Market Update: Stocks Edge Higher Following Fed’s Decision; Rupiah Recovers
• Stocks in Asia were mostly higher on Thursday following the U.S. Federal Reserve’s decision to raise rates by 75 basis points to fight inflation.
• In the meantime, European shares came off session highs on Thursday on some downbeat earnings.
• Attention now switches to data on U.S. gross domestic product for the second quarter where another negative reading would meet the technical definition of a recession.
Indonesian stocks were higher with most of their regional peers after the Fed raised interest rates as expected.
Jakarta composite added 58.601 points (+0.85%) to 6,953.817 while LQ45 rose 0.594% to 980.251. There were 31.869 billion shares traded worth of Rp18.556 trillion, including transaction of Rp3.81 trillion in negotiation market. 322 shares rose while 197 declined and 173 unchanged.
According to JISDOR Thursday afternoon, rupiah strengthened 62 points (+0.41%) to 14,958 while spot rate climbed 80 points (+0.53%) to 14,930.
On earnings, BBCA secured a net profit of Rp18 trillion in the first half of 2022, grew 24.9% year-on-year from the gains recorded in the same period last year.
MTEL booked a net profit of Rp891.54 billion in the first half of 2022, grew 27.22% from the same period last year of Rp700.74 billion.
There was a Rp2.19 trillion transaction of PTRO shares in negotiation market. Previously, PT Caraka Reksa Optima has entered into an agreement to acquire a 69.8% stake in PTRO from PT. Indika Energy Tbk for approximately $150 million.
Global markets
- Stocks in Asia were mostly higher on Thursday following the U.S. Federal Reserve’s decision to raise rates by 75 basis points to fight inflation.
- Australian Bureau of Statistics released data showing that retail sales for June rose 0.2%, below expectations for a 0.5% growth, compared to 0.9% in May.
- In the meantime, European shares came off session highs on Thursday on some downbeat earnings.
- Attention now switches to data on U.S. gross domestic product for the second quarter where another negative reading would meet the technical definition of a recession.
Commodities
- Oil extended gains Thursday morning in Asia, supported by lower crude inventories and a rebound in gasoline demand in the U.S.
U.S. crude oil stockpiles fell by 4.5 million barrels last week, while U.S. gasoline demand rebounded by 8.5% week on week, according to data from the Energy Information Administration. - Meanwhile, gold was up as comments from the U.S. Federal Reserve Chair Jerome Powell on future interest rate hikes sounded less hawkish than expected.
Major index this afternoon:
STOXX 50.. 3,604.30 (-0.1%)
CAC 40.. 6,255.20 (-0.04%)
DAX.. 13,119.93 (-0.35%)
FTSE.. 7,335.23 (-0.18%)
NIKKEI.. 27,815.48 (+0.36%)
HSI.. 20,622.68 (-0.23%)
SHCOMP.. 3,282.58 (+0.21%)
TAIEX.. 14,891.90 (-0.2%)
KOSPI.. 2,435.27 (+0.82%)
S&P/ASX 200.. 6,889.70 (+0.97%)
SENSEX.. 56,725.02 (+1.63%)
STI.. 3,224.07 (+0.59%)
DOW FUT.. 32,121.00 (-0.16%)
S&P FUT.. 4,009.50 (-0.37%)
NASDAQ FUT.. 12,506.00 (-0.9%)
Crude Oil WTI.. 99.47 (+2.27%)
Brent Oil.. 108.45 (+1.72%)
Natural Gas.. 8.57 (+0.19%)
Gold.. 1,743.80 (+1.44%)
Silver.. 19.36 (+4.1%)
Copper.. 3.48 (+1.56%)
Nickel.. 21,696.50 (-0.02%)
For previous market review: Market Update: Declines in Indonesian Market Ease, BI Maintain Interest Rates
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