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No Help Yet For Indonesia Stock Market

The Indonesia stock market has finished lower in three straight sessions, sinking more than 140 points or 2.9 percent along the way. The Jakarta Composite Index now sits just beneath the 4,920-point plateau and it's called lower again on Thursday.

The global forecast for the Asian markets is soft with technology stocks expected to continue their roller coaster ride, this time to the downside. A rising number of coronavirus cases adds to the negative sentiment. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Wednesday following losses from the financial shares and cement companies, while the resource stocks came in mixed.

For the day, the index fell 16.14 points or 0.33 percent to finish at 4,917.96 after trading between 4,873.02 and 4,984.24.

Among the actives, Bank Danamon Indonesia tanked 2.24 percent, while Bank Mandiri tumbled 1.89 percent, Bank CIMB Niaga shed 0.58 percent, Bank Negara Indonesia plummeted 2.64 percent, Indosat plunged 2.25 percent, Indocement retreated 2.32 percent, Semen Indonesia skidded 1.39 percent, Indofood Suskes declined 1.33 percent, United Tractors jumped 1.42 percent, Astra International lost 0.86 percent, Astra Agro Lestari surrendered 1.69 percent, Aneka Tambang spiked 2.04 percent, Vale Indonesia sank 2.14 percent, Timah gained 0.60 percent and Bumi Resources was unchanged.

The lead from Wall Street is broadly negative as stocks moved sharply lower on Wednesday, wiping out gains from the previous session as the markets fell to a one-month closing low.

The Dow tumbled 525.05 points or 1.92 percent to finish at 26,763.13, while the NASDAQ plummeted 330.65 points or 3.02 percent to end at 10,632.99 and the S&P 500 dropped 78.65 points or 2.37 percent to close at 3,236.92.

The sell-off on Wall Street came amid renewed weakness among technology stocks, as reflected by the particularly steep drop by the tech-heavy NASDAQ. Big-name tech companies like Netflix (NFLX), Apple (AAPL), Amazon (AMZN) and Alphabet (GOOGL) all showed significant moves to the downside.

Concerns about surging coronavirus cases in certain parts of the world may also have weighed on the markets even as President Donald Trump indicated the U.S. would not follow the U.K.'s lead and implement a second round of lockdowns.

Meanwhile, Federal Reserve Chair Jerome Powell, continuing to testify before Congress for the second day, said the U.S. Congress and the Federal Reserve both need to "stay with it" in working to bolster the economic recovery.

Crude oil futures settled higher Wednesday after data showed a drop in U.S. crude inventories last week. But the upside was capped by worries about the energy demand outlook amid a continued surge in coronavirus cases. West Texas Intermediate Crude futures for November ended higher by $0.13 or 0.3 percent at $39.93 a barrel.

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