The Indonesia stock market on Tuesday ended the two-day slide in which it had fallen more than 60 points or 0.8 percent. The Jakarta Composite Index now rests just above the 7,230-point plateau although it’s expected to turn lower again on Wednesday.
The global forecast for the Asian markets is broadly negative on inflation and treasury yield concerns. The European and U.S. markets were sharply lower and the Asian bourses are tipped to follow that lead.
The JCI finished slightly higher on Tuesday as gains from the financials were offset by weakness from the resource stocks.
For the day, the index added 16.17 points or 0.22 percent to finish at 7,232.15 after trading between 7,161.66 and 7,247.48.
Among the actives, Bank Danamon Indonesia advanced 0.83 percent, while Bank Negara Indonesia climbed 1.05 percent, Bank Central Asia collected 1.56 percent, Bank Mandiri strengthened 1.52 percent, Bank Rakyat Indonesia rallied 2.07 percent, Indosat skidded 1.05 percent, Indocement accelerated 3.46 percent, Semen Indonesia surged 7.11 percent, United Tractors soared 4.07 percent, Astra International gathered 1.77 percent, Energi Mega Persada jumped 1.70 percent, Bakrie Sumatera Plantations improved 0.83 percent, Astra Agro Lestari spiked 3.06 percent, Aneka Tambang plunged 4.58 percent, Vale Indonesia plummeted 6.90 percent, Timah tanked 2.67 percent, Bumi Resources tumbled 1.82 percent and Bank CIMB Niaga and Indofood Suskes were unchanged.
The lead from Wall Street is brutal as the major averages opened lower on Tuesday and the losses only accelerated as the day progressed.
The Dow plummeted 809.28 points or 2.38 percent to finish at 33,240.18, while the NASAQ tumbled 514.11 points or 3.95 percent to close at 12,490.74 and the S&P 500 dropped 120.92 points or 2.81 percent to end at 4,175.20.
The sell-off on Wall Street came as elevated inflation, rising treasury yields and the ongoing war in Ukraine continued to weigh on investors as they digest the latest earnings news.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods rebounded in March. The Commerce Department also noted a steep drop in U.S. new home sales in March. And the Conference Board reported a mild decrease in U.S. consumer confidence in April.
Crude oil prices moved higher Tuesday as concerns about outlook for energy demand eased after the Chinese central bank said that it would support small businesses and industries affected by the pandemic. West Texas Intermediate Crude oil futures for June ended higher by $3.16 or 3.2 percent at $101.70 a barrel.
Soft Start Expected For Indonesia Stock Market
2022-04-27 02:00:37
