The Indonesia stock market has experienced fluctuations over the last four trading days, following a two-day decline during which it lost over 130 points or 1.9 percent. The Jakarta Composite Index (JCI) currently hovers just above the 7,140 mark, and it is projected to open lower again on Thursday.
Globally, Asian markets are expected to follow a downward trend influenced by concerns regarding treasury yields and anticipated interest rate hikes. The European and U.S. markets faced declines, setting a pessimistic tone for Asian markets.
On Wednesday, the JCI recorded a significant drop, impacted by losses in financial and cement sectors, while resource stocks showed mixed results. The index fell by 113.40 points, or 1.56 percent, to close at 7,140.23, fluctuating between 7,127.21 and 7,282.00 throughout the day.
Key movements among active stocks included:
- Bank CIMB Niaga down 2.73 percent
- Bank Mandiri down 2.52 percent
- Bank Danamon Indonesia down 0.76 percent
- Bank Negara Indonesia down 3.82 percent
- Bank Central Asia down 1.61 percent
- Bank Rakyat Indonesia down 2.65 percent
- Indosat Ooredoo Hutchison down 0.71 percent
- Indocement down 1.87 percent
- Semen Indonesia down 0.53 percent
- United Tractors up 0.22 percent
- Astra International down 1.11 percent
- Energi Mega Persada down 1.10 percent
- Astra Agro Lestari down 0.82 percent
- Aneka Tambang up 0.66 percent
- Vale Indonesia up 1.96 percent
- Timah down 1.08 percent
- Bumi Resources and Indofood Sukses Makmur remained unchanged
The negative lead from Wall Street was evident, with major indices opening lower and staying in the red throughout Wednesday's session. The Dow Jones Industrial Average dropped 411.32 points or 1.06 percent to close at 38,441.54, the NASDAQ declined 99.30 points or 0.58 percent to 16,920.58, and the S&P 500 fell 39.09 points or 0.74 percent to end at 5,266.95.
Wall Street's weakness was attributed to a continued rise in treasury yields, with the ten-year note yield reaching its highest point in nearly a month. This surge in yields has heightened concerns about future interest rate hikes ahead of key inflation data due later in the week.
Additionally, crude oil prices dropped on Wednesday due to apprehensions about interest rates and the potential negative impact of higher borrowing costs on energy demand. West Texas Intermediate (WTI) crude oil futures for July fell by $0.60, settling at $79.23 per barrel.
