More Profit Taking Expected For Indonesia Stock Market
The Indonesia stock market on Wednesday ended the four-day winning streak in which it had gathered more than 175 points or 2.7 percent. The Jakarta Composite Index now rests just above the 6,765-point plateau and the losses may accelerate on Thursday.
The global forecast for the Asian markets is soft on renewed concerns over the outlook for interest rates and recession fears. The European markets were mixed and little changed and the U.S. bourses were sharply lower and the Asian markets are tipped to follow the latter lead.
The JCI finished barely lower on Wednesday following losses from the cement companies and mixed performances from the financials and resource stocks.
For the day, the index dipped 1.55 points or 0.02 percent to finish at 6,765.79.
Among the actives, Bank Danamon Indonesia skidded 1.15 percent, while Bank Negara Indonesia lost 0.56 percent, Bank Central Asia fell 0.30 percent, Bank Mandiri tanked 2.05 percent, Bank Rakyat Indonesia collected 0.88 percent, Indocement retreated 1.50 percent, Semen Indonesia plunged 3.11 percent, Indofood Suskes rallied 1.83 percent, United Tractors strengthened 1.75 percent, Astra International jumped 1.80 percent, Astra Agro Lestari advanced 0.93 percent, Aneka Tambang shed 0.44 percent, Vale Indonesia declined 1.32 percent, Timah tumbled 1.93 percent, Bumi Resources gained 0.68 percent and Bank CIMB Niaga, Indosat Ooredoo Hutchison and Energi Mega Persada were unchanged.
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