The Indonesia stock market has fluctuated between gains and losses over the past four trading days, following the conclusion of a three-day winning streak in which it gained over 80 points or 1 percent. The Jakarta Composite Index (JCI) currently sits just above the 7,775-point mark and is anticipated to rise again on Tuesday. The global forecast for Asian markets indicates a slight upward trend, primarily driven by positive momentum despite the absence of significant catalysts. European and U.S. markets saw modest gains, and it is expected that Asian markets will follow this trend.
On Monday, the JCI finished modestly higher, buoyed by gains in resource stocks, although this was partially offset by weakness in cement companies and a mixed performance from the financial sector. The index increased by 32.73 points or 0.42 percent, closing at 7,775.73 after dipping to 7,675.29 earlier in the session. Notably, Bank CIMB Niaga gained 0.25 percent, Bank Mandiri surged 2.05 percent, Bank Danamon Indonesia declined 0.37 percent, Bank Negara Indonesia rose 0.87 percent, Bank Central Asia climbed 1.62 percent, and Bank Rakyat Indonesia jumped 2.33 percent. Conversely, Bank Maybank Indonesia fell 0.85 percent, Indosat Ooredoo Hutchison surged 2.82 percent, Indocement retreated 1.45 percent, Semen Indonesia plummeted 2.05 percent, Indofood Sukses Makmur dropped 0.70 percent, and United Tractors increased 0.74 percent. Additionally, Energi Mega Persada surged 6.80 percent, Astra Agro Lestari rose 1.51 percent, Aneka Tambang increased 1.82 percent, Jasa Marga added 0.61 percent, Vale Indonesia climbed 1.35 percent, Timah soared 3.47 percent, Bumi Resources surged 6.90 percent, and Astra International and Perusahaan Gas Negara remained unchanged.
The outlook from Wall Street is cautiously optimistic. Major averages opened slightly higher on Monday and maintained their positions throughout the session, resulting in modest gains. The Dow Jones Industrial Average added 61.29 points or 0.15 percent to close at 42,124.65, the NASDAQ increased by 25.95 points or 0.14 percent to finish at 17,974.27, and the S&P 500 rose by 16.02 points or 0.28 percent to end at 5,718.57.
This modest strength on Wall Street is partly due to optimism about the economic outlook following the Federal Reserve's recent interest rate cut. The Fed is expected to continue lowering rates in the coming months amid signs of slowing inflation, even as the broader economy remains relatively strong. However, overall trading activity remains subdued as traders await the release of key economic data later this week.
Crude oil prices were unable to maintain early gains, falling midday due to demand concerns. West Texas Intermediate crude for October delivery declined by $0.47 or 0.66 percent, settling at $70.53 per barrel.