The Indonesia stock market on Thursday ended the three-day winning streak in which it had advanced more than 60 points or 0.9 percent. The Jakarta Composite Index now sits just beneath the 6,900-point plateau and the losses may accelerate on Friday.
The global forecast for the Asian markets is negative on apprehension over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The JCI finished modestly lower on Thursday following mixed performances from the financial shares and resource stocks.
For the day, the index slipped 22.02 points or 0.32 percent to finish at 6,899.39.
Among the actives, Bank CIMB Niaga tumbled 1.73 percent, while Bank Mandiri jumped 1.71 percent, Bank Negara Indonesia collected 0.55 percent, Bank Central Asia slumped 1.08 percent, Bank Rakyat Indonesia dropped 0.89 percent, Indosat Ooredoo Hutchison retreated 1.27 percent, Indocement gained 0.68 percent, Semen Indonesia soared 2.23 percent, Indofood Suskes sank 0.71 percent, United Tractors plunged 4.22 percent, Astra International skidded 1.15 percent, Energi Mega Persada stumbled 1.63 percent, Astra Agro Lestari fell 0.33 percent, Aneka Tambang spiked 2.05 percent, Timah climbed 1.10 percent, Bumi Resources tanked 2.08 percent and Bank Danamon Indonesia and Vale Indonesia were unchanged.
The lead from Wall Street is soft as the major averages opened higher on Thursday but quickly turned lower and finished deep under water.
The Dow plunged 373.56 points or 1.08 percent to finish at 34,099.42, while the NASDAQ tumbled 257.06 points or 1.87 percent to close at 13,463.97 and the S&P 500 sank 59.70 points or 1.35 percent to end at 4,376.31.
The initial strength on Wall Street reflected a positive reaction to Q2 results from chipmaker Nvidia (NVDA), which reported strong earnings and guidance after markets close on Wednesday.
Buying interest waned shortly after the start of trading, however, with concerns about the outlook for interest rates continuing to weigh on the markets ahead of the economic symposium later today in Jackson Hole, Wyoming.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods tumbled more than expected in July. Also, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week.
Crude oil futures settled higher Thursday on expectations that Saudi Arabia will extend its production cut into the next month. West Texas Intermediate Crude oil futures for October ended higher by $0.16 or 0.2 percent at $79.05 a barrel.
Market Analysis
Indonesia Bourse May Take Further Damage On Friday
2023-08-25 01:30:02
