The Indonesian stock market has experienced a decline over the past four trading sessions, losing nearly 190 points or approximately 2.5%. As a result, the Jakarta Composite Index (JCI) currently rests just under the 7,135-point level. However, there is cautious optimism that the downturn may halt on Tuesday. The outlook for Asian markets appears promising, buoyed by anticipated advances in technology and oil stocks. Both European and U.S. markets have shown upward trends, suggesting that Asian markets may also open positively.
On Monday, the JCI closed modestly lower as financial stocks suffered losses alongside mixed performances from cement and resource companies. The index decreased by 26.98 points, or 0.38%, to close at 7,134.28, with a trading range between 7,118.87 and 7,174.75. Key active stocks saw the following changes: Bank CIMB Niaga decreased by 0.84%, Bank Mandiri fell by 0.39%, Bank Danamon Indonesia declined 0.40%, Bank Negara Indonesia dropped 0.81%, Bank Central Asia tumbled 1.72%, and Bank Rakyat Indonesia decreased 2.68%. Other notable movements included Indosat Ooredoo Hutchison, which fell 0.88%, Indocement which lost 0.72%, Semen Indonesia which rose 0.28%, and United Tractors which fell 2.64%. Astra International also dipped by 0.20%, while Energi Mega Persada rose by 3.15%. Astra Agro Lestari declined 2.70%, Aneka Tambang slid 0.36%, Jasa Marga slumped 0.44%, Vale Indonesia plunged 3.40%, and Timah retreated 0.76%. In contrast, Bumi Resources surged 2.68%, with Bank Maybank Indonesia and Indofood Sukses Makmur remaining unchanged.
The report from Wall Street indicates a slight upward potential, as major averages initially diverged on Monday but ultimately concluded with mixed results. The Dow Jones Industrial Average fell by 55.39 points, or 0.13%, closing at 43,389.60. Meanwhile, the NASDAQ advanced 111.69 points, or 0.60%, to 18,791.81, and the S&P 500 increased by 23.00 points, or 0.39%, to settle at 5,893.62. The strength in the U.S. market was driven by bargain hunting activities, with traders seizing the opportunity to acquire stocks at reduced prices following last week's significant downturn amid concerns over interest rate projections.
In the U.S. economic sector, the National Association of Home Builders reported a more substantial than expected rise in homebuilder confidence for November, marking the highest level of confidence since April.
Oil prices on Monday saw an increase driven by concerns over potential supply shortages due to the escalation of the Russia-Ukraine conflict, alongside a weaker U.S. dollar. West Texas Intermediate crude oil futures for December rose by $2.14, or 3.2%, settling at $69.16 per barrel.