The Indonesian stock market has experienced a decline for two consecutive sessions, shedding nearly 80 points equivalent to 1.1 percent of its value. The Jakarta Composite Index (JCI) currently sits just below the 7,180-point mark, though support could potentially arise on Friday.
Asian markets are anticipated to have a favorable global forecast. This optimism is influenced by strong economic indicators and a notable increase in crude oil prices. This trend follows positive performances in the European and U.S. markets.
The JCI ended slightly lower on Thursday due to losses from the financial and resource sectors, while the cement companies showed mixed results.
On that day, the index fell by 49.78 points or 0.69 percent, to close at 7,178.04 points.
Notable companies that saw movement include Bank Mandiri, which fell by 1.17 percent, and Bank Danamon Indonesia with a decline of 1.07 percent. Bank Negara Indonesia slid by 0.46 percent, and Bank Rakyat Indonesia decreased by 0.44 percent. In contrast, Bank Central Asia increased by 0.26 percent, and Indosat Ooredoo Hutchison gained 0.22 percent. In the industrial sector, Indocement fell by 0.81 percent, whilst Semen Indonesia surged by 2.90 percent and United Tractors gained 2.55 percent. Astra International recorded a loss of 0.49 percent, while Indofood Suskes remained unchanged.
The Wall Street trend is encouraging as major averages opened higher before losing some ground midway, but still closed significantly positive.
The Dow jumped by 242.74 points or 0.64 percent, to close at 38,049.13 points, whereas the NASDAQ gained 28.58 points or 0.18 percent to end at 15,510.50 points. The S&P 500 rose by 25.61 points or 0.53 percent to set a new record closing high of 4,894.16 points.
The initial upward momentum on Wall Street was triggered by the release of a Commerce Department report indicating stronger U.S. economic growth than expected, alongside a deceleration in the inflation rate during the fourth quarter of 2023.
Nevertheless, investors' enthusiasm softened due to anticipations about Friday's report on personal income and spending, which could greatly influence interest rates forecasts.
Oil prices experienced a sharp jump on Thursday, driven by a larger-than-predicted decrease in U.S. crude oil stockpile data released on Wednesday. West Texas Intermediate Crude oil futures for March rose by $2.27 or 3 percent, closing at $77.36 per barrel.
