Wall Street Slump Weighs on Sentiment, Jakarta and Asian Markets Follow
Jakarta. Jakarta Composite Index slipped at the open on Friday, falling 16.01 points (0.19 percent) to 8,403 as regional markets tracked a sharp downturn on Wall Street overnight. The benchmark moved between 8,381–8,410 in early trade.
RTI data showed 1.15 billion shares traded in the opening minutes, with a transaction value of Rp 674.95 billion ($40.36 million) across 93,615 deals. Market breadth was mixed: 193 stocks advanced, 202 declined, and 234 were unchanged.
CGS International Sekuritas Indonesia noted that the steep decline in US indices, driven by fading expectations for a December rate cut, remains a negative overhang for domestic equities. Still, continued foreign inflows may cushion the downside for the JCI.
US markets tumbled on Thursday after early gains evaporated.
The S&P 500 sank 1.6 percent, the Dow dropped 386 points (0.8 percent), and the Nasdaq fell 2.2 percent. Nvidia swung from a 5 percent early jump to close 3.2 percent lower, while AI names like Oracle and AMD plunged 6.58 percent and 7.84 percent, respectively, as concerns over lofty tech valuations resurfaced.
Investor hopes for a December Fed pivot weakened after US September payrolls rose 119,000, beating expectations and trimming the probability of a rate cut to below 40 percent according to CME data.
Asian stocks followed the downbeat tone: Japan’s Nikkei shed 572 points (-1.16 percent) to 49,251; South Korea’s Kospi dropped 96 points (-2.46 percent) to 3,908; Hong Kong’s Hang Seng slipped 375 points (-1.47 percent) to 25,460; and China’s SSE lost 35 points (-0.90 percent) to 3,896.
On the domestic board, the IDX suspended trading in Perintis Triniti Properti (TRIN) and Singaraja Putra (SINI) due to unusual price movements. TRIN has soared 181.75 percent over the past month and 533.93 percent year-to-date, while SINI jumped 77.78 percent in a month and 76 percent year-to-date.
Meanwhile, suspensions on Agung Menjangan Mas (AMMS) and Lotte Chemical Titan (FPNI) were lifted, allowing both stocks to resume trading in the first session on Friday.
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