The Indonesian stock market has declined in two out of the last three trading sessions, following a brief two-day rally that saw gains of nearly 120 points or 1.6%. The Jakarta Composite Index (JCI) currently hovers just above the 7,625-point level and is expected to remain in a tight range on Friday.The global outlook for Asian markets suggests minimal movement as investors await crucial inflation data later today. While European markets saw gains, U.S. markets were mixed, which is expected to influence Asian markets to follow the subdued U.S. trend.On Thursday, the JCI closed modestly lower, weighed down by losses in financials and resource stocks. The index dropped 31.27 points or 0.41%, closing at its daily low of 7,627.60 after reaching an intraday high of 7,715.76.In terms of individual performances, Bank CIMB Niaga fell 1.32%, Bank Mandiri dropped 1.73%, Bank Danamon Indonesia decreased by 0.38%, Bank Negara Indonesia declined 1.40%, Bank Central Asia slipped 1.21%, and Bank Rakyat Indonesia fell 0.49%. On the other hand, Bank Maybank Indonesia surged 3.45%. Other notable movements included Indosat Ooredoo Hutchison plunging 2.82%, Indocement falling 0.35%, Indofood Sukses Makmur dipping 0.37%, United Tractors losing 1.35%, Astra International rising 1.00%, Energi Mega Persada dropping 1.96%, Astra Agro Lestari decreasing by 0.82%, Aneka Tambang declining 2.76%, Jasa Marga falling 2.30%, Vale Indonesia slipping 1.06%, Timah plummeting 3.40%, Bumi Resources diving 4.30%, and Semen Indonesia remaining unchanged.The latest indications from Wall Street provide little direction. Major U.S. indices started higher on Thursday, spending most of the session in positive territory before a late downturn left them mixed and virtually unchanged by the close. The Dow Jones Industrial Average added 243.63 points or 0.59% to hit a record 41,335.05. In contrast, the NASDAQ fell 39.60 points or 0.23% to 17,516.43, and the S&P 500 saw a marginal dip of 0.22 points or 0.00% to 5,591.96.Early optimism on Wall Street was driven by positive U.S. economic data, including a Commerce Department report revealing unexpected growth in the U.S. economy during the second quarter. Additionally, a Labor Department report showed a slight decrease in first-time unemployment claims.However, buying interest waned later in the session as traders turned their focus to upcoming consumer price inflation data. The decline in the tech-heavy NASDAQ was accentuated by a drop in Nvidia shares, despite the company reporting better-than-expected Q2 results and strong revenue forecasts for the fiscal third quarter.Oil prices spiked on Thursday due to supply concerns stemming from reports of Libya halting production and exports at several ports. West Texas Intermediate Crude oil futures for October rose $1.39 or 1.87%, closing at $75.91 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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