After turning in the worst quarter since the financial crisis, U.S. stocks started the new one by approaching the level considered a bear market.
The Dow Jones Industrial Average, as quoted by Wall Street Journal, tumbled 2.4% Monday, leaving the index down 16.8% from its April high, 3.2 percentage points away from the 20% decline that many analysts believe signals that a bear market is under way.
The broader Standard & Poor's 500-stock index also fell sharply and is even closer to bear-market territory, down 19.4% since April. The indexes are at their lowest closing levels in more than a year. How about Indonesia stock market today?
Jakarta Composite Index (JCI) today may continue its correction to test support channeling and be estimated to move within the range of 3,258-3,426.
The index yesterday fell 5.64% or 200 points to 3,348.71 on the back of slowing down of Chinese economy. Foreign investor recorded a Rp484 billion net selling with the most oversold stocks of BBRI, BMRI, BUMI, ASII, and BBNI.
Disclosure: No position at the stock mentioned above.
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