Wall Street’s major indexes closed lower (16/12); marked by a sharp decline on Nasdaq of 2.47%. Signals from the Federal Reserve to raise interest rates next year began to put pressure on growth-based sectors such as technology. Meanwhile, crude oil prices strengthened after the US Department of Energy announced a significant decrease in oil reserves.
Domestically, JCI closed lower by 0.47%; in the midst of foreign net sells worth IDR 735 billion. Market participants received negative sentiment; after the Government announced the discovery of the first Omicron variant of Covid-19 case in Indonesia. Towards the end of the week, the benchmark index is expected to move in a lower consolidation range in the area of 6550-6650.
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