Further selling pressure expected for the Indonesian stock market
(RTTNews) – The Indonesian stock market rebounded again on Friday, a session after ending the two-day winning streak in which it had climbed more than 100 points or 1.6%. Jakarta’s composite index is now just below the plateau of 6,930 points, although it is poised to head back south on Monday.
The overall forecast for Asian markets is continued volatility with a downward bias thanks to the ongoing Russian invasion of Ukraine. European and American markets were down and Asian markets are expected to open similarly.
JCI ended slightly higher on Friday after gains in financial stocks and resource stocks.
For the day, the index advanced 59.93 points or 0.87% to end at 6,928.33 after trading between 6,895.73 and 6,936.99.
Among assets, Bank Danamon Indonesia fell 0.84%, Bank Negara Indonesia climbed 1.61%, Bank Central Asia fell 0.94%, Bank Mandiri collected 0.33%, Bank Rakyat Indonesia improved 2.41%, Semen Indonesia fell 1.49%, Indofood Suskes fell 2.02%. United Tractors jumped 6.07%, Astra International gained 1.81%, Energi Mega Persada fell 6.74%, Bakrie Sumatera Plantations jumped 4.20%, Astra Agro Lestari rose 2.64 %, Aneka Tambang climbed 6.99%, Vale Indonesia strengthened 2.86%, Timah climbed 5.66%. Bumi Resources soared 11.54% and Bank CIMB Niaga, Indosat and Indocement were unchanged.
Wall Street’s lead is weak as major averages opened lower on Friday and remained solidly in the red throughout the session.
The Dow Jones lost 179.90 points or 0.53% to end at 33,614.80, while the NASDAQ fell 224.46 points or 1.66% to close at 13,313.44 and the S&P fell down 34.62 points or 0.79% to end at 4,328.87. For the week, the NASDAQ plunged 2.8% and the Dow Jones and S&P both fell 1.3%.
Wall Street’s weakness came as concerns over the impact of Russia’s invasion of Ukraine continued to weigh on markets, with Russia stepping up its attacks and taking control of Ukraine’s nuclear power plant in Zaporizhzhia, the most largest nuclear power plant in Europe.
Concerns over Ukraine overshadowed the Labor Department report which showed US employment jumped again much more than expected in February.
Crude oil prices rose sharply on Friday as concerns over supply disruptions grew amid an escalating Russia-Ukraine conflict. West Texas Intermediate crude oil futures for April rose $8.01, or about 7.4%, to $115.68 a barrel, the highest settlement since September 2008. WTI crude soared 26.3% for the week, the biggest percentage rise since the week ending April 3. , 2020.
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