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Sunday, May 16, 2021
Stocks & Shares

Indonesia stock market ends lower in two straight sessions

Indonesia stock market

The Jakarta Composite Index (JCI) slid 121.64 points or 2.00 percent to close at 5,948.57 after trading between 5,942.71 and 6,088.83

The Indonesia stock market has ended lower in two consecutive sessions, falling nearly 125 points or 2.1 percent. The Jakarta Composite Index (JCI) is now just below the 5,950-point mark and it’s predicted to open in the red again on Tuesday.

The global forecast for the Asian markets suggests mild consolidation amidst a lack of catalysts, with support from crude oil prices limiting the downside. Other Asian bourses are also tipped to open in the red.

The JCI closed sharply lower on Monday with damage across the board – especially from the financial shares and resource stocks.

The index slid 121.64 points or 2.00 percent to close at 5,948.57 after trading between 5,942.71 and 6,088.83.

Among the actives, Bank Danamon Indonesia tumbled 2.88 percent, while Bank CIMB Niaga dropped 0.94 percent, Bank Negara Indonesia slid 2.50 percent, Bank Central Asia dipped 2.18 percent, Bank Mandiri declined 2.70 percent, Bank Rakyat Indonesia was down 3.22 percent, Indosat tanked 4.15 percent, Indocement skidded 1.81 percent, Semen Indonesia surrendered 4.34 percent, United Tractors plunged 5.72 percent.

In the US, the Dow dropped 55.20 points or 0.16 percent to end at 33,745.40, while the NASDAQ shed 50.19 points or 0.36 percent to finish at 13,850.00 and the S&P 500 eased 0.81 points or 0.02 percent to end at 4,127.99.

The lower open on Wall Street came on worries about a new wave of Covid cases and lockdown measures, although the surging number of vaccinations limited the downside for the markets.

Also providing support, Federal Reserve Chairman Jerome Powell reiterated on Sunday that the central bank wants to see inflation rise about its 2 percent target for an extended period before the monetary policy committee moves to raise interest rates.

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