The Indonesian stock market has experienced fluctuating results over the last five trading days, following a two-day winning streak that saw an increase of nearly 130 points, approximately 1.9%. Presently, the Jakarta Composite Index (JCI) is hovering just above the 6,850-point mark, and it is anticipated to stay around this level on Wednesday.
The global outlook for Asian markets indicates minimal movement as investors await significant economic data scheduled for release later in the day. European markets closed lower, while U.S. markets had mixed results, suggesting that Asian markets might show a similar, balanced response.
On Tuesday, the JCI saw a sharp decline, driven by significant losses in the financial sector and varied outcomes among cement and resource companies. The index dropped 65.86 points, or 0.95%, ending the day at a low of 6,855.69 after reaching a high of 6,932.46.
Key performing stocks included:
- Bank CIMB Niaga decreased by 1.74%
- Bank Mandiri fell by 2.39%
- Bank Danamon Indonesia retreated by 1.94%
- Bank Negara Indonesia plunged by 2.82%
- Bank Central Asia dropped by 2.36%
- Bank Rakyat Indonesia lost 1.36%
- Indocement surged by 2.61%
- Semen Indonesia plummeted by 5.37%
- Indofood Sukses Makmur declined by 0.81%
- United Tractors fell by 2.13%
- Astra International fell by 3.55%
- Energi Mega Persada increased by 1.71%
- Astra Agro Lestari decreased by 0.43%
- Aneka Tambang rallied by 1.21%
- Vale Indonesia declined by 0.46%
- Timah decreased by 0.59%
- Bumi Resources climbed by 1.30%
- Indosat Ooredoo Hutchison and Jasa Marga Persero remained unchanged.
U.S. markets' performance on Tuesday was mixed. The Dow Jones Industrial Average dropped 120.62 points, or 0.31%, to close at 38,747.42. Conversely, the NASDAQ Composite rose by 151.02 points, or 0.88%, ending at a record 17,343.55. The S&P 500 also made gains, adding 14.53 points, or 0.27%, to finish at a record 5,375.32.
The rise in the NASDAQ was significantly supported by Apple Inc. (AAPL), which saw its shares surge by 7.3% to a record high following the unveiling of new artificial intelligence features expected to drive device upgrades.
Market participants are now focusing on two crucial economic events scheduled for later today: the U.S. Labor Department's inflation report for May and the Federal Reserve's monetary policy announcement. Although the Fed is expected to maintain current interest rates, traders will be paying particular attention to the accompanying statement and the latest economic and interest rate projections from officials.
In the commodities market, oil futures closed slightly higher on Tuesday amidst cautious trading ahead of inventory data and the Federal Reserve's policy announcement. West Texas Intermediate (WTI) crude oil futures for July delivery edged up by $0.16, closing at $77.90 per barrel.
