Asian Confidence Lifts JCI as Wall Street Ends Mixed
Jakarta. Jakarta Composite Index (JCI) opened stronger on Wednesday, following gains across Asian markets after Wall Street ended mixed overnight amid renewed trade tensions between the United States and China.
Jakarta’s benchmark index rose 41 points or 0.51 percent to 8,107 at the morning session, trading in the green zone between 8,107 and 8,130 in early session.
RTI data shows that 755.72 million shares were traded in early minutes, with a total transaction value of Rp 583.26 billion ($35.21 million) across 67,606 deals. Of the traded stocks, 275 advanced, 102 declined, and 207 remained unchanged.
Mining stocks led the early rally, with J Resources Asia Pasifik (PSAB) jumping 6.4 percent and Bumi Resources Minerals (BRMS) rising 5.05 percent, both landing on the top gainers list.
Overnight in the United States, major indexes moved between gains and losses before closing mixed. The S&P 500 slipped 0.2 percent, the Dow Jones Industrial Average added 0.4 percent, and the Nasdaq Composite fell 0.8 percent as trade concerns between Washington and Beijing continued to weigh on sentiment.
China’s Commerce Ministry earlier announced a ban on dealings by Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean, a move viewed as retaliation against US President Donald Trump’s industrial push to strengthen domestic shipbuilding.
Technology shares bore the brunt of the uncertainty, with Nvidia slumping 2.6 percent as investors worried about disruptions in supply chains and weaker Chinese demand.
CGS International Sekuritas Indonesia noted in a report that the weakness in the US equities, falling commodity prices, and continued foreign selling pressure could limit the JCI’s upward momentum today.
In a post on Truth Social, Trump again targeted Beijing, accusing China of purposefully halting US soybean purchases and threatening retaliatory trade actions involving cooking oil.
“I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act. We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution. As an example, we can easily produce Cooking Oil ourselves, we don’t need to purchase it from China,” Trump said in his Truth Social.
Across Asia, regional markets opened mostly higher. Japan’s Nikkei rose 155 points or 0.32 percent to 47,002, South Korea’s Kospi advanced 19 points or 0.53 percent to 3,580, Hong Kong’s Hang Seng gained 273 points or 1.06 percent to 25,714, and Shanghai’s SSE edged up 2 points or 0.05 percent to 3,867.
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