Anticipated Support Level for Indonesia Stock Exchange at 7,100 Marks
Stock market blues again in Indonesia, y'all! After a brief respite from a four-day slide that saw a whopping 110 points drop, the Jakarta Composite Index (JCI) is back to dipping, skating just beneath that 7,110-point barricade. Thursday looks like it'll be a snooze fest for the JCI.
The global market vibe is hazy as a foggy morning right now, with investors keeping a watchful eye on any slowdown in the Iran/Israel conflict. Europe and the US markets showed a mixed bag of results yesterday, and the Asian markets seem destined to follow suit.
The JCI took a hit yesterday, with food and financial stocks bearing the brunt of the losses, while the cement and resource companies saw a mixed bag. But hey, not all day was a wash—Bank CIMB Niaga and Bank Mandiri both shed some percentage points, while Indocement managed to tack on a smidgen of gain.
For the day, the index took a 48.06 points hit or 0.67% plunge, trading between 7,089.46 and 7,166.67.
Among the movers and shakers, Bank Central Asia stumbled 1.93%, Bank Negara Indonesia retreated 1.38%, and Bank Rakyat Indonesia lost 0.51%. On the flip side, Energi Mega Persada surged 7.74%, Astra Agro Lestari rallied 2.31%, and Aneka Tambang added 2.31%.
On Wall Street, there wasn't much clarity in the air as the major averages bobbed back and forth between positive and negative territory before settling down for a nap yesterday. The Dow lost 0.10%, the NASDAQ edged up 0.13%, and the S&P 500 slipped 0.03%.
The Fed, as expected, chose to keep interest rates where they were, but they still seem to be anticipating two cuts this year, bringing the rate to a range of 4.0 to 3.75% by the end of 2025.
The Labor Department said first-time U.S. jobless claims dipped modestly last week, while the Commerce Department reported a steep drop in new residential construction in May.
Oil prices went up a bit yesterday as the Israel-Iran conflict, now in its sixth straight day, saw casualties mounting on both sides. West Texas Intermediate crude shook out to $75.15 per barrel.
For comments and feedback, hit up our editorial team!
The industry and finance sector in Indonesia experienced a setback, as the JCI plummeted further, with food and financial stocks taking significant losses. Meanwhile, the business world globally is treading cautiously, watching the developments in the Iran/Israel conflict closely.
