The Indonesia stock market picked up less than a single point, but that was enough to halt the two-day slide in which it had stumbled more than 140 points or 2.3 percent. The Jakarta Composite Index now sits just beneath the 5,835-point plateau although it’s expected to turn lower again on Wednesday.
The global forecast for the Asian markets is flat to lower on sliding crude oil prices and concern over the outlook for interest rates. The European markets were mixed and flat, while the U.S. bourses were down – and the Asian markets figure to split the difference.
The JCI finished slightly higher on Tuesday as gains from the resource stocks were offset by weakness from the financial shares.
For the day, the index rose 0.53 points or 0.01 percent to finish at 5,834.39 after trading between 5,782.78 and 5,855.67.
Among the actives, Bank Danamon Indonesia shed 0.40 percent, while Bank CIMB Niaga lost 0.51 percent, Bank Negara Indonesia dropped 0.91 percent, Bank Central Asia declined 1.69 percent, Bank Mandiri fell 0.42 percent, Indosat rallied 2.09 percent, Indocement retreated 1.61 percent, Semen Indonesia tanked 2.06 percent, Indofood Suskes rose 0.39 percent, United Tractors spiked 2.22 percent, Astra International slid 0.48 percent, Aneka Tambang soared 3.59 percent, Vale Indonesia improved 2.90 percent, Timah surged 3.54 percent, Bumi Resources accelerated 3.33 percent and Astra Agro Lestari and Bank Rakyat Indonesia were unchanged.
The lead from Wall Street is negative as stocks opened mixed on Tuesday but accelerated into the red as the day progressed.
The Dow shed 267.13 points or 0.78 percent to finish at 34,060.66, while the NASDAQ lost 75.41 points or 0.56 percent to end at 13,303.64 and the S&P 500 fell 35.46 points or 0.85 percent to close at 4,127.83.
The soft finish from Wall Street indicated concerns ahead of the release of the minutes of the Federal Reserve’s April monetary policy meeting later today, which may provide clues for plans of monetary tightening.
Strong earnings announcements from Walmart (WMT) and Home Depot (HD) helped keep the undertone positive early on in the session, but the mood turned cautious as the day progressed and stocks started paring gains on selling pressure.
In economic news, the Commerce Department showed housing starts in the U.S. tumbled in April, while a separate report showed that building permits rose roughly as expected.
Crude oil futures settled lower Tuesday, weighed down by signs of progress in the Iran nuclear talks. Traders were also weighing global energy demand prospects amid the continued surge in coronavirus cases in Asian countries. West Texas Intermediate Crude oil futures for June ended lower by $0.78 or 1.2 percent at $65.49 a barrel.
Market Analysis
Indonesia Stock Market Tipped To Head South On Wednesday
2021-05-19 02:00:30
