Market Update: Indonesian Stocks Bounce Back From Monday’s Plunge
• Indonesian stocks were higher on Tuesday while rupiah extended losses as rate hikes jitters continue to linger.
• Selloff in Asian stocks continued after the S&P 500 fell overnight and closed in bear market territory with Australia was one of the worst performers in the region as the S&P/ASX 200 returned to trade Tuesday following a holiday yesterday.
• Meanwhile in Europe, stocks edged higher on Tuesday following Monday’s sharp losses while concerns surrounding monetary tightening remain.
Indonesian stocks were higher on Tuesday while rupiah extended losses as rate hikes jitters continue to linger.
Jakarta composite added 54.44 points (+0.778%) to 7,049.882 while LQ45 rose 0.93% to 1,019.533. There were 25.143 billion shares traded worth of Rp15.629 trillion, including transaction of Rp1.008 trillion in negotiation market. 250 shares rose while 273 declined and 157 unchanged. Foreign investors sold a net Rp748.75 billion in regular markets.
On currency, according to JISDOR Tuesday afternoon, rupiah weakened 57 points (-0.39%) to 14,729. Spot rate weakened 42 points (-0.29%) at 14,720.
Indonesia and Pakistan continue to strive to improve comprehensive economic cooperation, so as to spur economic growth between the two countries. One of the strategic steps that Indonesia will take is to accelerate the expansion of the export market for crude palm oil and palm cooking oil to Pakistan.
Global Markets
- Selloff in Asian stocks continued after the S&P 500 fell overnight and closed in bear market territory with Australia was one of the worst performers in the region as the S&P/ASX 200 returned to trade Tuesday following a holiday yesterday.
- Meanwhile in Europe, stocks edged higher on Tuesday following Monday’s sharp losses while concerns surrounding monetary tightening remain.
- The losses came as investors braced for a potentially faster pace of interest rate hikes by the U.S. Federal Reserve following Friday’s hotter-than-expected consumer inflation report.
Commodities
- Oil prices swung with Brent crude added 94 cents (+0.77%) to $123.21, while U.S. West Texas Intermediate crude rose 88 cents (+0.73%) to $121.81per barrel.
- Market will be awaiting weekly U.S. inventory data from the American Petroleum Institute on Tuesday and the U.S. Energy Information Administration on Wednesday for a view of how tight crude and fuel supply remain.
- Gold hovered near a four-week low on Tuesday, as some bears looked to book profits, but prices remained largely pressured by a strong dollar and investors dumping bullion to cover for losses in other assets.
Major index this afternoon:
STOXX 50.. 3,510.11 (+0.22%)
CAC 40.. 6,013.04 (-0.15%)
DAX.. 13,465.12 (+0.28%)
FTSE.. 7,229.85 (+0.33%)
NIKKEI.. 26,629.86 (-1.32%)
HSI.. 21,067.99 (+0%)
SHCOMP.. 3,288.91 (+1.02%)
TAIEX.. 16,047.37 (-0.15%)
KOSPI.. 2,492.97 (-0.46%)
S&P/ASX 200.. 6,686.00 (-3.55%)
SENSEX.. 52,697.50 (-0.28%)
STI.. 3,108.80 (-0.97%)
DOW FUT.. 30,754.00 (+0.83%)
S&P FUT.. 3,788.75 (+0.94%)
NASDAQ FUT.. 11,463.75 (+1.20%)
For previous market review: Market Update: Indonesian Stocks Little Changed Following Inflation Data
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