The Indonesian stock market concluded a three-day winning streak on Monday, during which it saw an increase of nearly 130 points, or 1.8 percent. The Jakarta Composite Index (JCI) now stands slightly above the 7,250-point mark and is anticipated to see positive momentum as trading resumes on Tuesday.
The global forecast for Asian markets remains cautiously optimistic due to uncertainty surrounding interest rates. While European markets declined and U.S. markets displayed mixed results, Asian markets are expected to follow the U.S.'s mixed but steady trend.
On Monday, the JCI experienced a slight decline, mainly due to losses in financial shares, which were largely balanced out by gains in the cement sector.
Specifically, the index dipped by 2.40 points or 0.03 percent, closing at 7,250.98.
Among the notable active stocks, Bank Mandiri dropped 3.11 percent, Bank Danamon Indonesia fell 0.77 percent, and Bank Negara Indonesia decreased by 0.64 percent. On the other hand, Bank Central Asia gained 1.01 percent, Indocement rallied 2.68 percent, and Semen Indonesia surged by 6.33 percent. Indofood Sukses Makmur increased 1.22 percent, United Tractors added 0.84 percent, Astra International strengthened by 1.31 percent, while Jasa Marga declined 0.47 percent, and Vale Indonesia improved by 0.74 percent.
Wall Street's performance on Monday provided limited guidance as major averages opened higher but soon fluctuated, ending the day mixed with minimal overall changes.
The Dow Jones Industrial Average fell by 31.08 points or 0.08 percent to close at 39,344.79. Conversely, the NASDAQ gained 50.98 points or 0.28 percent, reaching a record close of 18,403.74. The S&P 500 increased by 5.66 points or 0.10 percent, also hitting a record high at 5,572.85.
This volatility on Wall Street stemmed from uncertainty regarding the future of interest rates, with key economic reports on consumer and producer prices expected later this week.
Additionally, traders are keenly awaiting Federal Reserve Chair Jerome Powell's testimony before Congress, anticipating insights into the future interest rate trajectory.
Oil prices experienced a decline on Monday due to the impact of Hurricane Beryl, which led to the shutdown of several oil export facilities near Houston. West Texas Intermediate (WTI) Crude oil futures for August settled at $82.33 per barrel, down by $0.83 or 1 percent.
