The Indonesia stock market gave up just a handful of points or Monday, but that was enough to end the five-day winning streak in which it had advanced more than 150 points or 2.2 percent. The Jakarta Composite Index now sits just shy of the 6,870-point plateau although it’s expected to move higher again on Tuesday.
The global forecast for the Asian markets is mixed to higher on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The JCI finished barely lower on Monday following losses from the financial shares and cement companies, while the resource stocks were mixed.
For the day, the index eased 2.43 points or 0.04 percent to finish at 6,867.14.
Among the actives, Bank Mandiri shed 0.46 percent, while Bank Central Asia slid 0.27 percent, Bank Danamon fell 0.32 percent, Bank CIMB Niagara collected 0.95 percent, Indosat Ooredoo hutchison declined 1.10 percent, Indocement sank 0.72 percent, Semen Indonesia slumped 1.45 percent, United Tractors added 0.31 percent, Indofood Suskes surrendered 2.01 percent, Astra Agro Lestari retreated 1.26 percent, Astra International skidded 1.11 percent, Aneka Tambang lost 0.50 percent, Bumi Resources gained 0.75 percent, Vale Indonesia improved 0.39 percent, Timah tumbled 1.98 percent and Energi Mega Persada was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Monday but all quickly turned higher. They pulled back from daily highs but still ended firmly in the green.
The Dow added 76.32 points or 0.22 percent to finish at 34,585.35, while the NASDAQ jumped 131.25 points or 0.93 percent to close at 14,244.95 and the S&P 500 rose 17.37 points or 0.39 percent to end at 4,522.79.
The strength on Wall Street partly reflected recent upward momentum, as encouraging inflation data has added to optimism about the outlook for interest rates ahead of next week’s Federal Reserve meeting.
While the Fed is widely expected to raise rates by another quarter point, traders are hopeful that will mark the final rate hike.
On the U.S. economic front, the New York Federal Reserve released a report showing a pullback in the pace of growth in regional manufacturing activity in the month of July.
Oil prices fell on Monday amid concerns about the outlook for energy demand after data showed the Chinese economy grew at slower than expected pace in the second quarter. West Texas Intermediate Crude oil futures for August ended lower by $1.27 or 1.7 percent at $74.15 a barrel.
Market Analysis
Jakarta Stock Market Tipped To Open In The Green
2023-07-18 01:30:08
