The Jakarta Composite Index opened 0.22 percent higher to 6,700.84 on Wednesday, rising 14.39 points at the Indonesia Stock Exchange before turning negative within minutes amid rising crude oil prices and heightened military tensions between the United States and Iran.
Early swings and regional moves
The benchmark index swung between an early temporary high of 6,707.30 and a temporary low of 6,680.54. Early trading registered 299 advancing stocks, 60 declining stocks and 303 unchanged shares, with transaction volume standing at 305.71 million shares valued at 200.14 billion rupiah.
Regional equity markets showed mixed movements across Asia on Wednesday morning. Japan’s Nikkei 225 fell 0.23 percent and the Topix declined 0.35 percent, even as economic growth in Japan was revised higher. South Korea’s Kospi gained 0.36 percent while the Kosdaq index rose 0.47 percent.
Geopolitical tensions and trade tariffs
Geopolitical tensions mounted as Iran reportedly launched a second previously undisclosed attack against United States Navy ships during the week. Brent crude briefly breached $99 a barrel after Tuesday’s close, while WTI crude briefly passed $94 a barrel in after-hours trading.
Trade frictions expanded as Canada imposed retaliatory tariffs on United States products, while China expanded its trade surplus. On Wall Street on Tuesday, the Dow Jones Industrial Average fell 1.2 percent, the S&P 500 declined 0.6 percent and the Nasdaq Composite dropped 0.3 percent. S&P 500 closed at 7,673.52 points on 8 September.
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Data: S&P Dow Jones Indices
