The Indonesian stock market experienced a rebound on Wednesday, following a brief end to a two-day winning streak that had seen a gain of nearly 120 points, or 1.6 percent. The Jakarta Composite Index (JCI) now hovers just below the 7,660-point mark. However, it is anticipated to decline again on Thursday.The global outlook for Asian markets remains mixed and relatively stagnant, especially with key inflation data on the horizon. While European markets showed mixed results, U.S. markets were on a downturn, suggesting that Asian markets may present a balance between the two.On Wednesday, the JCI concluded moderately higher with cement companies showing gains, while financials and resource stocks displayed mixed performances. For the day, the index rose by 60.99 points, or 0.80 percent, to settle at 7,658.88, after fluctuating between 7,581.05 and 7,672.29.Among the active stocks, Bank Mandiri surged by 2.85 percent, whereas Bank Danamon Indonesia declined by 0.75 percent. Bank Negara Indonesia decreased by 0.46 percent, while Bank Central Asia increased by 1.47 percent. Bank Rakyat Indonesia fell by 0.48 percent, but Bank Maybank Indonesia went up by 0.87 percent.Indosat Ooredoo Hutchison dropped by 0.70 percent, Indocement gained 0.35 percent, Semen Indonesia climbed by 1.26 percent, and Indofood Sukses Makmur saw a rise of 0.37 percent. United Tractors leaped by 1.65 percent, while Astra International plummeted by 2.43 percent. Energi Mega Persada tumbled by 1.92 percent and Aneka Tambang retreated by 1.36 percent. Vale Indonesia dipped by 0.27 percent, Timah fell by 0.96 percent, and Bumi Resources advanced by 1.09 percent. Bank CIMB Niaga, Astra Agro Lestari, and Jasa Marga remained unchanged.Wall Street’s lead was negative, with major averages opening lower and predominantly staying down throughout the trading day. The Dow Jones Industrial Average dropped by 159.08 points, or 0.39 percent, to close at 41,091.42. The NASDAQ declined by 198.79 points, or 1.12 percent, finishing at 17,556.03, and the S&P 500 decreased by 33.62 points, or 0.60 percent, settling at 5,592.18.The slump on Wall Street was partly due to apprehensions before the release of Nvidia’s fiscal second-quarter results, which later showed increased profits compared to the previous year, surpassing estimates.Moreover, traders were cautious ahead of Friday’s Commerce Department report on personal income and spending for July, which encompasses inflation metrics favored by the Federal Reserve. Although the data is unlikely to dampen optimism regarding a rate decrease by the Fed next month, it might influence expectations concerning the pace of future rate cuts.In the crude oil market, futures fell on Wednesday due to concerns about global oil demand and a much smaller-than-expected reduction in U.S. crude inventories from the previous week. West Texas Intermediate crude oil futures for October dropped by $1.01, or 1.34 percent, to settle at $74.52 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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