Higher Open Tipped For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Thursday ended the seven-day winning streak in which it had surged almost 400 points or 5 percent. The Jakarta Composite Index now sits just shy of the 8,010-point plateau, although it may tick higher again on Friday.

The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished slightly lower on Thursday following losses from the financial shares and resource stocks.

For the day, the index lost 16.75 points or 0.21 percent to finish at 8,008.43 after trading between 7,993.52 and 8,068.01.

Among the actives, Bank CIMB Niaga fell 0.29 percent, while Bank Mandiri stumbled 2.00 percent, Bank Negara Indonesia surrendered 2.47 percent, Bank Central Asia dropped 1.91 percent, Bank Rakyat Indonesia collected 0.71 percent, Indosat Ooredoo Hutchison plunged 4.69 percent, Semen Indonesia contracted 1.70 percent, Indofood Sukses Makmur retreated 1.61 percent, United Tractors tumbled 2.22 percent, Astra International tanked 2.19 percent, Astra Agro Lestari rallied 1.27 percent, Aneka Tambang skidded 1.16 percent, Vale Indonesia sank 0.75 percent, Timah lost 0.45 percent and Bumi Resources, Bank Danamon Indonesia, Indocement and Energi Mega Persada were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Thursday and remained in the green throughout the trading day, ending near session highs.

The Dow climbed 124.10 points or 0.27 percent to finish at 46,142.42, while the NASDAQ rallied 209.40 points or 0.94 percent to end at 22,470.72 and the S&P 500 gained 31.61 points or 0.48 percent to close at 6,631.96.

Technology stocks led the markets higher amid a spike by shares of Intel (INTC), with the chipmaker skyrocketing by 22.8 percent to its best closing level in over a year.

The rally by Intel came after the company announced a collaboration with Nvidia (NVDA) to jointly develop multiple generations of custom data center and PC products.

In U.S. economic news, the Labor Department said initial jobless claims pulled back by more than expected last week. Also, the Conference Board said its reading on leading U.S. economic indicators fell more than expected in August.

Crude oil fell on Thursday after the U.S. Federal Reserve hinted at a slowdown by the American economy. West Texas Intermediate crude for October delivery was down $0.46 or 0.72 percent at $63.59 per barrel.