Lower opening planned for the Indonesian stock market

(RTTNews) – The Indonesian stock market has ended lower in two of three trading days since the modest two-day winning streak ended in which it had collected more than 20 points or 0.3%. Jakarta’s composite index now sits just below the plateau of 6,535 points and could take more damage on Wednesday.

Global forecasts for Asian markets suggest consolidation amid lingering worries and concerns about COVID-19 over the outlook for interest rates. European and American markets were down and Asian markets are expected to open similarly.

JCI ended sharply lower on Tuesday following losses in financial stocks and mixed performances by cement and resource companies.

For the day, the index lost 74.36 points or 1.13% to end at a daily low of 6,533.93 after peaking at 6,647.48.

Among assets, Bank CIMB Niaga slipped 1.01%, while Bank Negara Indonesia sank 2.16%, Bank Central Asia fell 1.69%, Bank Mandiri lost 2.44%, Bank Rakyat Indonesia stumbled 1.92%, Indosat climbed 3.82%, Indocement added 0.48%, Semen Indonesia gave up 2.44 percent, Indofood Suskes plunged 3.08 percent, United Tractors fell 2.18 percent, Astra International fell 3.35 percent, Aneka Tambang fell 1.29 percent, Vale Indonesia advanced 0.84 percent, Timah fell 0.32 percent, Bumi Resources jumped 1.54 percent, Energi Mega Persada fell 1.72 percent and Bank Danamon Indonesia and Astra Agro Lestari remained unchanged.

Wall Street’s lead is generally negative as the major averages opened lower on Tuesday and remained largely underwater throughout the trading day.

The Dow Jones fell 652.22 points or 1.86% to close at 34,483.72, while the NASDAQ fell 245.14 points or 1.55% to close at 15,537.69 and the S&P 500 lost 88.26 points or 1.90% to finish at 4,567.01.

The sale on Wall Street partly reflected renewed concerns about the new variant of the coronavirus after the CEO of Moderna (MRNA) said in an interview that COVID-19 vaccines would likely be less effective against Omicron.

Stocks saw further decline after Federal Reserve Jerome Powell suggested during testimony to Congress that the central bank would discuss stepping up the pace at which it cuts its asset purchases at the next monetary policy meeting to fight inflation.

Crude oil prices fell sharply on Tuesday amid new concerns about the outlook for oil and jet fuel demand. West Texas Intermediate crude oil futures for January ended down $ 3.77 or 5.4% at $ 66.18 a barrel.

Closer to home, Indonesia will release November’s consumer price figures later today; in October, inflation was up 0.12% year on month and 1.66% year on year.

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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