The Indonesia stock market has moved higher in three straight sessions, gathering almost 140 points or 2.1 percent along the way. The Jakarta Composite Index now sits just beneath the 6,880-point plateau and it’s likely to be rangebound on Tuesday.
The global forecast for the Asian markets is mixed and fairly flat, with many of the regional bourses due for profit taking after big recent gains. The European markets were slightly lower and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The JCI finished sharply higher on Friday following gains from the financial shares and cement stocks, while the resource and energy companies were mixed.
For the day, the index climbed 89.99 points or 1.33 percent to finish at the daily high of 6,878.84 after trading as low as 6,816.27.
Among the actives, Bank CIMB Niaga collected 0.58 percent, while Bank Mandiri jumped 1.72 percent, Bank Danamon Indonesia retreated 1.45 percent, Bank Negara Indonesia improved 1.64 percent, Bank Central Asia strengthened 1.69 percent, Bank Rakyat Indonesia increased 1.96 percent, Indosat Ooredoo Hutchison rallied 2.42 percent, Indocement soared 4.53 percent, Semen Indonesia surged 4.44 percent, Indofood Suskes fell 0.39 percent, United Tractors eased 0.11 percent, Astra International rose 0.42 percent, Energi Mega Persada sank 0.83 percent, Aneka Tambang spiked 2.72 percent, Vale Indonesia dipped 0.20 percent, Timah accelerated 4.55 percent, Bumi Resources advanced 0.90 percent and Astra Agro Lestari and Perusahaan Gas Negara were unchanged.
The lead from Wall Street suggests very mild upside as the major averages opened higher on Monday, slipped into the red late but managed to finish just above the unchanged line by the close.
The Dow rose 34.54 points or 0.10 percent to finish at 34,095.86, while the NASDAQ gained 40.50 points or 0.30 percent to close at 13,518.78 and the S&P 500 roe 7.64 points or 0.18 percent to end at 4,365.98.
The early strength on Wall Street came as traders continued to express optimism about the outlook for interest rates. The Federal Reserve’s monetary policy announcement last Wednesday combined with softer than expected jobs data last Friday has led to optimism that the central bank is done raising interest rates.
Treasuries showed a significant pullback during trading on Monday after moving sharply higher over the past few sessions. Bond prices came under pressure early in the session and saw further downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 10.4 basis points to 4.662 percent.
A late round of profit taking following recent gains sent markets briefly into the red before a mild recovery.
Oil futures settled higher on Monday after Russia and Saudi Arabia confirmed that they will extend their voluntary production and supply cuts to the end of the year. West Texas Intermediate Crude oil futures for December ended higher by $0.31 or 0.4 percent at $80.82 a barrel.
Market Analysis
Indonesia Stock Market Has Flat Lead For Tuesday’s Trade
2023-11-07 01:30:15
