The Indonesian stock market has experienced declines for two consecutive sessions, with the Jakarta Composite Index (JCI) shedding nearly 100 points, equivalent to a 1.3 percent drop. As it stands, the JCI is hovering slightly above the 7,540 mark and is anticipated to open lower again on Friday.
Globally, the outlook for Asian markets appears rather subdued ahead of significant U.S. employment data expected later in the day. After declines observed in both European and U.S. markets, Asian stock exchanges are predicted to follow a similar trajectory.
On Thursday, the JCI registered a slight decrease, impacted by mixed performances across the financial and resource sectors. The index fell by 19.43 points, or 0.26 percent, closing at 7,543.83, within a trading range of 7,504.41 to 7,581.33 for the day.
Performance highlights from the day include Bank CIMB Niaga, which fell by 0.27 percent, and Bank Mandiri, which increased by 1.08 percent. Bank Danamon Indonesia saw a gain of 1.15 percent, while Bank Negara Indonesia added 0.47 percent. Bank Central Asia experienced a decline of 0.48 percent, Bank Rakyat Indonesia decreased by 0.40 percent, and Indosat Ooredoo Hutchison rose by 0.96 percent. Indocement surged by 1.84 percent, while Semen Indonesia recorded an impressive rise of 3.59 percent. Indofood Sukses Makmur increased by 0.35 percent, United Tractors dipped slightly by 0.09 percent, and Astra International climbed 1.94 percent. Energi Mega Persada saw a significant drop of 5.04 percent, while Jasa Marga improved by 0.41 percent. Vale Indonesia advanced by 0.47 percent, Timah fell by 0.85 percent, and Bumi Resources tumbled by 3.62 percent. Meanwhile, Bank Maybank Indonesia, Astra Agro Lestari, and Aneka Tambang remained unchanged.
The influence from Wall Street was muted, with major indices opening lower on Thursday and maintaining their decline throughout the day, closing with moderate losses. The Dow Jones Industrial Average fell by 184.93 points, or 0.44 percent, to 42,011.59. The NASDAQ slightly declined by 6.65 points, or 0.04 percent, ending at 17,918.47, while the S&P 500 decreased by 9.60 points, or 0.17 percent, closing at 5,699.94.
This lack of clear direction on Wall Street can be attributed to traders' hesitance in making substantial movements ahead of the highly anticipated monthly jobs report from the U.S. Labor Department, due on Friday. The report is expected to influence economic projections and anticipate the Federal Reserve's approach to interest rate adjustments.
Simultaneously, investors monitored developments in the Middle East, where escalating conflict has significantly driven crude oil prices upward. On Thursday, oil prices surged notably due to rising tensions between Israel and Iran, sparking concerns about potential supply disruptions. West Texas Intermediate Crude oil futures for November finished with a significant increase of $3.61, or 5.2 percent, settling at $73.71 per barrel.