Latest news with #JakartaCompositeIndex
Business Times
22-05-2025
- Business
- Business Times
Singapore shares slide in tandem with regional bourses and Wall Street; STI drops 0.1%
[SINGAPORE] Asian bourses, including Singapore's, were largely in the red on Thursday (May 22) after a Wall Street sell-off overnight. This came as the US' fiscal uncertainty soured market sentiment. Singapore's Straits Times Index (STI) slid 2.46 points or 0.1 per cent to 3,880.09 points, which was relatively muted when compared with its regional peers' declines ranging from 0.2 to 1.2 per cent. The exception was Jakarta Composite Index, which bucked the trend to close up 0.3 per cent. Liechtenstein-based private banking and asset management group LGT commented that the tepid demand for a US$16 billion of 20-year US bonds resulting in higher yields reflected investor concern over America's rising debt and fiscal situation. The Congress tax and spending bill – if passed and expected to raise the nation's US$36.2 trillion debts – as well as the downgrade of the US sovereign credit rating from Moody's last Friday put equity markets under pressure. Stephen Innes, managing partner of SPI Asset Management, pointed out that the high yields make it more difficult to justify today's stretched equity valuations, and the earlier rally fuelled by the tariff detente could be capped. Decliners hammered gainers 288 to 178 across the broader Singapore market, with 1.1 billion of securities valued at S$1.4 billion in total were transacted. Singte l closed at a 52-week high of $3.95 – up S$0.10 or 2.6 per cent – after the telco posted S$2.8 billion in net profit for the second half of the financial year ended March, and announced a shares repurchase of up to S$2 billion. The counter was also the most traded stock with a transaction volume of 52.3 million, and the top performing STI stock. Meanwhile, Japan Foods shares hit a 52-week low at S$0.21, after sliding down S$0.01 or 4.6 per cent. The Catalist-listed restaurant player with Ajisen Ramen being its flagship brand had earlier flagged substantial red ink for the financial year ended March.
Business Times
22-05-2025
- Business
- Business Times
Singapore shares slide in tandem with regional bourses and Wall Street
[SINGAPORE] Asian bourses including Singapore's were largely in the red on Thursday (May 22), after overnight Wall Street's sell-off as the United States fiscal uncertainty soured market sentiment. Singapore's Straits Times Index (STI) slid 2.46 points or 0.1 per cent to 3,880.09 points, which was relatively muted when compared with its regional peers' declines ranging from 0.2 per cent to 1.2 per cent. The exception was Jakarta Composite Index which bucked the trend to close higher – 0.3 per cent up. Liechtenstein-based private banking and asset management group LGT commented that the tepid demand for a US$16 billion of 20-year US bonds resulting in higher yields reflected investor concern over America's rising debt and fiscal situation. The Congress tax and spending bill – if passed and expected to raise the nation's US$36.2 trillion debts – as well as the downgrade of the US sovereign credit rating from Moody's last Friday put equity markets under pressure. Stephen Innes, managing partner of SPI Asset Management, pointed out that the high yields make it more difficult to justify today's stretched equity valuations, and the earlier rally fuelled by the tariff detente could be capped. Decliners hammered gainers 288 to 178 across the broader Singapore market, with 1.1 billion of securities valued at S$1.4 billion in total were transacted. Singte l closed at a 52-week high of $3.95 – up S$0.10 or 2.6 per cent – after the telco posted S$2.8 billion in net profit for the second half of the financial year ended March, and announced a shares repurchase of up to S$2 billion. The counter was also the most traded stock with a transaction volume of 52.3 million, and the top performing STI stock. Meanwhile, Japan Foods shares hit a 52-week low at S$0.21, after sliding down S$0.01 or 4.6 per cent. The Catalist-listed restaurant player with Ajisen Ramen being its flagship brand had earlier flagged substantial red ink for the financial year ended March.
