According to The Nasdaq Stock Market website’s article published on October 17, 2022, the Indonesia stock market on Monday wrote a finish to the six-day losing streak in which it had retreated more than 250 points or 3.5 percent. The Jakarta Composite Index now rests just above the 6,830-point plateau and it's expected to open higher again on Tuesday.
The global forecast for the Asian markets is upbeat on bargain hunting after several days of volatility and heavy selling, while stability in the bond markets adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The JCI finished slightly higher on Monday following gains from the cement companies and mixed performances from the financials and resource stocks.
For the day, the index gained 16.59 points or 0.24 percent to finish at 6,831.12.
Among the actives, Bank Danamon Indonesia tanked 2.67 percent, while Bank CIMB Niaga shed 0.47 percent, Bank Negara Indonesia jumped 1.78 percent, Bank Mandiri collected 0.53 percent, Bank Rakyat Indonesia improved 0.70 percent, Indosat Ooredoo Hutchison rose 0.40 percent, Indocement advanced 1.10 percent, Semen Indonesia soared 4.17 percent, Indofood Suskes strengthened 1.24 percent, United Tractors tumbled 2.52 percent, Astra International climbed 1.18 percent, Energi Mega Persada declined 1.48 percent, Astra Agro Lestari retreated 1.58 percent, Aneka Tambang sank 0.82 percent, Vale Indonesia surrendered 1.87 percent, Timah slumped 1.52 percent, Bumi Resources gained 0.62 percent and Bank Central Asia was unchanged.
The lead from Wall Street is broadly positive as the major averages opened sharply higher on Monday and stayed that way throughout the session.
The Dow surged 550.99 points or 1.86 percent to finish at 30,185.82, while the NASDAQ soared 354.41 points or 3.43 percent to end at 10.675.80 and the S&P 500 jumped 94.88 points or 2.65 percent to close at 3,677.95.
An early pullback by treasury yields fueled the buying interest, although yields regained ground over the course of the session. The markets also benefitted from strong earnings news from financial giant Bank of America (BAC).
The strength also followed news that the U.K. government is reversing course on previously announced fiscal plans that contributed to turmoil in the global bond markets.
In economic news, the Federal Reserve Bank of New York reported that regional manufacturing activity contracted more than expected in October.
Crude oil futures slumped on Monday, extending losses from the previous session as worries about a recession weighed on the outlook for energy demand and pushed down oil prices. West Texas Intermediate Crude oil futures for November eased $0.15 or 0.2 percent at $85.46 a barrel.
