Indonesian stock market expected to stay in range

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(RTTNews) – The Indonesian stock market has alternated between positive and negative results over the past four trading days since ending the three-day winning streak in which it jumped nearly 225 points or 3, 3%. The Jakarta Composite Index now sits just above the 6,870 plateau, although it is expected to open lower again on Wednesday.

The overall outlook for Asian markets is negative, with weakness expected in particular in oil and technology stocks ahead of the FOMC rate decision later today. European and American markets were down and Asian markets should follow suit.

JCI ended slightly higher on Tuesday after gains in financial stocks and resource stocks.

For the day, the index rose 13.13 points or 0.19% to end at 6,871.54.

Among assets, Bank Negara Indonesia rose 0.99%, while Bank Mandiri rose 2.89%, Bank Rakyat Indonesia collected 1.88%, Indosat Ooredoo fell 3.44%, Indocement fell 0.81%, Semen Indonesia climbed 1.15%, Indofood Suskes lost 0.36%, United Tractors. rose 0.08%, Astra International added 0.41%, Energi Mega Persada rose 2.07%, Bakrie Sumatera Plantations climbed 2.22%, Astra Agro Lestari fell 0.27%, Aneka Tambang jumped 1.99%, Vale Indonesia jumped 2.24%, Timah strengthened 1.42%, Bumi Resources soared 15.05% and Bank Danamon Indonesia, Bank CIMB Niaga and Bank Central Asia remained unchanged.

Wall Street’s advance is weak as major averages opened lower on Tuesday and remained in the red throughout the day, ending near session lows.

The Dow Jones fell 228.50 points or 0.71% to end at 31,761.54, while the NASDAQ plunged 220.09 points or 1.87% to close at 11,562.57 and the S&P 500 fell 45.79 points or 1.15% to end at 3,921.05.

Wall Street’s weakness also came as traders anticipated the Federal Reserve’s monetary policy announcement later in the day. The Fed is expected to announce another 75 basis point rate hike as part of its efforts to tackle high inflation.

In business news, Walmart came under pressure after lowering its second-quarter and full-year guidance due to pricing moves aimed at improving inventory levels. Auto giant General Motors (GM) also fell after reporting second-quarter results that missed estimates.

In US economic news, the Commerce Department said new home sales fell more than expected in June. Additionally, the Conference Board said consumer confidence in the United States deteriorated more than expected in July.

Crude oil prices fell on Tuesday, weighed by an announcement from the Biden administration for more sales from the National Petroleum Reserve to fight inflation at the pumps. The dollar’s rebound from recent losses has also contributed to lower oil prices. West Texas Intermediate crude oil futures for September ended down $1.72 or 1.8% at $94.98 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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