The Indonesia stock market has shown resilience, advancing in four consecutive sessions and amassing over 250 points, equating to a 3.7% increase. The Jakarta Composite Index (JCI) is now positioned just below the 7,140 mark, with expectations of further gains on Tuesday. The global outlook for Asian markets remains relatively stable as investors anticipate key U.S. employment data due later in the week. European and U.S. markets closed with modest gains, suggesting a similar trend for Asian markets.
On Monday, the JCI experienced a substantial rise, driven by strong performances in financial, cement, and resource sectors. The index surged by 76.05 points, or 1.08%, closing at a high of 7,139.63 after hitting a low of 7,075.38. Key movers included Bank Mandiri, which increased by 1.63%, and Bank Negara Indonesia, up by 1.07%. Conversely, Bank Danamon Indonesia declined by 0.78%, and Bank Central Asia dropped 0.50%. Other notable performers were Semen Indonesia, soaring by 5.09%, and Timah, which skyrocketed by 5.71%. Indosat Ooredoo Hutchison, however, fell by 1.87%, and Vale Indonesia decreased by 0.47%. Meanwhile, Bank CIMB Niaga, Bumi Resources, and Astra Agro Lestari remained unchanged.
Wall Street provided a cautiously optimistic lead, as markets opened slightly higher on Monday, maintaining a narrow range before closing firmly in positive territory. The Dow Jones Industrial Average added 50.66 points (0.13%), finishing at 39,169.52. The NASDAQ Composite surged by 146.70 points (0.83%), ending at 17,879.30, and the S&P 500 increased by 14.61 points (0.27%), closing at 5,475.09.
The muted performance on Wall Street can be attributed to traders' anticipation of the upcoming Labor Department's monthly jobs report, which is expected to reveal a deceleration in job growth for June, potentially influencing interest rate outlooks. Furthermore, market participants are likely awaiting remarks from Federal Reserve Chair Jerome Powell on Tuesday and the Independence Day holiday on Thursday.
On the economic front, the Institute for Supply Management reported an unexpected contraction in U.S. manufacturing activity in June. Additionally, the Commerce Department indicated a slight decline in U.S. construction spending for May.
Oil prices saw a significant rise on Monday due to expectations of increased demand, supply concerns, and production cuts by OPEC. West Texas Intermediate crude oil futures closed higher, up $1.84 (approximately 2.2%), at $83.38 per barrel.
