The U.S. market closed mostly lower on Tuesday (Jun 09): Dow +0.17%, S&P 500 -0.26%, and Nasdaq -0.97%. Yesterday, Wall Street closed mostly lower as tech and chip shares struggled to maintain their momentum. Investors appeared to be taking profits and exercising caution in anticipation of major upcoming tech listings like the highly anticipated SpaceX IPO. The U.S. 10-year Treasury yield declined 4.57bps to 4.517%, while the U.S. Dollar Index slipped 0.14% to 99.91.

Commodity markets also closed lower on Tuesday (Jun 09): WTI crude fell 3.40% to USD 88.20/bbl, Brent crude dropped 2.97% to USD 91.45/bbl, coal declined 2.26% to USD 146.95/ton, CPO slid 1.03% to MYR 4,528/ton, and gold decreased 1.60% to USD 4,261/oz.

Asian markets closed mostly higher on Tuesday (Jun 09): Hang Seng fell 0.37%, Nikkei jumped 2.17%, and Shanghai gained 1.28%. The JCI climbed 7.57% to 5,746.65, with foreign net sell of IDR 2,445.5 billion, consisting of IDR 2,587.6 billion net sell in the regular market and IDR 142.1 billion net buy in the negotiated market. The largest foreign net sells in the regular market were recorded in BBRI (IDR 476.8 billion), BBCA (IDR 468.3 billion), and BMRI (IDR 267.7 billion), while the largest foreign net buys were seen in GOTO (IDR 26.1 billion), EMAS (IDR 14.4 billion), and TINS (IDR 11.1 billion). Top leading movers were BBRI, BMRI, and TLKM, while top lagging movers were MPRO, MPMX, and MSIN.

This morning, both the KOSPI (-1.41%) and Nikkei (-0.75%) opened lower. Today, we expect the JCI to extend its gains as market optimism shows signs of returning, as evidenced by yesterday’s strong rebound.