(RTTNews) – The Indonesian stock market ended a four-day winning streak on Tuesday, rising more than 250 points (3.7%). The Jakarta Composite Index is now just above a high of 7,125 points but is likely to find new support on Wednesday.
Global forecasts for Asian markets suggest little movement ahead of Friday’s US employment data. European markets are falling and US stocks are rising, with Asian markets expected to follow the latter trend.
The JCI ended slightly lower on Tuesday following mixed performance in financial and resource stocks, but was supported by cement companies.
The index traded between 7,099.05 and 7,176.87 for the day before closing down 14.48 points, or 0.20 percent, at 7,125.14.
Among the stocks with higher volume were Bank CIMB Niaga down 1.14%, Bank Mandiri down 0.80%, Bank Danamon Indonesia up 0.39%, Bank Central Asia up 0.25%, Bank Rakyat Indonesia down 1.30%, Indosat Ooredoo Hutchison slumped 1.19%, India Cement surged 2.04%, Semen Indonesia rose 1.02%, Astra International slumped 1.95%, Energi Mega Persada surged 3.09%, Aneka Tambang slumped 0.77%, Vale Indonesia fell 2.38%, Timah rose 1.08%, Bumi Resources rose 3.85%, Astra Agro Lestari fell 0.46%, while Bank Negara Indonesia and Indofood Sukses Makmur were unchanged.
The lead from Wall Street was positive, with major stock averages starting lower on Tuesday and holding the line for much of the day before a late surge sent them steadily higher by the close.
The Dow rose 162.33 points, or 0.41 percent, to finish at 39,331.85, the Nasdaq gained 149.46 points, or 0.84 percent, to close at 18,028.76 and the S&P 500 added 33.92 points, or 0.62 percent, to close at 5,509.01.
The soft start on Wall Street followed comments from Federal Reserve Chairman Jerome Powell, who expressed satisfaction with inflation progress but said he wanted to see more before feeling confident enough to start cutting interest rates.
Stocks rose after bond yields fell as investors prepared for a key jobs report due to be released later in the week.
Oil prices fell on Tuesday as concerns about supply disruptions from Hurricane Beryl eased. West Texas Intermediate crude oil futures for August delivery fell $0.57, or about 0.7 percent, to close at $82.81 a barrel.
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