The Indonesia stock market has moved lower in three straight sessions, shedding almost 120 points or 1.7 percent along the way. The Jakarta Composite Index now sits just beneath the 7,140-point plateau although it may find support on Monday.
The global forecast for the Asian markets is murky ahead of earnings news and a FOMC rate decision and statement later this week. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The JCI finished modestly lower on Friday following losses from the financial shares and resource stocks.
For the day, the index dropped 40.95 points or 0.57 percent to finish at 7,137.08.
Among the actives, Bank Mandiri collected 0.40 percent, while Bank Danamon Indonesia collected 0.73 percent, Bank Negara Indonesia dropped 0.93 percent, Bank Central Asia retreated 1.58 percent, Bank Rakyat Indonesia tumbled 1.81 percent, Indosat Ooredoo Hutchison sank 0.88 percent, Indocement climbed 0.82 percent, United Tractors shed 0.54 percent, Astra International added 0.50 percent and Indofood Suskes and Semen Indonesia were unchanged.
The lead from Wall Street offers little guidance as the major averages opened lower on Friday, surged midday but plummeted late in the section to end mixed and little changed.
The Dow rose 60.33 points or 0.16 percent to finish at 38,109.43, while the NASDAQ slumped 55.14 points or 0.36 percent to close at 15,455.36 and the S&P 500 dipped 3.19 points or 0.07 percent to end at 4,890.97. For the week, the S&P 500 jumped 1.1 percent, the NASDAQ advanced 0.9 percent and the Dow climbed 0.7 percent.
The choppy trading on Wall Street came as traders weighed disappointing earnings news from semiconductor giant Intel (INTC) against tamer than expected consumer price inflation data.
Meanwhile, the Commerce Department released a report before the start of trading showing a bigger than expected slowdown in the annual rate of core consumer price growth in December.
Traders may also have been reluctant to make significant moves ahead of the Fed’s monetary policy announcement this week. While the Fed is widely expected to leave interest rates unchanged, traders will be looking for clues about the timing of highly anticipated rate cuts.
Crude oil futures settled higher on Friday amid optimism about the outlook for oil demand thanks to upbeat U.S. economic data and the Chinese central bank’s fresh stimulus. West Texas Intermediate Crude oil futures for March added $0.65 or 0.84 percent at $78.01 a barrel. WTI crude futures spiked 6 percent for the week.
Market Analysis
Indonesia Shares May Halt Losing Streak On Monday
2024-01-29 01:30:42
