Indonesian stock market could see further consolidation on Friday
(RTTNews) – Ahead of Thursday’s Hindu New Year holiday, the Indonesian stock market ended a two-day winning streak in which it had climbed over 100 points or 1.6%. Jakarta’s composite index is now just below the 6,870 plateau and it could take further damage on Friday.
The global outlook for Asian markets is negative and volatile, in response to the ongoing Russian invasion of Ukraine and resulting sanctions. European and American markets were down and Asian stock exchanges are expected to follow suit.
JCI ended slightly lower on Wednesday following losses in financial stocks and cement companies, while resource stocks were mixed.
For the day, the index fell 53.04 points or 0.77% to end at 6,868.40 after trading between 6,861.96 and 6,973.36.
Among assets, Bank Danamon Indonesia was down 1.24%, while Bank CIMB Niaga was down 0.94%, Bank Negara Indonesia was down 1.89%, Bank Central Asia was down 0.93%, Bank Mandiri fell 0.33%, Bank Rakyat Indonesia fell 1.51%, Indosat fell 2.26%. , Indocement plunged 3.09%, Semen Indonesia fell 5.28%, Indofood Suskes added 0.40%, United Tractors jumped 2.72%, Astra International fell 3.07%, Energi Mega Persada rebounded 2.89%, Bakrie Sumatera Plantations gained 0.85%, Astra Agro Lestari climbed 4.46%. , Aneka Tambang climbed 1.33%, Bumi Resources jumped 1.96% and Vale Indonesia and Timah were unchanged.
Wall Street’s lead is weak as major averages opened higher on Thursday and bounced off the unchanged line before late selling pressure saw them end firmly in the red.
The Dow Jones lost 96.69 points or 0.29% to end at 33,794.66, while the NASDAQ fell 214.08 points or 1.56% to end at 13,537.94 and the S&P 500 fell 23.05 points or 0.53% to close at 4,363.49.
The day’s volatility came as traders monitored developments in Ukraine as Russian forces continued to intensify their attacks, forcing thousands of Ukrainians to flee the country.
Traders fear that the sanctions imposed on Russia, and the resulting spike in oil prices, could derail the economic recovery even as the Federal Reserve prepares to start raising interest rates.
Fed Chairman Jerome Powell appeared before the Senate Banking Committee and reiterated that the central bank would likely raise rates by at least 25 basis points at its meeting later this month.
In economic news, the Labor Department noted a slight decrease in first jobless claims in the United States last week. Additionally, the Institute for Supply Management reported a continued slowdown in the pace of growth in U.S. service sector activity in February.
U.S. crude oil prices fell on Thursday, pulling back from multi-year highs on speculation over a possible nuclear deal with Iran. West Texas Intermediate crude oil futures for April ended down 2.6% at $107.67 a barrel.
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