Indonesia Stock Market Has Weak Lead For Friday's Trade

(RTTNews) - The Indonesia stock market bounced higher again on Thursday, one day after ending the seven-day winning streak in which it had advanced almost 150 points or 2.2 percent. The Jakarta Composite Index now sits just above the 7,160-point plateau although it's expected to move lower again on Friday.

The global forecast for the Asian markets is mixed to lower, with profit taking expected after solid gains a day earlier - especially among the technology shares. The European and U.S. markets were mixed and the Asian bourses are likely to follow suit.

The JCI finished sharply higher on Thursday following gains from the financial shares and resource stocks.

For the day, the index gained 74.15 points or 1.05 percent to finish at 7,160.38.

Among the actives, Bank Danamon Indonesia spiked 2.76 percent, while Bank CIMB Niaga jumped 1.83 percent, Bank Negara Indonesia gained 0.59 percent, Bank Central Asia collected 0.63 percent, Bank Mandiri dropped 0.87 percent, Bank Rakyat Indonesia advanced 0.93 percent, Indosat Ooredoo added 0.70 percent, Indocement shed 0.51 percent, Semen Indonesia skidded 1.07 percent, Indofood Suskes fell 0.38 percent, United Tractors retreated 1.39 percent, Astra International strengthened 1.46 percent, Energi Mega Persada accelerated 2.90 percent, Astra Agro Lestari climbed 1.07 percent, Aneka Tambang surged 5.66 percent, Vale Indonesia soared 5.32 percent, Timah rallied 2.61 percent and Bumi Resources skyrocketed 7.52 percent.

The lead from Wall Street is soft as the major averages opened higher on Thursday but were unable to hold the early gains and eventually finished mixed.

The Dow rose 27.16 points or 0.08 percent to finish at 33,336.67, while the NASDAQ sank 74.89 points or 0.58 percent to end at 12,779.91 and the S&P 500 dipped 2.97 points or 0.07 percent to close at 4,207.27.

The extended rally in early trading came after the Labor Department released a report showing an unexpected decrease in producer prices in July.

Following Wednesday's tamer than expected consumer price data, the report initially added to optimism that the Federal Reserve will slow the pace of its interest rate hikes next month.

However, subsequent comments from Fed officials seemed to downplay the data, with Chicago Fed President Charles Evans saying inflation remains "unacceptably high."

Crude oil prices rose sharply Thursday on rising hopes for energy demand after the International Energy Agency lifted its demand outlook. The dollar's weakness following the soft inflation data also contributed to the rise in oil prices. West Texas Intermediate Crude futures ended higher by $2.41 or 2.6 percent at $94.34 a barrel.