Selling Pressure in Indonesian Stocks Eases as Global Sentiment Mostly Improving

Selling Pressure in Indonesian Stocks Eases as Global Sentiment Mostly Improving.

Indonesian stocks retreated for a second day amid global fears surrounding China debt crisis while selling pressure eased as Bank Indonesia kept interest rate unchanged and global sentiment improved.

Jakarta composite fell 15.558 points (-0.256%) to 6,060.757 while LQ45 declined 0.36% to 851.731. There were 22.583 billion shares traded worth of Rp10.979 trillion, including transaction of Rp412 billion in negotiation market. Foreign investors sold a net Rp429.4 billion in regular market. 229 shares rose while 284 declined and 146 unchanged.

Indonesia’s central bank left its benchmark interest rate unchanged at a record low of 3.5% as the economy begins to show signs of recovery from the country’s worst coronavirus wave.

Meanwhile, finance ministry only raised 6.1 trillion rupiah in a bond auction today, below indicative target of 10 trillion. Incoming bids were recorded at 45.376 trillion rupiah

According to JISDOR released Tuesday afternoon, Rupiah climbed 7 points (+0.05%) at 14,244 while spot rate added 5 points (+0.04%) at 14,235.

Stocks in Asia were mixed with Japanese stocks tumbled as they returned to trade following a Monday holiday. In Europe, stock markets rose after the heaviest sell-off in months for global stocks as investors braced themselves for the possibility of a default by Chinese property developer Evergrande.

Evergrande’s chairman tried to reassure markets on Tuesday, and said the firm will fulfill its responsibilities to property buyers, investors, partners and financial institutions, Reuters reported Tuesday, citing local media.

However, analysts believe that Evergrande crisis will not lead to the next global financial crisis.

Markets in mainland China and South Korea remain on Tuesday for a holiday.

Gold price continued its uptrend in the global market as global fears fueled appetite for safe havens assets.

Oil prices climbed amid signs of U.S. supply tightness with Brent crude up $1.05 (+1.41%) at $74.96 per barrel and U.S WTI added $1.04 (+1.48%) at $71.33 barrel.

Indonesia Stocks Market Update

STOXX 50.. 4,093.51 (+1.23%)
CAC 40.. 6,543.83 (+1.36%)
DAX.. 15,331.84 (+1.29%)
FTSE.. 6,974.27 (+1.02%)

NIKKEI.. 29,839.71 (-2.16%)
HSI.. 24,221.54 (+0.51%)
S&P/ASX 200.. 7,273.83 (+0.35%)
SENSEX.. 58,727.99 (+0.41%)
STI.. 3,065.23 (+0.77%)

DOW FUT.. 34,204.00 (+1.08%)
S&P FUT.. 4,390.00 (+0.96%)
NASDAQ FUT.. 15,140.50 (+0.87%)