The Indonesia stock market has moved lower in two straight sessions, slipping more than 20 points or 0.3 percent along the way. The Jakarta Composite Index now sits just beneath the 6,720-point plateau and it’s expected to open lower again on Wednesday.
The global forecast for the Asian markets suggests consolidation on renewed fears for the economy in the face of a Caovid-19 resurgence. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.
The JCI finished slightly lower on Tuesday following losses from the cement companies and mixed performances from the financials and resource stocks.
For the day, the index eased 3.85 points or 0.06 percent to finish at 6,718.29.
Among the actives, Bank Danamon Indonesia jumped 1.70 percent, while Bank Negara Indonesia and Bank Mandiri both shed 0.67 percent, Bank Central Asia collected 0.70 percent, Bank Rakyat Indonesia fell 0.24 percent, Indosat Ooredoo improved 1.56 percent, Indocement lost 0.55 percent, Semen Indonesia stumbled 1.54 percent, Indofood Suskes added 0.36 percent, United Tractors skidded 1.10 percent, Astra International advanced 0.83 percent, Energi Mega Persada plunged 3.28 percent, Bakrie Sumatera Plantations gained 0.82 percent, Astra Agro Lestari skidded 1.06 percent, Aneka Tambang climbed 1.16 percent, Timah rallied 2.64 percent, Bukit Asam soared 2.84 percent, Bumi Resources skyrocketed 8.22 percent and Bank CIMB Niaga and Vale Indonesia were unchanged.
The lead from Wall Street is negative as the major averages opened higher on Tuesday, but a late slide pushed them into the red at the close.
The Dow dropped 192.51 points or 0.62 percent to finish at 30,981.51, while the NASDAQ sank 107.87 points or 0.95 percent to end at 11,264.73 and the S&P 500 lost 35.63 points or 0.92 percent to close at 3,818.80.
The late-day weakness on Wall Street came as traders looked ahead to the Labor Department’s report on consumer price inflation for June.
Concerns about the emergence of a new, more infectious Covid-19 strain in several parts of the world also continued to weigh.
Investors also seemed to be moving money out of stocks ahead of what some expect to be a difficult quarterly earnings season.
The price of crude oil plummeted on Tuesday on concerns about the outlook for global demand due to recession fears and a renewed spike in Covid-19 cases. West Texas Intermediate for August delivery shed $8.25 or 7.9 percent to $95.84 a barrel, closing below $100 a barrel for the first time in two months.
Market Analysis
Indonesia Stock Market Expected To Open In The Red
2022-07-13 02:00:09