Business Times
16-05-2025
- Business
- Business Times
Foreigners revisit Indonesia stocks on easing economic concerns
[JAKARTA] Indonesian stocks are poised for their first monthly inflow since September as subsiding economic concerns and attractive banking shares lure investors. The country's equity market posted US$83.8 million in net foreign inflows as at May 15 after seven straight months of outflows. That comes as the Jakarta Composite Index (JCI) nears a bull market, having recovered by roughly 18 per cent from a low in early April after the US paused reciprocal tariffs. The flows indicate appetite for the nation's shares is returning after worries about slowing economic growth, the new government's fiscal policy and global trade tensions hurt confidence towards local stocks over the past few months. 'Technical trading signals suggest positive momentum in the short to medium term for the JCI,' said Shier Lee Lim, lead FX and macro strategist at Convera Singapore. Heightened investor interest in bank stocks within South-east Asian markets is also helping the index, she added. Financials make up about 34 per cent of the benchmark, according to data compiled by Bloomberg. Still, further gains could be at risk as the gauge's current rally is not supported by strong economic fundamentals, according to a note by Rully Arya Wisnubroto, an analyst at PT Mirae Asset Sekuritas Indonesia. The country's economy in the first quarter grew at the slowest pace in more than three years. BLOOMBERG
Free Malaysia Today
05-05-2025
- Business
- Free Malaysia Today
‘Bombshell' Opec+ output hike hits oil price
The price of crude has been sliding because of fears of a global economic slowdown on the back of US President Donald Trump's tariff onslaught. (Reuters pic) HONG KONG : Oil prices slumped today after eight Opec+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed. The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia and six other members of the oil cartel on Saturday added to concerns about oversupply. The price of crude has already been sliding because of fears of a global economic slowdown on the back of US President Donald Trump's tariff onslaught. 'Opec+ has just thrown a bombshell to the oil market,' Jorge Leon, analyst with Rystad Energy, told AFP. '(Saturday's) decision is a definitive message that the Saudi-led group is changing strategy and pursuing market share after years of cutting production,' he added. On equity markets, Tokyo was closed for a holiday along with Hong Kong and mainland China. Taiwan edged lower while the Jakarta Composite Index gained. The Australian dollar gained against the US dollar after Prime Minister Anthony Albanese's election victory on Saturday, while the S&P/ASX 200 fell almost 1%. Wall Street stocks concluded a strong week on a winning note Friday, notching solid gains on good US jobs data and improving sentiment about US-China trade talks. In Europe, Paris and Frankfurt rose over 2% as markets brushed off official data showing eurozone inflation remained unchanged at slightly above the European Central Bank's 2% target. London also gained ground, with mining and commodity stocks – sensitive to Chinese demand – performing particularly well amid optimism for the potential Beijing-Washington talks, according to analysts. Stephen Innes at SPI Asset Management said that the 'market (is) catching its breath before the next directional catalyst drops'. This could come from progress – or an absence of it – in easing trade tensions between the US and China or budget negotiations in Washington.
Observer
05-05-2025
- Business
- Observer
'Bombshell' OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed. The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia, and six other members of the oil cartel on Saturday added to concerns about oversupply. The price of crude has already been sliding because of fears of a global economic slowdown on the back of US President Donald Trump's tariff onslaught. "OPEC+ has just thrown a bombshell to the oil market," Jorge Leon, analyst with Rystad Energy, told AFP. "(Saturday's) decision is a definitive message that the Saudi-led group is changing strategy and pursuing market share after years of cutting production," he added. On equity markets, Tokyo was closed for a holiday along with Hong Kong and mainland China. Taiwan edged lower while the Jakarta Composite Index gained. The Australian dollar gained against the US dollar after Prime Minister Anthony Albanese's election victory on Saturday, while the S&P/ASX 200 fell almost one percent. Wall Street stocks concluded a strong week on a winning note Friday, notching solid gains on good US jobs data and improving sentiment about US-China trade talks. In Europe, Paris and Frankfurt rose over two percent as markets brushed off official data showing eurozone inflation remained unchanged at slightly above the European Central Bank's two-percent target. London also gained ground, with mining and commodity stocks -- sensitive to Chinese demand -- performing particularly well amid optimism for the potential Beijing-Washington talks, according to analysts. Stephen Innes at SPI Asset Management said that the "market (is) catching its breath before the next directional catalyst drops". This could come from progress -- or an absence of it -- in easing trade tensions between the United States and China or budget negotiations in Washington. -
