Indonesian Stocks Climbed, Market Sentiment Remain Uncertain

Stock Summary

Index rebounded with investors continue to monitor omicron situation after U.S. confirmed its first case.

Jakarta composite rose 76.143 points (+1.17%) to 6,583.82. LQ45 surged 1.92% to 949.487. There were 26.379 billion shares traded worth of Rp13.136 trillion, including transaction of Rp1.587 trillion in negotiation market. 291 shares rose while 231 declined and 139 unchanged. Foreign investors purchased a net Rp83.37 billion in regular market.

A number of coal shares soared, boosted by the rising commodity prices in yesterday’s trade.

Gains were led by IDXIndustri, IDXEnergy and IDXFinance. Foreigners accumulated TLKM, BBCA, PTBA and UNTR

According to JISDOR released Wednesday afternoon, Rupiah fell 25 points (-0.17%) at 14,378 while spot rate slipped 35 points (-0.24%) at 14,375.

Stocks in Asia were mixed while Europeans pulled back as fears about the Omicron variant of the new coronavirus capped gains regionally after the CDC confirmed the first omicron case in the U.S.

On the data front, Australia’s trade surplus edged down to A$11.22 billion in October 2021 from a downwardly revised A$11.82 billion in the previous month and compared with market consensus of A$11 billion. Exports fell 3% month-over-month to a five-month low of A$43.05 billion and imports dropped at the same pace to their lowest in six months of A$31.83 billion. Considering the first ten months of the year, the trade surplus surged to A$107.20 billion from A$59.88 billion in the same period of 2020.

On Wednesday, in his second day of testimony to Congress, Powell said the Fed needs to be ready to respond to the possibility that inflation may not recede in the second half of next year as most forecasters currently expect.

The WHO said on Wednesday that at least 23 countries from five of six WHO regions have now reported cases of omicron.

Data releases on Thursday include the euro zone unemployment rate for October and producer prices for the same month.

Oil prices climbed on expectations OPEC+ may pause supply additions. Brent crude futures rose 99 cents (+1.44%) to $69.86 and U.S WTI rose 84 cents (+1.28%) at $66.41 a barrel.

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