The Indonesian stock market has shown gains in two out of the last three trading sessions, following a recovery from a two-day downturn that saw a steep decline of nearly 250 points, or 3.3 percent. Currently, the Jakarta Composite Index (JCI) stands slightly above the 7,320 mark, though indications suggest it may experience downward movement again on Wednesday.
Globally, Asian markets are projected to trend negatively, influenced by the anticipation surrounding crucial U.S. inflation data expected later today. The downturn in European and U.S. markets is likely to influence Asian markets similarly.
On Tuesday, the JCI recorded a moderate increase, buoyed by positive performances in the food, telecom, and cement sectors, although financial and resource stocks showed mixed outcomes. The index rose by 55.53 points, equating to a 0.76 percent increase, closing at 7,321.99 after fluctuating between 7,268.61 and 7,344.07 during the trading day.
In individual stock movements, Bank CIMB Niaga fell by 0.28 percent, while Bank Mandiri increased by 0.39 percent and Bank Danamon Indonesia saw a gain of 0.40 percent. Bank Negara Indonesia saw a decrease of 1.20 percent, whereas Bank Central Asia and Bank Rakyat Indonesia climbed by 1.00 percent and 0.90 percent, respectively. Bank Maybank Indonesia saw a notable jump of 1.82 percent. Indosat Ooredoo Hutchison surged by 2.80 percent, and other contributors included Indocement with a 1.08 percent rise, Semen Indonesia up by 1.41 percent, and Indofood Sukses Makmur increasing by 0.64 percent. United Tractors and Energi Mega Persada soared by 2.39 percent and 5.30 percent, respectively. Aneka Tambang rallied 2.29 percent, while Jasa Marga increased by 0.21 percent. Conversely, Vale Indonesia dipped by 0.54 percent and Timah experienced a plunge of 5.28 percent. Bumi Resources saw a significant spike of 16.78 percent, and both Astra International and Astra Agro Lestari remained stable.
On Wall Street, the overall sentiment was subdued as major indices briefly opened higher only to decline into negative territory, culminating in modest losses. The Dow Jones Industrial Average dropped 382.15 points, or 0.86 percent, closing at 43,910.98. The NASDAQ index marginally declined by 17.36 points, or 0.09 percent, ending at 19,281.40, while the S&P 500 fell by 17.36 points, equivalent to 0.29 percent, concluding the day at 5,983.99.
This pullback reflects a pattern of profit-taking as traders opted to monetize recent market strengths post-U.S. elections. Moreover, there was a noticeable hesitance among traders to engage in substantial transactions ahead of the imminent consumer price inflation report.
In the commodities market, oil prices experienced a minor rise on Tuesday. This came in the wake of OPEC's revision of its 2025 global oil demand forecast, coupled with the continued strength of the U.S. dollar. December futures for West Texas Intermediate Crude increased marginally by $0.08, reaching $68.12 per barrel.
