent, Aneka Tambang dropped 0.83 percent, Vale Indonesia shed 0.65 percent, Timah climbed 1.28 percent, Bumi Resources jumped 1.72 percent and Bank CIMB Niaga was unchanged.
The lead from Wall Street broadly negative as the major averages opened slightly lower on Thursday but the losses accelerated sharply in the final hour of trade, sending them deep into the red at the finish.
The Dow plunged 638.11 points or 1.94 percent to finish at 32,272.79, while the NASDAQ plummeted 332.04 points or 2.75 percent to end at 11,754.23 and the S&P 500 sank 97.95 points or 2.38 percent to close at 4,017.82.
The sell-off on Wall Street came as traders looked ahead to the release of a Labor Department report on consumer price inflation later today. The report is expected to show that consumer prices increased by 0.7 percent in May after rising by 0.3 percent in April.
The inflation data could have an impact on the outlook for monetary policy ahead of the Federal Reserve’s decision on interest rates next Wednesday.
On the economic front, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rose by more than expected in the week ended June 4th.
Crude oil prices drifted lower on Thursday as demand concerns resurfaced following authorities in Shanghai imposing new Covid-related restrictions. West Texas Intermediate Crude oil futures for July ended down by $0.60 or 0.5 percent at $121.51 a barrel.
Closer to home, Indonesia will provide April figures for retail sales later today; in March, sales were up 9.3 percent on year.
Losses May Accelerate For Indonesia Stock Market
2022-06-10 02:00:10
