Indonesia Stock Market Tipped To Open In The Green

RTTNews · 06 Jul 2022 129 Views

The Indonesia stock market on Tuesday halted the six-day losing streak in which it had plummeted almost 400 points or 7 percent. The Jakarta Composite Index now sits just above the 6,700-point plateau and it's expected to add to its winnings on Wednesday.

The global forecast for the Asian markets is inconsistent, with gains from the technology stocks likely to be offset by weakness from the energy producers. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Tuesday following gains from the financial shares and the resource stocks.

For the day, the index advanced 64.09 points or 0.97 percent to finish at 6,703.27.

Among the actives, Bank Danamon Indonesia climbed 1.29 percent, while Bank CIMB Niaga collected 0.51 percent, Bank Negara Indonesia improved 1.31 percent, Bank Central Asia increased 2.84 percent, Bank Mandiri spiked 3.38 percent, Bank Rakyat Indonesia gathered 1.24 percent, Indosat added 0.40 percent, Indocement rose 0.27 percent, Semen Indonesia retreated 1.47 percent, Indofood Suskes strengthened 1.47 percent, United Tractors surged 5.47 percent, Astra International tumbled 2.69 percent, Energi Mega Persada rallied 3.64 percent, Bakrie Sumatera Plantations jumped 1.68 percent, Astra Agro Lestari soared 4.56 percent, Aneka Tambang accelerated 4.07 percent, Timah gained 0.72 percent, Bumi Resources skyrocketed 6.06 percent and Vale Indonesia was unchanged.

The lead from Wall Street is mixed to higher as the major averages opened with deep losses on Tuesday; they improved throughout the session, although the Dow remained stuck in the red.

The Dow shed 129.44 points or 0.42 percent to finish at 30,967.82, while the NASDAQ surged 194.39 points or 1.75 percent to end at 11,322.24 and the S&P 500 rose 6.06 points or 0.16 percent to end at 3,831.39.

Growth fears outweighed news that U.S. President Joe Biden may announce a rollback of some U.S. tariffs on Chinese imports.

Investors also looked ahead to the release of the minutes of the central bank's latest policy meeting and the non-farm payrolls data, due out later in the week.

In economic news, the Labor Department said factory orders increased more than expected in May.

Crude oil prices plunged sharply Tuesday on concerns about the outlook for energy demand following a surge in Covid cases in China, while fears about Fed tightening, a strong greenback and a possible global slowdown also weighed on oil prices. West Texas Intermediate Crude oil futures for August plummeted $8.93 or 8.2 percent at $99.50 a barrel.

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