Indonesia Stock Market May See Additional Support

RTTNews · 08 Jul 2022 151 Views

The Indonesia stock market has moved higher in two of three trading days since the end of 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 6,650-point plateau and it's expected to open higher again on Friday.

The global forecast for the Asian markets is upbeat, with support expected from the oil and technology sectors. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The JCI finished slightly higher as gains from the resource and energy companies were offset by weakness from the financials and cement stocks.

For the day, the index added 6.18 points or 0.09 percent to finish at 6,652.59.

Among the actives, Bank Danamon Indonesia shed 0.42 percent, while Bank Negara Indonesia lost 0.65 percent, Bank Central Asia plunged 2,74 percent, Bank Mandiri retreated 1.33 percent, Bank Rakyat Indonesia sank 0.74 percent, Indosat advanced 0.78 percent, Indocement tumbled 2.14 percent, Semen Indonesia declined 1.49 percent, Indofood Suskes slumped 1.43 percent, United Tractors eased 0.09 percent, Astra International surrendered 2.06 percent, Energi Mega Persada surged 5.45 percent, Bakrie Sumatera Plantations jumped 1.68 percent, Vale Indonesia tanked 3.35 percent, Timah climbed 1.15 percent, Bumi Resources strengthened 1.45 percent and Bank CIMB Niaga, Astra Agro Lestari and Aneka Tambang were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and stayed that way throughout the session.

The Dow spiked 346.87 points or 1.12 percent to finish at 31,384.55, while the NASDAQ surged 259.49 points or 2.28 percent to end at 11,621.35 and the S&P 500 jumped 57.54 points or 1.50 percent to close at 3,902.62.

The higher open on Wall Street came as traders continued to digest the minutes from the Federal Reserve's June meeting, which all but assured another significant rate hike in the Fed's bid to bring down inflation.

In economic news, the Commerce Department said the U.S. trade deficit narrowed less than expected in May, while the Labor Department reported that initial jobless claims rose more than expected.

The closely watched non-farm payroll report for June is due out from the Labor Department later today.

Crude oil futures settled higher on Thursday, regaining ground after two days of losses. Data showing a decline in gasoline supply last week, and the dollar's weakness supported oil prices. West Texas Intermediate Crude oil futures for August ended higher by $4.20 or 4.3 percent at $102.73 a barrel.

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