Soft Start Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Wednesday snapped the two-day winning streak in which it had surged almost 125 points or 2.1 percent. The Jakarta Composite Index now rests just beneath the 5,940-point plateau and it may extend its losses on Thursday.

The global forecast for the Asian markets is soft on global trade concerns and tumbling crude oil prices. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished slightly lower on Wednesday following mixed performances from the financial shares and the resource stocks.

For the day, the index slipped 11.74 points or 0.20 percent to finish at 5,939.64 after trading between 5,918.90 and 5,966.80.

Among the actives, Bank Danamon Indonesia shed 0.63 percent, while Bank Mandiri collected 0.69 percent, Bank Negara Indonesia tumbled 3.49 percent, Bank Rakyat Indonesia added 0.53 percent, Indocement rose 0.40 percent, United Tractors skidded 1.31 percent, Unilever lost 0.71 percent, Bumi Resources dropped 1.74 percent, Vale Indonesia spiked 2.36 percent, Timah sank 1.38 percent and Aneka Tambang, Indofood Suskes, Semen Indonesia, Bank Central Asia and Indosat all were unchanged.

The lead from Wall Street is negative as stocks gave ground on Wednesday, although the selling pressure was subdued and the downside limited.

The Dow shed 100.72 points or 0.39 percent to end at 25,776.61, while the NASDAQ fell 34.88 points or 0.45 percent to 7,750.84 and the S&P 500 sank 8.09 points or 0.28 percent to 2,856.27.

The weakness on Wall Street came as traders continued to worry the trade dispute between the U.S. and China is escalating into a full-fledged trade war. A report from the South China Morning Post said China is re-examining the entire bilateral economic relationship between the two countries.

Stocks remained mostly lower following the release of the minutes of the latest Federal Reserve meeting, which suggested the central bank is in no rush to alter the path of interest rates.

Crude oil prices plunged sharply Wednesday after data from the Energy Information Administration showed a sharp jump in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for June suffered their biggest single session fall in three weeks, settling with a loss of $1.71 or 2.7 percent at $61.42 a barrel.
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