FX.co ★ Indonesia Stock Market Due For Support On Friday

The Indonesian stock market has experienced declines for two consecutive trading days, falling by almost 190 points or 2.8% during this period. The Jakarta Composite Index (JCI) currently stands slightly above the 6,875 mark. However, there is a possibility of stabilization on Friday.

The outlook for Asian markets indicates potential support ahead of significant U.S. employment data due later in the day. While European markets closed positively, U.S. markets showed mixed results, suggesting that Asian markets may see varied performances.

The JCI saw a sharp decline on Thursday, with widespread losses particularly in financials, cement, telecommunications, and resource stocks.

On that day, the index plunged by 148.69 points or 2.12%, ending at 6,875.54 after ranging from 6,830.11 to 7,033.62.

Among active stocks, Bank CIMB Niaga fell by 2.32%, Bank Mandiri plunged 7.69%, Bank Danamon Indonesia declined 1.19%, Bank Negara Indonesia decreased by 4.67%, Bank Central Asia retreated 1.92%, Bank Rakyat Indonesia dropped 4.11%, Bank Maybank Indonesia went down 2.97%, Indosat Ooredoo Hutchison slipped 1.79%, Indocement lost 0.89%, Semen Indonesia was down 3.82%, United Tractors dropped 2.88%, Astra International fell 4.01%, Energi Mega Persada decreased 3.43%, Astra Agro Lestari was down 1.73%, Aneka Tambang fell 3.45%, Jasa Marga dipped 0.48%, while Timah rose 0.51%. Bumi Resources went down 1.74% and both Indofood Sukses Makmur and Vale Indonesia remained unchanged.

Wall Street presented a mixed picture, with major indices initially opening higher. However, the Dow Jones Industrial Average quickly reversed course, spending the remainder of the day in negative territory.

The Dow Jones fell by 125.65 points or 0.28% to close at 44,747.63. Conversely, the NASDAQ rose by 99.66 points or 0.51% to settle at 19,971.99, and the S&P 500 gained 22.09 points or 0.36% to finish at 6,083.57.

Trading on Wall Street was marked by indecision as traders appeared hesitant to make major moves ahead of the Labor Department's highly anticipated monthly employment report, which could influence the Federal Reserve's interest rate policies.

In advance of the employment report, the Labor Department reported an unexpected rise in initial U.S. unemployment claims last week.

Meanwhile, crude oil prices saw further declines on Thursday. This occurred as U.S. President Donald Trump reiterated his commitment to increase domestic oil production to reduce prices. Consequently, West Texas Intermediate crude for March delivery fell by $0.42 or 0.6% to a one-month low of $70.61 per barrel.