The Indonesia stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day slide in which it had gathered more than 35 points or 0.5 percent. The Jakarta Composite Index now sits just above the 6,875-point plateau although it’s expected to open lower again on Thursday.
The global forecast for the Asian markets is murky ahead of key inflation data from the United States. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.
The JCI finished slightly higher on Wednesday following mixed performances from the financial shares, cement companies and resource stocks.
For the day, the index picked up 6.30 points or 0.09 percent to finish at 6,875.11 points or 0.09 percent to finish at 6,875.11.
Among the actives, Bank CIMB Niaga dropped 0.84 percent, while Bank Danamon Indonesia fell 0.33 percent, Bank Negara Indonesia jumped 1.68 percent, Bank Central Asia spiked 2.17 percent, Bank Rakyat Indonesia improved 1.33 percent, Indosat Ooredoo Hutchison soared 3.89 percent, Indocement rallied 2.33 percent, Semen Indonesia tanked 2.55 percent, Indofood Suskes lost 0.36 percent, United Tractors advanced 0.82 percent, Astra International rose 0.36 percent, Energi Mega Persada plummeted 4.07 percent, Astra Agro Lestari shed 0.65 percent, Vale Indonesia skidded 1.15 percent, Timah sank 1.09 percent, Bumi Resources plunged 3.73 percent and Bank Mandiri and Aneka Tambang were unchanged.
The lead from Wall Street is negative as the major averages opened flat on Wednesday before heading south shortly thereafter; they made back some ground as the day progressed but still finished solidly in the red.
The Dow stumbled 191.13 points or 0.54 percent to finish at 35,123.36, while the NASDAQ dropped 162.31 points or 1.17 percent to close at 13.722.02 and the S&P 500 sank 31.67 points or 0.70 percent to end at 4,467.71.
The lower close on Wall Street came as traders remained cautious ahead of the release of a key report on consumer price inflation later today.
Traders will be looking for the report to reinforce expectations that the Federal Reserve will leave interest rates unchanged next month; CME Group’s FedWatch Tool is currently indicating an 86.5 percent chance the Fed will keep rates steady in September.
Crude oil prices moved higher on Wednesday, extending recent gains as output cuts by Saudi Arabia and Russia continued to raise concerns about supply. West Texas Intermediate crude for September delivery jumped $1.48 pr 1.8 percent to $84.40 a barrel.
Market Analysis
Soft Start Predicted For Indonesia Stock Market
2023-08-10 01:30:16
