The Indonesia stock market has moved lower in two straight sessions, sinking almost 20 points or 0.3 percent along the way. The Jakarta Composite Index now rests just beneath the 6,090-point plateau and it’s looking at a fairly flat lead for Thursday.
The global forecast for the Asian markets is mixed to higher, with support from oil and technology stocks offset by ongoing Covid-19 concerns. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished slightly lower on Wednesday following losses from the cement companies and mixed performances from the financials and resource stocks.
For the day, the index dipped 8.53 points or 0.14 percent to finish at 6,088.52 after trading between 6,074.87 and 6,116.50.
Among the actives, Bank Danamon Indonesia retreated 1.40 percent, while Bank CIMB Niaga declined 1.56 percent, Bank Negara Indonesia surrendered 1.29 percent, Bank Central Asia lost 0.42 percent, Bank Mandiri climbed 1.29 percent, Bank Rakyat Indonesia sank 1.84 percent, Indosat plunged 3.80 percent, Indocement tanked 3.54 percent, Semen Indonesia tumbled 2.09 percent, Indofood Suskes dropped 1.14 percent, United Tractors skidded 1.13 percent, Astra International was down 1.05 percent, Astra Agro Lestari rose 0.31 percent, Aneka Tambang fell 0.40 percent, Vale Indonesia added 0.47 percent, Timah plummeted 3.35 percent and Bumi Resources was unchanged.
The lead from Wall Street is schizophrenic as the major averages opened slightly higher on Wednesday before the NASDAQ moved higher, the Dow moved lower and the S&P straddled the line.
The Dow dropped 127.59 points or 0.36 percent to finish at 34,930.93, while the NASDAQ climbed 102.01 points or 0.70 percent to end at 14,762.58 and the S&P 500 eased 0.82 points or 0.02 percent to close at 4,400.64.
The mixed picture on Wall Street came as technology stocks advanced, riding on strong results from Apple Inc, Alphabet and Microsoft.
The Federal Open Market Committee, which concluded its two-day monetary policy meeting Wednesday afternoon, left the target range for its federal funds rate unchanged at 0 to 0.25 percent as expected, and said it will continue with its $120 billion-a-month bond-buying program.
The bank, which said the economy is strengthening despite concerns over the spread of the coronavirus, added that risks to the economic outlook remain.
Crude oil prices moved higher Wednesday, lifted by data showing a larger-than-expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.74 or 1 percent at $72.39 a barrel.
Market Analysis
Steady Start Predicted For Indonesia Stock Market
2021-07-29 02:00:20
