The Indonesian stock market has experienced inconsistent performance, alternating between gains and losses over the past six trading days, after a three-day winning streak that boosted it by over 70 points. The Jakarta Composite Index is currently just below the 7,300-point level but may face a downtrend.
The worldwide forecast for Asian markets indicates a limited movement, partly because many Asian countries are observing the Lunar New Year. European markets are trending upward, while the U.S. markets are displaying mixed performance. Asian markets are expected to follow a moderate trend.
On Monday, the Jakarta Composite Index closed slightly higher, backed by gains from financial services, cement companies, and resource stocks. The index rose by 0.85% or 62.52 points to 7,297.67, after fluctuating between 7,250.31 and 7,306.16 throughout the day.
Prominent performances were seen from Bank CIMB Niaga with a 7.02% increase and Bank Mandiri, Bank Danamon Indonesia, and Bank Negara Indonesia with respective increases of 2.16%, 2.52%, and 3.48%. Other contributors were Indocement, Semen Indonesia, Indofood Suskes, United Tractors, Energi Mega Persada, Astra Agro Lestari, Aneka Tambang, Vale Indonesia, Timah, and Bumi Resources.
The major U.S. indices exhibited ambiguous performance. The Dow Jones closed at a fresh record high, hinting at minimal momentum for Wall Street. The Dow gained 0.33% to end at 38,797.38, while the NASDAQ fell by 0.30%, closing at 15,942.54. The S&P 500 declined slightly by 0.09% to 5,021.84.
This uncertain trading pattern on Wall Street resulted as investors took a step back after a period of strong performance. With the S&P 500 crossing the 5,000-mark, the NASDAQ is also displaying significant progress, nearing its all-time highs from November 2021.
The absence of significant U.S. economic data also kept some investors cautious, but key reports are expected in the coming days. The Labor Department's consumer price inflation report for January, slated for release today, is likely to strongly influence interest rate predictions.
On Monday, Treasury bonds saw a modest increase after fluctuating throughout the day. Consequently, the yield of the benchmark ten-year note fell 1.5 basis points to 4.172%.
The crude oil futures remained relatively stable on Monday as demand concerns balanced against potential disruption in supply. The recovery of the dollar also affected prices. West Texas Intermediate Crude oil futures for March closed at $76.92 a barrel, a marginal increase from the previous close.
