November 27, 2020

Market and Financial News Aggregator

Lower Open Called For Indonesia Stock Market

2 min read

The Indonesia stock market has finished higher in four straight sessions, advancing more than 360 points or 7 percent along the way. The Jakarta Composite Index now sits just above the 5,460-point plateau although it’s expected to open in the red on Wednesday.

The global forecast is cloudy, with continued optimism for a Covid-19 vaccination likely countered by profit taking following recent rallies. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The JCI finished sharply higher on Tuesday following gains from the financial shares and cement stocks, while the resource companies were mixed.

For the day, the index spiked 106.73 points or 1.99 percent to finish at 5,462.74 after trading between 5,412.59 and 5,469.18.

Among the actives, Bank Danamon Indonesia spiked 3.54 percent, while Bank Mandiri rallied 3.66 percent, Bank CIMB Niaga collected 1.90 percent, Bank Negara Indonesia surged 4.41 percent, Bank Rakyat Indonesia accelerated 8.40 percent, Astra International climbed 2.68 percent, Indosat dropped 0.95 percent, Indocement skyrocketed 7.02 percent, Semen Indonesia soared 3.67 percent, Indofood Suskes lost 0.69 percent, Astra Agro Lestari added 0.70 percent, Aneka Tambang plunged 3.23 percent, Bukit Asam gained 0.50 percent, Vale Indonesia shed 0.66 percent, Timah tumbled 2.15 percent and Bumi Resources was unchanged.

The lead from Wall Street in inconsistent as the Dow opened higher on Tuesday and remained in the green – but the NASDAQ and S&P 500 spent most of the day in negative territory.

The Dow jumped 262.95 points or 0.90 percent to finish at 29,420, while the NASDAQ plunged 159.93 points or 1.37 percent to end at 11,553.86 and the S&P 500 fell 4.97 points or 0.14 percent to close at 3,545.53.

The mixed performance on Wall Street came as traders continued to cycle out of tech stocks that benefited from the coronavirus pandemic, such as Zoom (ZM) and Amazon (AMZN).

The shift comes as upbeat news about a vaccine being developed by Pfizer (PFE) and BioNTech (BNTX) has generated optimism that business may return to normal next year. However, there could be more pain between now and then, as coronavirus cases in the U.S. continue to spike and have now topped 10 million.

Traders are also keeping an eye on developments in Washington as President Donald Trump continues to refuse to concede to President-elect Joe Biden.

Crude oil futures ended sharply higher Tuesday, extending gains from the previous session as optimism over a potential coronavirus vaccine continued to outweigh worries about the energy demand outlook. West Texas Intermediate Crude oil futures for December ended up $1.07 or 2.7 percent at $41.36 a barrel.

Closer to home, Indonesia will provide September data for retail sales later today; in August, sales were down 9.2 percent on year.

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2020-11-10 21:00:11


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