Before the Lunar New Year holiday weekend, the Indonesian stock market had oscillated between gains and losses over the course of five consecutive trading days. This follows a three-day positive streak where the market rose over 70 points, or 1 percent. As a result, the Jakarta Composite Index currently rests just above 7,235 points, a plateau it is slated to maintain on the upcoming Monday.
Investment forecasts for Asian markets, including Indonesia, remain vague. Technology stocks are expected to offer some stability, although energy shares might impose downward pressure. European markets reported a decline, whilst the U.S. markets were mixed, setting a precedent that the Asian markets are predicted to follow.
The Jakarta Composite Index (JCI) reported minor losses on Wednesday, mainly due to a dip in resource stocks and a fluctuating financial sector. The index decreased by 12.26 points or 0.17 percent, ending the day at 7,235.15 after fluctuations between 7,225.45 and 7,285.13.
Regarding market activity, Bank CIMB Niaga increased by 0.56 percent, Bank Mandiri went up by 1.46 percent, while Bank Danamon Indonesia declined by 0.71 percent. Meanwhile, Bank Negara Indonesia decreased by 0.43 percent, though Bank Central Asia climbed 0.78 percent, and Bank Rakyat Indonesia raised by 0.43 percent. Other stocks saw a variety of incremental movements, while Astra Agro Lestari, Indofood Suskes, and Perusahaan Gas Negara remained static.
The U.S. Wall Street opened on Friday with a mixed response but followed suit throughout the day. The Dow decreased 54.61 points or 0.14 percent, ending at 38,671.69, while NASDAQ increased 196.96 points or 1.25 percent to conclude at 15,990.66. The S&P 500 also reported an increase, adding 28.70 points or 0.57 percent to close at a record-setting 5,026.70.
In weekly terms, NASDAQ surged 2.3 percent and the S&P 500 grew 1.4 percent, while the Dow increased marginally by 0.1 percent. The growth in Wall Street is mainly attributed to data from the Labor Department indicating a slight downward adjustment in consumer price growth in December, which invigorated tech stocks.
Excluding the tech sector, brokerage and retail stocks showed promising growth. In contrast, energy stocks decreased despite a continuing rise in crude oil prices. Crude oil prices managed to recover from an initial slump on Friday, ending slightly higher due to persisting tensions in the Middle East. Consequently, the West Texas Intermediate Crude oil futures for March rose by $0.62, ending at $76.84 a barrel. This marked the fifth consecutive day of increase, with a total weekly jump of 6 percent.
