Boost Expected for Indonesia's Stock Market Market
The Dow Jones Industrial Average (Dow) ended the day 24.58 points, or 0.05 percent, lower, with the index finishing at 45,271.23. Meanwhile, the NASDAQ Composite Index experienced a rebound, closing 218.10 points, or 1.02 percent, higher, at 21,497.73.
The rebound of the NASDAQ was following a surge in Alphabet (GOOGL) shares, as the tech giant managed to avoid the most severe consequences in a landmark antitrust case.
However, the rebound was overshadowed by concerns of oversupply in the oil market, as OPEC is planning to boost output at its upcoming meeting on Sunday. This decision caused significant value losses in oil and energy sector stocks on Tuesday, with major oil companies feeling the pressure of the anticipated larger supply. West Texas Intermediate crude for October delivery was down $1.65, or 2.52 percent, at $63.94 per barrel, and crude oil prices fell sharply on Wednesday.
The softening labor market conditions were further signified by the job openings report released by the Labor Department, which showed that job openings in the U.S. fell to their lowest level in 10 months in July. The report increased confidence that the Federal Reserve will lower interest rates later this month.
In Asia, the global forecast remains upbeat, with technology shares expected to lead. The Jakarta Composite Index (JCI) has gained almost 140 points, or 1.8 percent, over the past two sessions, and the JCI finished 84.28 points, or 1.08 percent, higher on Wednesday, closing at 7,885.86. The European markets were up, and the U.S. bourses were mostly higher on the same day.
The Indonesia stock market has seen a variety of percentage changes in the stock prices of several companies. Bank Mandiri, Bank Danamon Indonesia, Bank Negara Indonesia, Bank Central Asia, Bank Rakyat Indonesia, Indosat Ooredoo Hutchison, Indocement, Semen Indonesia, Indofood Sukses Makmur, United Tractors, Astra International, Energi Mega Persada, Astra Agro Lestari, Aneka Tambang, Vale Indonesia, Timah, Bumi Resources, and Bank CIMB Niaga are among the companies that experienced price changes.
Overall, the global markets have shown a mix of results, with the NASDAQ experiencing a rebound despite the concerns of oversupply in the oil market and the softening labor market conditions. The Indonesia stock market has also seen gains, while the Dow finished lower. The upbeat forecast for Asian markets and the expected Federal Reserve rate cut later this month may provide some positive momentum for the markets in the coming days.
