April 19, 2021

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Indonesia Stock Market Tipped To Open In The Green

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VIXC Financial and Market News

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The Indonesia stock market on Wednesday wrote a finish to the three-day winning streak in which it had advanced more than 70 points or 1.1 percent. The Jakarta Composite Index now rests just above the 6,250-point plateau although it’s expected to rebound again on Thursday.

The global forecast for the Asian markets is upbeat on easing bond yields and surging crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The JCI finished modestly lower on Wednesday following losses from the cement and resource stocks, while the financials were mixed.

For the day, the index slid 21.75 points or 0.35 percent to finish at 6,251.05 after trading between 6,223.65 and 6,294.14.

Among the actives, Bank Danamon Indonesia surged 5.81 percent, while Bank CIMB Niaga soared 5.70 percent, Bank Negara Indonesia climbed 2.10 percent, Bank Central Asia dropped 1.47 percent, Bank Mandiri collected 0.79 percent, Bank Rakyat Indonesia skidded 1.25 percent, Indosat retreated 2.16 percent, Telkom Indonesia rose 0.29 percent, Indocement sank 1.51 percent, Semen Indonesia lost 1.67 percent, Indofood Suskes advanced 0.83 percent, United Tractors surrendered 2.49 percent, Astra International declined 1.75 percent, Astra Agro Lestari accelerated 3.19 percent, Aneka Tambang shed 1.02 percent, Vale Indonesia was down2.70 percent, Timah tumbled 3.39 percent and Bumi Resources tanked 4.84 percent.

The lead from Wall Street is broadly positive as stocks opened in the red on Wednesday but then quickly surged well into the green, accelerating into the close.

The Dow spiked 424.51 points or 1.35 percent to finish at 31,961.86, while the NASDAQ jumped 132.77 points or 0.99 percent to end at 13,597.97 and the S&P 500 gained 44.06 points or 1.14 percent to close at 3,925.43.

The rally on Wall Street came as bond yields gave ground after spiking early in the session. The yields on ten-year notes and thirty-year bonds reached their highest intraday levels in a year before pulling back as the day progressed.

The pullback by yields followed comments from Federal Reserve Chair Jerome Powell, who again reiterating that the Fed is likely to maintain its ultra-easy monetary policy for the foreseeable future.

On the U.S. economic front, the Commerce Department noted a much bigger than expected jump in new home sales in the U.S. in January.

Crude oil prices were sharply higher Wednesday, fueled by the likely impact of last week’s severe cold conditions on refinery activity in Texas. West Texas Intermediate Crude oil futures for April ended up $1.55 or 2.5 percent at $63.22 a barrel, the highest settlement since January 2020.

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2021-02-24 21:00:06

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