Renewed Selling Pressure Expected For Indonesia Shares On Thursday

RTTNews | 883 days ago
Renewed Selling Pressure Expected For Indonesia Shares On Thursday

(RTTNews) - The Indonesia stock market inched higher again on Wednesday, one day after ending the three-day winning streak in which it had picked up more than 70 points or 1.1 percent. The Jakarta Composite Index now rests just above the 6,940-point plateau although it's likely to turn lower again on Thursday.

The global forecast for the Asian markets is mixed to lower on concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished barely higher on Wednesday following mixed performances from the financials, cement companies and resource stocks.

For the day, the index rose 4.82 points or 0.07 percent to finish at 6,940.12.

Among the actives, Bank Danamon Indonesia fell 0.34 percent, while Bank CIMB Niaga collected 0.41 percent, Bank Negara Indonesia climbed 1.07 percent, Bank Central Asia dipped 0.28 percent, Bank Mandiri rose 0.25 percent, Bank Rakyat Indonesia improved 0.84 percent, Indocement strengthened 1.62 percent, Semen Indonesia slid 0.34 percent, Indofood Suskes jumped 1.87 percent, United Tractors lost 0.40 percent, Astra International retreated 1.28 percent, Energi Mega Persada rallied 1.61 percent, Astra Agro Lestari advanced 0.92 percent, Aneka Tambang shed 0.44 percent, Vale Indonesia dropped 0.68 percent, Timah sank 0.41 percent, Bumi Resources tumbled 2.05 percent and Indosat Ooredoo Hutchison was unchanged.

The lead from Wall Street is negative as the major averages opened lower on Wednesday and remained in the red throughout the session.

The Dow tumbled 207.68 points or 0.61 percent to finish at 33,949.01, while the NASDAQ plunged 203.27 points or 1.68 percent to close at 11,910.52 and the S&P 500 sank 46.14 points or 1.11 percent to end at 4,117.86.

The pullback on Wall Street came as some traders looked to cash in Tuesday's gains, which came amid a positive reaction to comments by Federal Reserve Chair Jerome Powell.

Powell acknowledged recent indications of easing inflation but noted that the disinflationary process has a long way to go and cautioned further interest rate hikes could be needed.

The positive sentiment generated in reaction to Powell's comments was partly offset by remarks by New York Fed President John Williams, who said interest rates may need to be kept at an elevated level for a few years to bring down inflation.

Crude oil futures settled higher on Wednesday, extending gains to a third straight session amid hopes of higher demand from China. West Texas Intermediate Crude oil futures for March ended higher by $1.33 or 1.7 percent at $78.47 a barrel.

Closer to home, Indonesia will provide December data for retail sales later today; in November, sales rose 1.3 percent on year.

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