The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had climbed almost 270 points or 2.4 percent. The Jakarta Composite Index now rests just above the 7,140-point plateau and it’s tipped to open in ethe green again on Wednesday.
The global forecast for the Asian markets is mixed to higher, with support expected from the oil and technology sectors. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The JCI finished modestly higher on Tuesday following gains from the resource stocks and mixed performances from the financials and cement companies.
For the day, the index gained 44.46 points or 0.63 percent to finish at 7,141.04 after trading between 7,062.97 and 7,192.54.
Among the actives, Bank Danamon Indonesia soared 3.56 percent, while Bank CIMB Niaga jumped 1.92 percent, Bank Central Asia skidded 1.01 percent, Bank Mandiri strengthened 1.84 percent, Bank Rakyat Indonesia lost 0.68 percent, Indosat shed 0.45 percent, Indocement plunged 3.54 percent, Semen Indonesia shed 0.69 percent, United Tractors accelerated 2.02 percent, Astra International dipped 0.35 percent, Energi Mega Persada skyrocketed 24.79 percent, Bakrie Sumatera Plantations surged 6.96 percent, Astra Agro Lestari spiked 2.12 percent, Aneka Tambang retreated 1.22 percent, Vale Indonesia rose 0.33 percent, Timah improved 1.30 percent, Bumi Resources rallied 1.79 percent and Indofood Suskes and Bank Negara Indonesia were unchanged.
The lead from Wall Street is upbeat as the major averages shook off a lower open on Tuesday, picking up steam as the session progressed to end firmly in the green.
The Dow jumped 264.36 points or 0.80 percent to finish at 33,180.14, while the NASDAQ spiked 113.86 points or 0.94 percent to end at 12,175.23 and the S&P 500 gained 39.25 points or 0.95 percent to close at 4,160.68.
Worries about slowing growth, a weak margin guidance from Target, and a sell-off in the technology space contributed to Wall Street’s weakness in early trades. However, top technology stocks soon recovered and the broad market too started climbing higher as well.
In U.S. economic news, the Commerce Department said the U.S. trade deficit narrowed significantly in the month of April, to $87.1 billion in April from $107.7 billion in March.
Crude oil prices climbed higher on Tuesday as prospects of increased demand from China and supply concerns outweighed concerns about growth. West Texas Intermediate Crude oil futures for July ended higher by $0.91 or 0.8 percent at $119.41 a barrel.
Market Analysis
Higher Open Predicted For Indonesia Stock Market
2022-06-08 02:00:16
