Market update:Jakarta Composite Dive Deeper Amid Jumbo Outlows
• Indonesian stocks sank further amid heavy foreign outflows as fears surrounding global economic slowdown continue to linger.
• Asian shares fell to their lowest in nearly two years on Tuesday while Shanghai index outperformed the region.
• European stocks gained on Tuesday alongside with U.S. equity futures on dip buying amid cheaper valuations following recent selloffs.
• Growth worries resurfaced after central banks in the United States, Britain and Australia raised interest rates last week. That adds to pressure from Russia’s war on Ukraine and a Chinese slowdown.
• Oil extended its biggest drop in more than five weeks as the European Union softened some of its proposed sanctions on Russian oil exports.
Indonesian stocks sank further amid heavy foreign outflows as fears surrounding global economic slowdown continue to linger.
Jakarta composite fell 89.957 points (-1.302%) to 6,819.794 while LQ45 slipped 0.47% to 1,021.08. There were 26.868 billion shares traded worth of Rp23.337 trillion, including transaction of Rp2.18 trillion in negotiation market. 162 shares rose while 396 declined and 140 unchanged. Foreign investors sold as much as Rp2.88 trillion in regular market.
On currency, according to JISDOR Tuesday afternoon, rupiah declined 12 points (-0.08%) to 14,546. Spot rate unchanged at 14,555.
Corporate News Update
INCO recorded revenue of $235.1 million in Q1 2022, shifting 13.79% upwards from the same period last year of $206.6 million. This jump resulted from 13% increase in nickel in matte price in the global market. the company scored $67.6 million in profit, which was double the gain in the same period in 2021 of $33.7 million. The profit grew 58% compared to the number reported in Q4 2021 of $42.8 million.
Global Markets Update
- Asian shares fell to their lowest in nearly two years on Tuesday while Shanghai index outperformed the region.
- The Shanghai Composite Index gained after the Chinese government announced rent cuts and other aid for small businesses in a new effort to boost anemic economic growth.
- European stocks gained on Tuesday alongside with U.S. equity futures on dip buying amid cheaper valuations following recent selloffs.
- Growth worries resurfaced after central banks in the United States, Britain and Australia raised interest rates last week. That adds to pressure from Russia’s war on Ukraine and a Chinese slowdown.
- The dollar index stabilized after rising as high as 104.19 overnight, a fresh 20-year peak. U.S. Treasury yields, which have climbed sharply on expectations of aggressive tightening by the Federal Reserve, took a breather after Atlanta Fed President Raphael Bostic pushed back on suggestions of a massive 75 basis point rate hike at the Fed’s next meeting.
- On the data front, ZEW Economic Sentiment Index in Germany increased to -34.30 points in May from -41 points in April of 2022.
Commodities Update
- Oil extended its biggest drop in more than five weeks as the European Union softened some of its proposed sanctions on Russian oil exports.
- Brent crude futures weakened 59 cents or 0.56%, to $105.33 a barrel, and U.S. West Texas Intermediate contracts declined 48 cents, or 0.5%, to $102.61 a barrel.
- Gold prices edged higher on Tuesday as a decline in U.S. Treasury yields countered pressure on greenback-priced bullion from sustained strength in the dollar.
Major index this afternoon:
STOXX 50.. 3,583.92 (+1.62%)
CAC 40.. 6,165.10 (+1.3%)
DAX.. 13,596.23 (+1.61%)
FTSE.. 7,279.86 (+0.88%)
NIKKEI.. 26,167.10 (-0.58%)
HSI.. 19,633.69 (-1.84%)
SHCOMP.. 3,035.84 (+1.06%)
TAIEX.. 16,061.70 (+0.08%)
KOSPI.. 2,596.56 (-0.55%)
S&P/ASX 200.. 7,051.20 (+0.98%)
SENSEX.. 54,593.05 (+0.22%)
STI.. 3,232.56 (-1.3%)
DOW FUT.. 32,469.00 (+0.96%)
S&P FUT.. 4,031.00 (+1.09%)
NASDAQ FUT.. 12,389.50 (+1.61%)
For previous market review: Market Update: Indonesian Stocks Trade Mixed on Tuesday
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