Lower Open Anticipated For Indonesia Stock Market

RTTNews | hace 1068
Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Wednesday snapped the two-day winning streak in which it had picked up almost 30 points or 0.4 percent. The Jakarta Composite Index now rests just shy of the 7,190-point plateau and it's likely to open in the red again on Thursday.

The global forecast for the Asian markets is soft on renewed recession fears following another big rate hike from the FOMC. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The JCI finished slightly lower on Wednesday following losses from the financials and a mixed picture from the resource stocks.

For the day, the index dipped 8.64 points or 0.12 percent to finish at 7,188.31.

Among the actives, Bank Danamon Indonesia slid 0.37 percent, while Bank CIMB Niaga retreated 1.34 percent, Bank Central Asia dropped 0.88 percent, Bank Mandiri advanced 0.82 percent, Bank Rakyat Indonesia jumped 1.34 percent, Indosat Ooredoo Hutchison declined 1.42 percent, Indocement added 0.50 percent, Indofood Suskes improved 0.81 percent, United Tractors gained 0.51 percent, Astra International fell 0.35 percent, Energi Mega Persada tanked 2.16 percent, Astra Agro Lestari sank 0.84 percent, Aneka Tambang strengthened 1.46 percent, Vale Indonesia rallied 2.32 percent, Timah slumped 0.71 percent, Bumi Resources plummeted 6.55 percent and Semen Indonesia and Bank Negara Indonesia were unchanged.

The lead from Wall Street ends up negative as the major averages were steady throughout Wednesday session until the FOMC's rate decision sent them tumbling, closing near daily lows.

The Dow plummeted 522.45 points or 1.70 percent to finish at 30,183.78, while the NASDAQ tumbled 204.86 points or 1.79 percent to close at 11,220.19 and the S&P sank 66.00 points or 1.71 percent to end at 3,789.93.

The late-day volatility came after the Fed raised interest rates by another three-quarters of a percentage point and signaled further aggressive rate hikes for the remainder of the year.

Citing its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run, the Fed decided to raise its target range for the federal funds rate by 75 basis points to 3 to 3.25 percent.

The move marks the third straight 75 basis point rate hike by the Fed and lifts rates to their highest level since early 2008. With inflation remaining elevated, the Fed also said it expects that ongoing interest rate increases will be appropriate.

Crude oil prices drifted lower Wednesday amid concerns about the outlook for energy demand after the Federal Reserve's announcement of a sharp hike in interest rates raised fears about a recession. West Texas Intermediate Crude oil futures for November ended lower by $1.00 or 1.2 percent at $82.94 a barrel.

Closer to home, The central bank in Indonesia will wrap up its monetary policy meeting later today and announce its decision on interest rates. It's expected to lift its benchmark lending rate (4.00 percent), deposit facility rate (3.25 percent) and lending facility rate (4.75 percent) all by 25 basis points.

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