Indonesia Bourse May Find Traction On Friday

(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, slumping more than 85 points or 1.2 percent along the way. The Jakarta Composite Index now sits just above the 6,170-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is upbeat as both sides appear to signal an end to the U.S.-Iran conflict. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

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

For the day, the index sank 48.40 points or 0.78 percent to finish at 6,172.34 after trading between 6,073.72 and 6,197.17.

Among the actives, Bank CIMB Niaga and Astra International both shed 0.63 percent, while Bank Mandiri fell 0.45 percent, Bank Danamon Indonesia jumped 1.73 percent, Bank Negara Indonesia tumbled 1.84 percent, Bank Central Asia tanked 3.19 percent, Bank Rakyat Indonesia surrendered 3.90 percent, Indosat Ooredoo Hutchison plunged 6.74 percent, Indocement sank 0.71 percent, Semen Indonesia crashed 5.66 percent, Indofood Sukses Makmur improved 0.74 percent, United Tractors dropped 0.87 percent, Energi Mega Persada climbed 1.07 percent, Antam rose 0.32 percent, Vale Indonesia rallied 2.71 percent, Timah vaulted 2.54 percent, Bumi Resources expanded 1.79 percent and Astra Agro Lestari was unchanged.

The lead from Wall Street is firm as the major averages opened higher and remained in the green throughout the trading day.

The Dow added 72.15 points or 0.14 percent to finish at 51,56.70, while the NASDAQ rallied 496.28 points or 1.91 percent to close at 26,517.93 and the S&P 500 jumped 80.48 points or 1.08 percent to end at 7,500.58.

For the holiday shortened week, the NASDAQ shot up by 2.4 percent, the S&P 500 advanced by 0.9 percent and the Dow climbed by 0.7 percent. The markets are closed on Friday for the Juneteenth holiday.

The rebound on Wall Street reflected a positive reaction to news the U.S. and Iran have officially signed a preliminary agreement to end the Middle East war.

Intel (INTC) fueled a rally by semiconductor stocks on reports that Apple (AAPL) has agreed to work with the company to design and build its chips in the U.S.

In U.S. economic news, a report released by the Labor Department showed a modest pullback in first-time claims for U.S. unemployment benefits last week.

Crude oil prices edged lower on Thursday after the reopening of the Strait of Hormuz and the resumption of the free flow of oil from the gulf. West Texas Intermediate crude for July delivery was down $0.53 or 0.69 percent at $76.26 per barrel.