The Indonesia stock market has finished lower in two straight sessions, dropping more than 140 points or 2.3 percent along the way. The Jakarta Composite Index now sits just beneath the 5,835-point plateau and it may take further damage on Tuesday.
The global forecast for the Asian markets suggests mild consolidation due to a surge in local coronavirus cases. The European and U.S. markets finished with slight losses and the Asian markets figure to open in similar fashion.
The JCI finished sharply lower on Monday following losses from the resource, cement and telecom stocks, while the financials were mixed.
For the day, the index sank 104.49 points or 1.76 percent to finish at 5,833.86 after trading between 5,817.71 and 5,958.79.
Among the actives, Bank Danamon Indonesia tumbled 1.95 percent, while Bank CIMB Niaga retreated 1.52 percent, Bank Negara Indonesia fell 0.45 percent, Bank Central Asia was up 0.31 percent, Bank Mandiri collected 0.42 percent, Bank Rakyat Indonesia lost 2.26 percent, Indosat declined 1.65 percent, Semen Indonesia surrendered 2.02 percent, Indofood Suskes tanked 3.42 percent, United Tractors eased 0.12 percent, Astra International sank 0.96 percent, Astra Agro Lestari skidded 1.48 percent, Aneka Tambang cratered 5.99 percent, Vale Indonesia plunged 6.76 percent, Timah plummeted 6.87 percent, Bumi Resources dropped 4.76 percent and Indocement was unchanged.
The lead from Wall Street is soft as stocks opened in the red on Monday, came off of the day’s lows but still ended in negative territory.
The Dow shed 54.34 points or 0.16 percent to finish at 34,327.79, while the NASDAQ lost 50.93 points or 0.38 percent to end at 13,379.05 and the S&P 500 fell 10.56 points or 0.25 percent to close at 4,163.29.
Lingering concerns about inflation and the outlook for monetary policy weighed on Wall Street ahead of the release of the minutes of the Federal Reserve’s latest monetary policy meeting on Wednesday.
Traders will closely analyze the Fed minutes for indications officials are growing concerned about the recent acceleration in inflation and considering tapering asset purchases.
In economic news, the Federal Reserve Bank of New York said regional manufacturing activity pulled back modestly in May after jumping to a three-year high in April. Also, the National Association of Home Builders said homebuilder confidence in the U.S. held steady in May.
Crude oil prices rose sharply Monday on hopes energy demand will pick up as the U.S. and European economies show signs of a quick recovery from the pandemic. West Texas Intermediate Crude oil futures for June rose $0.90 or 1.4 percent at $66.27 a barrel.
Market Analysis
Indonesia Stock Market Tipped To Extend Losing Streak
2021-05-18 02:00:35
