The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had climbed more than 125 points or 1.8 percent. The Jakarta Composite Index now sits just beneath the 7,100-point plateau although it’s likely to see renewed consolidation on Tuesday.
The global forecast for the Asian markets is soft on rising treasury yields and ahead of key U.S. employment data later this week. The European markets were mixed and little changed and the U.S. bourses were down and the Asian markets figure to split the difference.
The JCI finished modestly higher on Monday as gains from the financial shares and resource stocks were limited by weakness from the cement sector.
For the day, the index gained 33.69 points or 0.48 percent to finish at 7,093.60 after trading between 7,081.77 and 7,149.24.
Among the actives, Bank Mandiri rallied 1.69 percent, while Bank Danamon Indonesia collected 0.35 percent, Bank Negara Indonesia advanced 0.95 percent, Bank Central Asia rose 0.20 percent, Bank Rakyat Indonesia accelerated 2.80 percent, Indosat Ooredoo Hutchison tanked 2.87 percent, Indocement tumbled 2.09 percent, Semen Indonesia retreated 1.53 percent, Indofood Suskes added 0.40 percent, United Tractors climbed 1.24 percent, Astra Agro Lestari plunged 4.68 percent, Aneka Tambang spiked 2.64 percent, Vale Indonesia gained 0.23 percent, Timah surged 2.31 percent, Bumi Resources soared 3.03 percent and Astra International, Bank CIMB Niaga and Energi Mega Persada were unchanged.
The lead from Wall Street is weak as the major averages opened lower on Tuesday, pared their losses but still ended firmly in the red.
The Dow dropped 41.06 points or 0.11 percent to finish at 36,204.44, while the NASDAQ slumped 119.54 points or 0.84 percent to close at 14,185.49 and the S&P 500 sank 24.85 points or 0.54 percent to end at 4,569.78.
A rebound by treasury yields contributed to the weakness on Wall Street, as the yield on the benchmark ten-year note bounced off its lowest levels in three months.
Selling pressure waned over the course of the session, however, as traders looked ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.
In economic news, The Commerce Department released a report showing factory orders pulled back by much more than expected in the month of October.
Crude oil prices drifted lower on Monday, pushing the most active futures contract to a nearly three-week low amid worries about the outlook for demand and skepticism about OPEC output cuts. The dollar’s rise also weighed on oil prices. West Texas Intermediate Crude oil futures for January ended lower by $1.03 or 1.4 percent at $73.04 a barrel, the lowest settlement since November 16.
Market Analysis
Lower Open Called For Indonesia Stock Market
2023-12-05 01:30:02
