August 8, 2022

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Win Streak Likely To End For Indonesia Stock Market

2 min read

The Indonesia stock market has finished higher in consecutive trading days, collecting more than 35 points or 0.5 percent along the way. The Jakarta Composite Index now sits just beneath the 6,990-point plateau although the rally may stall on Wednesday.

The global forecast for the Asian markets is soft on rising geopolitical tensions between the United States and China, and concerns that the economy is slowing. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The JCI finished modestly higher on Tuesday as gains from the financials were offset by weakness from the resource stocks.

For the day, the index added 19.37 points or 0.28 percent to finish at 6,988.16.

Among the actives, Bank Danamon Indonesia improved 1.19 percent, while Bank Negara Indonesia strengthened 1.57 percent, Bank Central Asia climbed 1.33 percent, Bank Mandiri rallied 2.51 percent, Bank Rakyat Indonesia collected 0.92 percent, Indosat Ooredoo rose 0.37 percent, Indocement perked 0.27 percent, Indofood Suskes tumbled 2.90 percent, United Tractors jumped 2.18 percent, Energi Mega Persada surged 4.44 percent, Astra Agro Lestari tanked 2.59 percent, Aneka Tambang plunged 4.09 percent, Vale Indonesia plummeted 4.72 percent, Timah dropped 2.32 percent and Bumi Resources, Astra International, Bank CIMB Niaga and Semen Indonesia were unchanged.

The lead from Wall Street is negative as the major averages opened deep in the red on Tuesday, pared some of the losses but still closed well in negative territory.

The Dow plummeted 402.23 points or 1.23 percent to finish at 32,396.17, while the NASDAQ dipped 20.22 points or 0.16 percent to close at 12,348.76 and the S&P 500 sank 27.44 points or 0.67 percent to end at 4,091.19.

The weakness that emerged on Wall Street came as tensions climbed the U.S. and China due to U.S. House Speaker Nancy Pelosi’s visit to Taiwan.

In economic news, the Labor Department said the number of job openings in the United States fell by…

2022-08-02 22:00:14

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