The Indonesia stock market on Wednesday ended the two-day slide in which it had fallen more than 110 points or 1.7 percent. The Jakarta Composite Index now rests just beneath the 6,865-point plateau and it’s expected to open higher again on Thursday.
The global forecast is broadly positive on bargain hunting and easing inflation concerns after crude oil prices retreated sharply. The European and U.S. markets were firmly higher and the Asian bourses are tipped to open in similar fashion.
The JCI finished modestly higher on Wednesday as gains from the financial shares and cement companies were capped by weakness from the resource stocks.
For the day, the index gained 50.26 points or 0.74 percent to finish at 6,864.44 after trading between 6,824.09 and 6,888.93.
Among the actives, Bank Danamon Indonesia advanced 0.88 percent, while Bank Negara Indonesia strengthened 2.30 percent, Bank Central Asia collected 2.61 percent, Bank Mandiri climbed 0.99 percent, Bank Rakyat Indonesia surged 3.16 percent, Indosat soared 3.94 percent, Indocement rose 0.50 percent, Semen Indonesia gained 0.78 percent, Indofood Suskes increased 0.42 percent, United Tractors rallied 2.72 percent, Astra International was up 0.80 percent, Energi Mega Persada plunged 5.70 percent, Bakrie Sumatera Plantations jumped 0.85 percent, Astra Agro Lestari spiked 3.00 percent, Aneka Tambang plummeted 6.69 percent, Vale Indonesia tanked 5.47 percent, Timah surrendered 3.24 percent, Bumi Resources tumbled 3.57 percent and Bank CIMB Niaga was unchanged.
The lead from Wall Street is upbeat as the major averages opened sharply higher on Wednesday and stayed that way throughout the session.
The Dow surged 653.61 points or 2.00 percent to finish at 33,286.25, while the NASDAQ spiked 459.99 points or 3.59 percent to end at 13,255.55 and the S&P 500 soared 107.18 points or 2.57 percent to close at 4,277.88.
A pullback by commodities prices contributed to the rebound on Wall Street, as the recent surge in prices had led to worries about even higher inflation.
Oil prices plunged sharply on Wednesday, a day after recording their highest close in 14 years, after analysts said the U.S. and U.K. ban on Russian oil imports will be far less disruptive to global markets than a full international embargo. West Texas Intermediate Crude oil futures for April ended down by $15 or 12.1 percent at $108.70 a barrel.
The markets also benefited from bargain hunting, as traders looked to pick up stocks at reduced levels following the recent weakness.
Closer to home, Indonesia will provide January numbers for retail sales later today; in December, sales were up 13.8 percent on year.
Indonesia Stock Market May Test Resistance At 6,900 Points
2022-03-10 02:02:26
