On Thursday, Indonesia's stock market broke its two-day surge of near 200 points, equivalent to a 2.9 percent growth. The Jakarta Composite Index currently rests just above the 7,115-point mark, although it's predicted to recoup these losses on Friday.
The global outlook for Asian markets seems promising due to an improved stance on interest rates. European markets showed mixed results, whereas the U.S. markets rose, setting a trend anticipated for Asian markets.
The JCI ended significantly lower on Thursday, primarily due to a dip in financial shares and resource stocks. On the day, the index dipped by 116.77 points or 1.61 percent, closing at 7,117.42 after fluctuating between 7,072.47 and 7,232.95.
Among the active participants, Bank CIMB Niaga fell by 1.83 percent, whereas Bank Mandiri plunged 8.33 percent. Bank Danamon Indonesia fell by 2.19 percent, Bank Negara Indonesia dropped 8.00 percent, and Bank Central Asia pulled back by 2.55 percent. Meanwhile, Bank Rakyat Indonesia receded by 3.64 percent.
Several key market players also experienced losses. Indosat Ooredoo Hutchison lost 0.91 percent, Indocement plummeted by 6.77 percent, while Indofood Sukses Makmur and United Tractors declined by 0.40 percent and 2.11 percent respectively. Despite the general downward trend, Semen Indonesia grew by 1.50 percent and Astra International increased by 0.49 percent.
Wall Street's influence is strong with considerable gains on Thursday. The Dow rose by 322.37 points or 0.85 percent, settling at 38,225.66. Simultaneously, the NASDAQ rallied, increasing by 235.48 points or 1.51 percent to close at 15,840.96. The S&P 500 also grew by 45.81 points or a 0.91 percent, concluding the day at 5,064.20.
Such increased activity on Wall Street resulted from traders' relief following Wednesday's Federal Reserve's monetary policy announcement. Just the day earlier, traders were apprehensive about a potential rate hike, but the statement by Federal Reserve Chair Jerome Powell eased those concerns.
Oil futures saw a slight decrease on Thursday despite initial gains due to easing worries about supply disruptions coupled with concerns about future economic growth and energy demand. Consequently, West Texas Intermediate Crude oil futures for June ended lower by $0.05, finalizing at $78.95 a barrel.
