Jakarta Stocks Edge Down, Wall Street Rally Fails to Lift Sentiment
Jakarta. Jakarta stocks edged lower at Wednesday’s open, tracking mixed movements across Asia despite Wall Street’s record-setting rally on strong US earnings.
Jakarta Composite Index (JCI) opened slightly lower by 2.38 points, or 0.03 percent, to 8,235 on Wednesday morning, moving in a narrow range between 8,213 and 8,239.
Around 702.28 million shares changed hands in early trading, with a transaction value of Rp 1.02 trillion ($61.4 million) across 74,548 deals. Of the traded stocks, 251 advanced, 124 declined, and 230 remained unchanged.
Analysts at CGS International Sekuritas Indonesia said positive sentiment from Wall Street, continued foreign inflows, and expectations of another interest rate cut could support the local benchmark index today.
Overnight in New York, the Dow Jones Industrial Average climbed 218 points, or 0.5 percent, to a new all-time high, driven by stronger-than-expected third-quarter earnings from Coca-Cola (+4.1 percent), 3M (+7.7 percent), and General Motors (+14.9 percent). The S&P 500 slipped 0.3 percent, while the Nasdaq fell 0.2 percent as weakness in tech stocks weighed on sentiment.
Meanwhile, Asian markets opened mixed. Japan’s Nikkei dipped 64 points (-0.12 percent) to 49,252, South Korea’s KOSPI edged up 4 points (+0.1 percent) before paring gains, while Hong Kong’s Hang Seng and Shanghai’s SSE both opened lower by 0.5 percent. Investors are watching for potential developments ahead of a possible meeting between US President Donald Trump and China’s Xi Jinping later this month.
On the domestic side, the Indonesia Stock Exchange (IDX) suspended trading of several stocks, Triniti Dinamik (TRUE), Mora Telematika Indonesia (MORA), Wahana Pronatural (WAPO), Globe Kita Terang (GLOB), and Pembangunan Graha Lestari Indah (PGLI) due to significant cumulative price increases.
Meanwhile, the suspension of state-owned miner Timah (TINS) has been lifted, allowing trading to resume in both the regular and cash markets starting Wednesday’s first session.
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