The Indonesia stock market has moved lower in consecutive trading days, surrendering almost 75 points or 1.2 percent along the way. The Jakarta Composite Index now rests just above the 6,885-point plateau although it’s got a firm lead for Thursday’s trade.
The global forecast for the Asian markets is cautiously optimistic, with optimism from easing treasury yields offset by concerns for the health of the world’s economies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly lower on Wednesday following losses from the financial shares, cement companies and resource stocks.
For the day, the index lost 54.31 points or 0.78 percent to finish at 6,886.58.
Among the actives, Bank CIMB Niaga dropped 0.90 percent, while Bank Mandiri collected 0.82 percent, Bank Danamon Indonesia skidded 1.05 percent, Bank Negara Indonesia lost 0.48 percent, Bank Rakyat Indonesia fell 0.47 percent, Indosat Ooredoo Hutchison advanced 0.96 percent, Indocement sank 0.74 percent, Semen Indonesia stumbled 1.56 percent, Indofood Suskes rose 0.37 percent, United Tractors surrendered 1.57 percent, Astra International tanked 2.02 percent, Energi Mega Persada plunged 6.20 percent, Astra Agro Lestari declined 1.01 percent, Aneka Tambang retreated 1.42 percent, Vale Indonesia slumped 2.69 percent, Timah dove 1.27 percent, Bumi Resources plummeted 3.68 percent and Bank Central Asia was unchanged.
The lead from Wall Street is positive as the major averages opened slightly higher on Wednesday, saw peaks and valleys throughout the session before ending firmly in the green.
The Dow climbed 127.17 points or 0.39 percent to finish at 33,129.55, while the NASDAQ rallied 176.54 points or 1.35 percent to end at 13,236.01 and the S&P 500 gained 34.30 points or 0.81 percent to close at 4,263.75.
Trading on Wall Street was driven in reaction to bond market activity, with treasury yields fluctuating over the course of the session. The higher close by stocks came as yields finished firmly in negative territory, giving back ground after reaching their highest levels in 16 years.
Treasury yields closed lower following the release of a report from payroll processor ADP showing private sector job growth slowed by much more than expected in September.
Traders were still cautious ahead of the Labor Department’s more closely watched report on Friday, which may affect the outlook for interest rates.
Crude oil prices plummeted on Wednesday, weighed down by concerns about the outlook for demand amid worries about an economic slowdown. West Texas Intermediate Crude oil futures for November ended lower by $5.01 or 5.6 percent at $84.22 a barrel.
Market Analysis
Higher Open Predicted For Indonesia Stock Market
2023-10-04 23:31:11
