Indonesia Shares Expected To Open In The Red

(RTTNews) - The Indonesia stock market has moved lower in two straight sessions, slumping more than 90 points or 1.3 percent along the way. The Jakarta Composite Index now sits just beneath the 6,850-point plateau and it may see continued consolidation on Friday.

The global forecast for the Asian markets is negative on rising concerns about the outlook for interest rates and ongoing geopolitical risks. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

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

For the day, the index shed 81.48 points or 1.18 percent to finish at 6,846.43.

Among the actives, Bank CIMB Niaga stumbled 1.78 percent, while Bank Mandiri tanked 2.14 percent, Bank Negara Indonesia declined 3.61 percent, Bank Central Asia skidded 1.13 percent, Bank Rakyat Indonesia slumped 2.91 percent, Indosat Ooredoo Hutchison climbed 1.02 percent, Indocement fell 0.25 percent, Semen Indonesia improved 1.17 percent, Indofood Suskes sank 0.74 percent, United Tractors dropped 1.05 percent, Astra International tumbled 1.72 percent, Energi Mega Persada plummeted 4.65 percent, Astra Agro Lestari rallied 1.43 percent, Aneka Tambang surrendered 1.89 percent, Vale Indonesia added 0.43 percent, Bumi Resources plunged 2.40 percent and Bank Danamon Indonesia and Timah were unchanged.

The lead from Wall Street remains soft as the major averages opened slightly higher on Thursday, bounced back and forth across the unchanged line throughout the session before late weakness nudged them firmly into the red.

The Dow dropped 250.91 points or 0.75 percent to finish at 33,414.17, while the NASDAQ sank 128.13 points or 0.96 percent to end at 13,186.18 and the S&P 500 lost 36.60 points or 0.85 percent to close at 4,278.00.

The volatility on Wall Street came as Federal Reserve Chair Jerome Powell delivered highly anticipated remarks at an Economic Club of New York luncheon. Powell argued that inflation is "still too high" and warned additional monetary policy tightening may be needed.

Treasury yields moved higher following Powell's remarks, extending the upward trend seen over the past few sessions and once again reaching 16-year highs.

In economic news, the Labor Department said initial jobless claims unexpectedly declined to a nearly nine-month low last week.

Crude oil futures settled higher Thursday after early losses, as Israel reportedly prepared to move into Gaza to fight against Hamas. West Texas Intermediate Crude oil futures for November added $1.05 or 1.2 percent at $89.37 a barrel.