Market Update : Indonesian Stocks Rally Amid Jumbo Foreign Inflows
• Indonesian stocks extended gains with foreign investors recorded more than 4 trillion net purchases.
• Asian stocks were mixed while European were largely lower on Tuesday with investors remained cautious about whether central banks can hike interest rates to curb inflation as concerns mount following CPI release in euro area.
• China’s official manufacturing Purchasing Managers’ Index for May came in at 49.6, an improvement over April’s reading of 47.4 but still below the 50-point mark that separates growth from contraction.
• Inflation came in at 8.1% for the month, according to preliminary figures from Europe’s statistics office Tuesday, up from April’s record high of 7.4% and higher than expectations of 7.8%.
Indonesian stocks extended gains with foreign investors recorded more than 4 trillion net purchases.
Jakarta composite jumped 111.405 points (+1.583%) to 7,148.97 while LQ45 surged 2.61% to 1,056.779. There were 31.889 billion shares traded worth of Rp34.753 trillion, including transaction of Rp2.1 trillion in negotiation market. 320 shares rose while 234 declined and 146 unchanged. Foreign investors purchased as much as Rp4.31 trillion in regular markets.
Foreign investors recorded a Rp1.02 trillion net purchase in ADMR, however, the share price tumbled 5.9% in Tuesday’s trade. Last month, the coal miner reported 10 times increase in its net profit from $8.81 million to $83.46 million during first quarter of the year.
On currency, according to JISDOR Tuesday afternoon, rupiah weakened 48 points (-0.33%) to 14,592. Spot rate fell 23 points (-0.16%) at 14,580.
Indonesian market will be closed tomorrow for a holiday.
Global markets
- Asian stocks were mixed while European were largely lower on Tuesday with investors remained cautious about whether central banks can hike interest rates to curb inflation as concerns mount following CPI release in euro area.
- China’s official manufacturing Purchasing Managers’ Index for May came in at 49.6, an improvement over April’s reading of 47.4 but still below the 50-point mark that separates growth from contraction.
- Inflation came in at 8.1% for the month, according to preliminary figures from Europe’s statistics office Tuesday, up from April’s record high of 7.4% and higher than expectations of 7.8%.
- French inflation rose more than expected in May, with data released earlier Tuesday showing consumer prices rose 0.7% in May for a new record 12-month inflation rate of 5.8%, up from 5.4% in April.
- Economic numbers released on Monday showed German inflation hit another all-time high while numbers from Spain also topped estimates.
Commodities
- Oil prices jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year.
- Brent crude rose $2.33 (+1.92%) to $124, while U.S. West Texas Intermediate crude added rose $4.18 (+3.63%) to $119.25 per barrel.
Major index this afternoon:
STOXX 50.. 3,830.14 (-0.3%)
CAC 40.. 6,533.96 (-0.43%)
DAX.. 14,528.83 (-0.32%)
FTSE.. 7,624.63 (+0.32%)
NIKKEI.. 27,279.80 (-0.33%)
HSI.. 21,415.20 (+1.38%)
SHCOMP.. 3,186.43 (+1.19%)
TAIEX.. 16,807.77 (+1.19%)
KOSPI.. 2,685.90 (+0.61%)
S&P/ASX 200.. 7,211.20 (-1.03%)
SENSEX.. 55,787.37 (-0.25%)
STI.. 3,250.02 (+0.34%)
DOW FUT.. 33,090.00 (-0.21%)
S&P FUT.. 4,148.50 (-0.17%)
NASDAQ FUT.. 12,690.50 (+0.10%)
For previous market review: Market Update: Indonesian Stocks Trade Higher
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