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Indonesia Stock Market Overdue For Support

(RTTNews) – The Indonesia stock market has moved lower in four straight sessions, sliding almost 300 points or 5 percent in that span. The Jakarta Composite Index now rests just beneath the 5,690-point plateau although the bargain hunters may give it a boost on Thursday.

The global forecast for the Asian markets is cloudy, with coronavirus concerns warring with bargain hunting after heavy selling in recent days. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow that lead.

The JCI finished sharply lower on Wednesday following losses from the financial shares, cement companies and resource stocks.

For the day, the index skidded 98.22 points or 1.70 percent to finish at the daily low of 5,688.92 after peaking at 5,757.74.

Among the actives, Bank Danamon Indonesia skidded 1.46 percent, while Bank Mandiri tumbled 1.92 percent, Bank Central Asia retreated 1.68 percent, Bank Negara Indonesia sank 2.67 percent, Bank Rakyat Indonesia fell 0.44 percent, Indosat plunged 3.59 percent, Indocement declined 2.39 percent, Semen Indonesia lost 1.79 percent, Indofood Suskes slid 2.77 percent, Aneka Tambang plunged 4.55 percent, Vale Indonesia plummeted 4.33 percent, Timah cratered 5.22 percent and Bumi Resources was unchanged.

The lead from Wall Street provides little clarity as stocks opened firmly higher on Wednesday but faded as the day progressed – eventually ending the session mixed.

The Dow shed 123.77 points or 0.46 percent to finish at 26,957.59, while the NASDAQ rose 15.16 points or 0.17 percent to 8,980.77 and the SP 500 fell 11.82 points or 0.38 percent to 3,116.39.

Traders went bargain hunting early in the day, attempting to spark a rebound on Wall Street, but lingering concerns about the coronavirus outbreak escalating into a pandemic that slows global economic growth kept buying interest subdued.

The pullback by stocks coincided with a rebound by treasuries, which recovered from an early move to the downside and climbed into positive territory. As a result of the rebound by treasuries, the yield on the benchmark ten-year note ended the session at a new record closing low.

Traders shrugged off a Commerce Department report showing new home sales jumped to their highest level in over twelve years in January.

Crude oil prices declined sharply on Wednesday, extending losses to a fourth successive session, on rising concerns for the outlook for energy demand due to the coronavirus outbreak. West Texas Intermediate crude oil futures for April ended down $1.17 or 2.3 percent at $48.73 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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