Higher Open Called For Indonesia Stock Market

(RTTNews) - Ahead of the break for Hari Raya Haji, the Indonesia stock market had ended the two-day winning streak in which it had collected more than 110 points or 1.8 percent. The Jakarta Composite Index now sits just above the 6,130-point plateau and it's expected to catch up on missed sentiment on Friday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the U.S.-Iran war. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished sharply lower on Tuesday following losses from the financial shares and resource stocks, while the cement companies offered support.

For the day, the index slumped 76.16 points or 1.23 percent to finish at 6,130.19 after trading between 6,124.79 and 6,286.87.

Among the actives, Bank CIMB Niaga retreated 1.53 percent, while Bank Mandiri tumbled 2.13 percent, Bank Danamon Indonesia tanked 2.87 percent, Bank Negara Indonesia slumped 1.29 percent, Bank Central Asia contracted 2.05 percent, Bank Rakyat Indonesia and United Tractors both plunged 3.15 percent, Indocement jumped 1.84 percent, Semen Indonesia advanced 0.85 percent, Indofood Sukses Makmur declined 1.80 percent, Astra International crashed 8.48 percent, Energi Mega Persada skidded 1.08 percent, Astra Agro Lestari added 0.77 percent, Aneka Tambang surrendered 3.58 percent, Vale Indonesia cratered 10.68 percent, Timah plummeted 9.30 percent, Bumi Resources stumbled 2.92 percent and Indosat Ooredoo Hutchison was unchanged.

The lead from Wall Street is upbeat as the major averages opened lower on Thursday but quickly moved to the upside to finish with varying degrees of gains to close at fresh record highs.

The Dow added 24.69 points or 0.05 percent to finish at 50,668.97, while the NASDAQ jumped 242.74 points or 0.91 percent to end at 26,917.47 and the S&P 500 gained 43.27 points or 0.58 percent to close at 7,563.63.

The turnaround on Wall Street came after a report from Axios said U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding.

Crude oil prices handed back most of their early gains on Thursday after reports of the understanding between the U.S. and Iran. After surging as much as $3.84 or 4.3 percent to a high of $92.52 a barrel, crude for July delivery ended up $0.32 or 0.4 percent at $89 a barrel.

In U.S. economic news, the Commerce Department said consumer prices in the U.S. increased slightly less than expected in April.