Indonesia Shares May Take Further Damage On Thursday

(RTTNews) - The Indonesia stock market on Wednesday ended the two-day winning streak in which it had gathered almost 30 points or 0.4 percent. The Jakarta Composite Index now sits just beneath the 6,820-point plateau and it's likely to see continued consolidation on Thursday.

The global forecast for the Asian markets is mixed to lower amid waning momentum and a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are expected to open to the downside.

The JCI finished modestly lower on Wednesday following heavy losses from the cement companies, while the financials and resource stocks were mixed.

For the day, the index lost 13.50 points or 0.20 percent to finish at 6,819.67 after trading between 6,816.43 and 6,863.78.

Among the actives, Bank CIMB Niaga slipped 0.39 percent, while Bank Negara Indonesia slumped 0.27 percent, Bank Central Asia shed 0.57 percent, Bank Mandiri collected 0.48 percent, Bank Rakyat Indonesia gained 0.21 percent, Indocement plummeted 6.94 percent, Semen Indonesia plunged 5.49 percent, Indofood Suskes skidded 1.18 percent, United Tractors added 0.59 percent, Astra International fell 0.41 percent, Energi Mega Persada sank 0.82 percent, Astra Agro Lestari dropped 0.91 percent, Aneka Tambang rallied 2.44 percent, Vale Indonesia retreated 1.48 percent, Timah advanced 0.99 percent, Bumi Resources improved 0.76 percent and Bank Danamon Indonesia and Indosat Ooredoo Hutchison were unchanged.

The lead from Wall Street continues to be inconsistent as the NASDAQ and S&P opened under pressure on Wednesday and remained that way throughout, while the Dow stayed mostly positive.

The Dow gained 80.34 points or 0.24 percent to finish at 33,482.72, while the NASDAQ tumbled 129.47 points or 1,07 percent to end at 11,996.86 and the S&P 500 sank 10.22 points or 0.25 percent to close at 4,090.38.

The uptick by the Dow was partly due to a strong gain by shares of Johnson & Johnson (JNJ), with the healthcare giant surging by 4.5 percent after the company announced it has agreed to pay $8.9 billion over 25 years to settle outstanding claims.

Meanwhile, concerns about the economic outlook weighed on the NASDAQ and the S&P following the release of disappointing data.

Payroll processor ADP said that private sector employment increased less than expected in March. And the Institute for Supply Management said growth in U.S. service sector activity slowed much more than expected last month.

Oil prices drifted lower on Wednesday as worries about economic slowdown outweighed data showing a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for May ended lower by $0.10 at $80.61 a barrel.