Indonesia Bourse May Test Support At 7,000 Points

(RTTNews) - The Indonesia stock market has alternated between positive finished through the last seven trading days since the end of the three-day winning streak in which it had advanced more than 85 points or 1.2 percent. The Jakarta Composite Index now sits just beneath the 7,015-point plateau and it may open under pressure again on Thursday.

The global forecast for the Asian markets is negative, with technology, semiconductor and oil stocks expected to weigh. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The JCI finished slightly lower on Wednesday following losses from the financial shares, resource stocks and cement companies.

For the day, the index fell 21.12 points or 0.30 percent to finish at 7,014.38.

Among the actives, Bank Danamon Indonesia declined 1.34 percent, while Bank CIMB Niaga retreated 1.71 percent, Bank Negara Indonesia dipped 0.27 percent, Bank Central Asia tumbled 2.27 percent, Bank Mandiri tanked 2.44 percent, Bank Rakyat Indonesia dropped 1.31 percent, Indosat Ooredoo Hutchison slumped 2.29 percent, Indocement surrendered 2.72 percent, Semen Indonesia stumbled 4.09 percent, United Tractors rose 0.35 percent, Astra International sank 0.80 percent, Energi Mega Persada weakened 2.91 percent, Astra Agro Lestari shed 0.60 percent, Aneka Tambang plunged 6.02 percent, Vale Indonesia fell 0.34 percent, Timah plummeted 3.81 percent and Bumi Resources and Indofood Suskes were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Wednesday. The NASDAQ and the S&P 500 stayed in the red all day, while the Dow bounced back and forth across the unchanged line but also finished lower.

The Dow eased 39.09 points or 0.12 percent to finish at 33,553.83, while the NASDAQ tumbled 174.75 points or 1.54 percent to close at 11,183.66 and the S&P 500 sank 32.94 points or 0.83 percent to end at 3,958.79.

The weakness on Wall Street came as treasuries moved sharply higher, extending the upward move in the previous session and affecting technology stocks in particular.

In economic news, the Commerce Department reported a significant increase in U.S. retail sales in October. Also, the Federal Reserve noted an unexpected decline in U.S. industrial production last month. In addition, the National Association of Home Builders reported a continued decrease in U.S. homebuilder confidence in November.

Crude oil prices slipped Wednesday amid concerns about the outlook for demand and the resumption of Russian oil shipments to Hungary. Oil prices fell despite data showing a larger-than-expected drop in crude inventories in the U.S. West Texas Intermediate Crude oil futures for December ended lower by $1.33 or 1.5 percent at $85.59 a barrel.