Ahead of Monday’s holiday for Isra Mikraj, the Indonesia stock market had alternated between positive and negative finishes through the last four trading days following the two-day winning streak in which it had improved almost 70 points or 1 percent. The Jakarta Composite Index now rests just beneath the 6,890-point plateau although it’s looking at renewed selling pressure on Tuesday.
The global forecast for the Asian markets calls for continued volatility as the Russian invasion of Ukraine continues. The European markets finished lower and the U.S. bourses ended mixed and the Asian markets figure to split the difference after a wild ride.
The JCI finished sharply higher on Friday following gains from the financial shares and cement companies, while the resource stocks were mixed.
For the day, the index advanced 70.35 points or 1.03 percent to finish at 6,888.17 after trading between 6,822.24 and 6,904.91.
Among the actives, Bank Danamon Indonesia collected 0.85 percent, while Bank CIMB Niaga rallied 2.43 percent, Bank Negara Indonesia spiked 2.24 percent, Bank Central Asia collected 0.63 percent, Bank Rakyat Indonesia accelerated 3.64 percent, Indosat shed 0.45 percent, Indocement surged 4.53 percent, Semen Indonesia soared 4.35 percent, Indofood Suskes tumbled 1.98 percent, United Tractors skidded 1.19 percent, Astra International jumped 1.75 percent, Energi Mega Persada plunged 6.56 percent, Astra Agro Lestari tanked 2.16 percent, Vale Indonesia skyrocketed 5.88 percent, Timah retreated 1.55 percent, Bumi Resources plummeted 6.90 percent and Bank Mandiri, Aneka Tambang and Bakrie Sumatera Plantations were unchanged.
The lead from Wall Street ends up mixed as the major averages opened lower on Monday. Amidst wild swings, the Dow and the S&P 500 remained in the red throughout, although a late surge from the NASDAQ pushed it into positive territory.
The Dow dropped 166.15 points or 0.49 percent to finish at 33,892.60, while the NASDAQ added 56.78 points or 0.41 percent to close at 13,751.40 and the S&P lost 10.71 points or 0.24 percent to end at 4,373.94.
Geopolitical concerns have contributed to the pullback on Wall Street amid the ongoing Russian invasion of Ukraine. News that Russian President Vladimir Putin has put his nuclear forces on high alert has led to worries about an escalation.
Russian and Ukrainian officials are meeting on the Belarusian-Ukrainian border to discuss a possible ceasefire, although optimism the talks will lead to peace is low. The West continues to ramp up sanctions against Russia in response to the invasion, leading to worries about the impact on the global economy.
On the U.S. economic front, MNI Indicators released a report showing a significant slowdown in the pace of growth in Chicago-area business activity in February.
Crude oil futures settled sharply higher Monday amid rising concerns about supply disruptions in Russia. As Russia accounts for about 10 percent of the global oil supply, the sanctions by the West are likely to significantly hurt supplies. West Texas Intermediate Crude oil futures for April ended higher by 4.13 or 4.5 percent at $95.72 a barrel.
Market Analysis
Lower Open Anticipated For Indonesia Stock Market
2022-03-01 02:00:36
