Renewed consolidation is likely for the Indonesian stock market

(RTTNews) – The Indonesian stock market rebounded again on Friday, a session after ending the two-day winning streak in which it had accumulated more than 115 points or 1.9%. The Jakarta Composite Index now sits just above the 6,890 plateau, although it is poised to head back south on Monday.

The overall outlook for Asian markets is negative due to continued uncertainty created by fears of an imminent Russian invasion of Ukraine. European and American markets were down and Asian exchanges are expected to open similarly.

The JCI ended slightly higher on Friday after gains in financials and mixed performance in resources and cement stocks.

For the day, the index advanced 57.70 points or 0.84% ​​to end at 6,892.82 after trading between 6,812.36 and 6,899.41.

Among assets, Bank Danamon Indonesia fell 1.24%, while Bank CIMB Niaga rebounded 2.07%, Bank Negara Indonesia rose 0.95%, Bank Central Asia rose 0.32%, Bank Rakyat Indonesia collected 0.68%, Indosat climbed 1.37%, Indocement fell 1.80%. Semen Indonesia rose 0.34%, United Tractors rose 0.84%, Astra International climbed 2.28%, Energi Mega Persada rose 1.13%, Bakrie Sumatera Plantations jumped 1.57 %, Astra Agro Lestari soared 3.64%, Aneka Tambang soared 7.46%, Vale Indonesia soared 3.16%. , Timah jumped 5.11%, Bumi Resources fell 6.25% and Bank Mandiri and Indofood Suskes were unchanged.

Wall Street’s lead is weak as major averages opened lower on Friday and remained that way for most of the session, ending firmly in the red.

The Dow Jones lost 232.85 points or 0.68% to end at 34,079.18, while the NASDAQ fell 168.65 points or 1.23% to close at 13,548.07 and the S&P 500 fell. lost 31.39 points or 0.72% to end at 4,348.87. For the week, the Dow Jones fell 1.9%, the NASDAQ fell 1.8% and the S&P fell 1.6%.

Wall Street’s continued weakness came amid lingering geopolitical concerns as the Ukrainian government and Russian state-controlled media continued to trade accusations of ceasefire violations in the east of the country.

Uncertainty over the outlook for monetary policy also continued to weigh on markets ahead of an anticipated interest rate hike by the Federal Reserve next month.

In US economic news, the National Association of Realtors reported a surge in sales of existing homes last month. In addition, the Conference Board showed an unexpected decline in its main US economic indicators in January.

Crude oil prices fell on Friday amid signs of negotiations to restore the Iran nuclear deal. West Texas Intermediate crude oil futures for March ended down $0.69 or 0.36% at $91.07 a barrel. WTI futures lost 2.2% during the week.

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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