(RTTNews) – The Indonesia stock market headed south again on Wednesday, one session after it had ended the five-day losing streak in which it had surrendered more than 100 points or 1.8 percent. The Jakarta Composite Index now rests just shy of the 5,825-point plateau, although it’s tipped to rebound on Thursday.
The global forecast for the Asian markets is upbeat after it was reported that the United States would act to raise its debt ceiling and temporarily fund the government. The European and U.S. markets were up and the Asian markets figure to follow that lead.
The JCI finished slightly lower on Wednesday following losses from the financials and a mixed bag from the resource stocks.
For the day, the index sank 5.84 points or 0.10 percent to finish at 5,824.14 after trading between 5,803.12 and 5,831.48. There were 162 decliners and 147 gainers, with 128 stocks finishing unchanged.
Among the actives, Bumi Resources plunged 3.88 percent, while Vale Indonesia gained 0.34 percent, Lotte Chemical plummeted 5.84 percent, XL Axiata spiked 3.22 percent, Jasa Marga added 0.85 percent, Tiga Pilar Sejahtera lost 0.50 percent, Bank Pan Indonesia shed 0.49 percent, Bank Danamon Indonesia skidded 1.89 percent, Bank Mandiri tumbled 0.906 percent and Indofood and Bank MNC Internasional were unchanged.
The lead from Wall Street is positive as stocks moved mostly higher on Wednesday following the sell-off in the previous session.
The Dow climbed 54.33 points or 0.3 percent to 21,807.64, while the NASDAQ rose 17.74 points or 0.3 percent to 6,393.31 and the S&P advanced 7.69 points or 0.3 percent to 2,465.54.
The rebound followed news that President Trump agreed to support a measure that would raise the debt ceiling and fund the government for three months. The short-term measure would be attached to a bill providing aid for victims of Hurricane Harvey.
In economic news, the Institute for Supply Management noted a rebound in the pace of growth in service sector activity in August. Also, the Commerce Department said the trade deficit expanded slightly in July.
West Texas Intermediate crude for October delivery on the New York Mercantile Exchange rose 50 cents or 1 percent to $49.16 a barrel. Prices rose amid expectations for demand for crude oil from refineries in Texas as they get back normal operations after Hurricane Harvey.
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