The Indonesia stock market has tracked lower in back-to-back sessions, surrendering almost 45 points or 0.7 percent along the way. The Jakarta Composite Index now rests just above the 6,250-point plateau although it’s expected to rebound on Thursday.
The global forecast for the Asian markets is positive on solid earnings news and the outlook for the global economy. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.
The JCI finished modestly lower on Wednesday following losses from the financial and cement shares, while the resource stocks were mixed.
For the day, the index dropped 42.77 points or 0.68 percent to finish at 6,252.97 after trading between 6,247.99 and 6,308.35.
Among the actives, Bank Danamon Indonesia shed 0.50 percent, while Bank Mandiri tumbled 2.03 percent, Bank Central Asia eased 0.17 percent, Bank Negara Indonesia plunged 2.26 percent, Bank Rakyat Indonesia skidded 1.22 percent, Indosat jumped 1.67 percent, Indocement plummeted 3.44 percent, Semen Indonesia sank 1.89 percent, Indofood Suskes dropped 0.96 percent, Bumi Resources retreated 1.05 percent, Aneka Tambang spiked 1.90 percent, Vale Indonesia advanced 0.88 percent and Timah was unchanged.
The lead from Wall Street is upbeat as stocks opened higher on Wednesday and stayed that way throughout the day – offsetting the pullback in the previous session.
The Dow added 240.29 points or 0.93 percent to 26,202.73, while the NASDAQ gained 71.65 points or 0.90 percent to 8,020.21 and the S&P 500 rose 23.92 points or 0.82 percent to 2,924.43.
The initial strength on Wall Street reflected a positive reaction to upbeat earnings news from retail giants Target (TGT) and Lowe’s (LOW). The results from the retailers added to optimism that consumer spending will continue to support the U.S. economy despite early indicators of a looming recession.
Stocks remained positive following