Indonesia Bourse Expected To Open To The Downside On Friday

(RTTNews) - The Indonesia stock market turned lower again on Thursday, one day after ending the two-day losing streak in which it had stumbled more than 215 points or 3.2 percent. The Jakarta Composite Index now sits just above the 6,485-point plateau and it's tipped to open in the red on Friday.

The global forecast for the Asian markets is negative on continuing concerns over U.S. tariffs. The European and U.S. markets finished under water and the Asian markets are expected to open in similar fashion.

The JCI finished sharply lower on Thursday following losses from the financial shares, telecoms, cement stocks and resource companies.

For the day, the index plunged 120.73 points or 1.83 percent to finish at 6,485.45 after trading between 6,443.22 and 6,626.26.

Among the actives, Bank CIMB Niaga slumped 1.50 percent, while Bank Mandiri crashed 5.28 percent, Bank Danamon Indonesia lost 0.41 percent, Bank Negara Indonesia eased 0.23 percent, Bank Central Asia surrendered 2.85 percent, Bank Rakyat Indonesia plummeted 4.97 percent, Bank Maybank Indonesia climbed 1.02 percent, Indosat Ooredoo Hutchison stumbled 2.46 percent, Indocement declined 1.65 percent, Semen Indonesia cratered 3.83 percent, Indofood Sukses Makmur retreated 1.62 percent, United Tractors perked 0.11 percent, Astra International rose 0.22 percent, Energi Mega Persada shed 0.53 percent, Astra Agro Lestari tumbled 1.72 percent, Aneka Tambang fell 0.31 percent, Jasa Marga jumped 1.60 percent, Vale Indonesia spiked 2.78 percent, Timah plunged 4.00 percent and Bumi Resources was unchanged.

The lead from Wall Street is grim as the major averages opened higher on Thursday but faded into the red as the day progressed, ending near session lows.

The Dow stumbled 193.62 points or 0.45 percent to finish at 43,239.50, while the NASDAQ plummeted 530 points or 2.78 percent to close at 18,544.42 and the S&P 500 dropped 94.49 points or 1.59 percent to end at 5,861.57.

Stocks initially benefited from earnings news from Nvidia (NVDA), which reported better than expected Q4 results and provided upbeat revenue guidance. But its shares subsequently tumbled by 8.5 percent as the AI darling and market leader also warned about increase global competition.

The sell-off on Wall Street also came as President Donald Trump said 25 percent tariffs on imports from Mexico and Canada will go into effect on March 4. Trump said an additional 10 percent tariff on imports from China will also be imposed, claiming without evidence that drugs are pouring into the U.S. from Mexico and Canada and that a large percentage of them are supplied by China.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits rose much more than expected last week. Also, the Commerce Department said durable goods orders surged more than expected in January.

Oil prices climbed higher on Thursday as the U.S. decision to revoke Chevron Corporation's license to operate in Venezuela raised supply concerns. West Texas Intermediate Crude oil futures for April closed higher by $1.73 or 2.52 percent at $70.35 a barrel.