The Indonesia stock market headed south again on Wednesday, one day after snapping the three-day losing streak in which it had fallen more than 80 points or 1.6 percent. The Jakarta Composite Index now sits just beneath the 5,150-point plateau although it’s expected to get a lift on Thursday.
The global forecast for the Asian markets is upbeat, with bargain hunting on the menu – especially among the technology and oil stocks, which were hammered in recent days. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.
The JCI finished sharply lower on Wednesday with damage across the board – especially among the financial shares, resource stocks and cement companies.
For the day, the index tumbled 94.70 points or 1.81 percent to finish at 5,149.38 after trading between 5,135.81 and 5,216.02.
Among the actives, Bank Danamon Indonesia plunged 4.05 percent, while Bank Mandiri tumbled 3.35 percent, Bank CIMB Niaga skidded 2.47 percent, Bank Negara Indonesia tanked 4.29 percent, Indosat retreated 1.77 percent, Indocement surrendered 2.92 percent, Semen Indonesia dropped 0.98 percent, Indofood Suskes declined 4.11 percent, Astra Agro Lestari plummeted 6.03 percent, Aneka Tambang sank 3.64 percent, Vale Indonesia lost 2.84 percent, Timah cratered 3.59 percent and Bumi Resources was unchanged.
The lead from Wall Street is solid as stocks opened sharply higher on Wednesday and stayed that way throughout the trading day.
The Dow spiked 439.58 points or 1.60 percent to finish at 27,940.47, while the NASDAQ jumped 293.87 points or 2.71 percent to end at 11,141.56 and the S&P 500 climbed 67.12 points or 2.01 percent to close at 3,398.96.
The rebound on Wall Street came as some traders picked up stocks at reduced levels following the recent sell-off. Technology stocks showed a substantial rebound – especially Microsoft (MSFT), Apple