Indonesia Stock Market May See Additional Support On Friday

(RTTNews) - The Indonesia stock market on Thursday wrote a finish to the five-day losing streak in which it had stumbled almost 200 points or 2.9 percent. The Jakarta Composite Index now rests just shy of the 6,820-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is mixed to higher, with profit taking among the technology stocks likely to cap any upside. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

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

For the day, the index jumped 92.40 points or 1.37 percent to finish at 6,819.32 after trading between 6,728.40 and 6,825.56.

Among the actives, Bank CIMB Niaga jumped 1.83 percent, while Bank Mandiri accelerated 3.48 percent, Bank Danamon Indonesia collected 0.41 percent, Bank Negara Indonesia gained 2.33 percent, Bank Central Asia soared 4.14 percent, Bank Rakyat Indonesia improved 4.15 percent, Indosat Ooredoo Hutchison rallied 1.74 percent, Indocement shed 0.67 percent, Semen Indonesia fell 0.28 percent, United Tractors spiked 3.04 percent, Energi Mega Persada spiked 4.07 percent, Astra Agro Lestari strengthened 1.37 percent, Vale Indonesia dropped 0.97 percent, Timah climbed 1.92 percent, Bumi Resources surged 5.80 percent and Astra International, Aneka Tambang and Indofood Sukses Makmur were unchanged.

The lead from Wall Street offers little clarity as the major averages opened higher, but the NASDAQ and S&P 500 turned lower and finished that way - while the Dow ended in the green.

The Dow rallied 299.90 points or 0.77 percent to finish at 39,134.76, while the NASDAQ stumbled 140.64 points or 0.79 percent to close at 17,721.59 and the S&P sank 13.86 points or 0.25 percent to end at 5,473.17.

While the early strength on Wall Street came amid a continued advanced by shares of Nvidia (NVDA), the subsequent downturn by the NASDAQ and the S&P 500 was also led by a significant pullback by the AI darling and market leader.

The downturn by the NASDAQ and the S&P may also have reflected profit taking after the indexes reached new record intraday highs, with the S&P 500 turning lower after climbing above 5,500 for the first time.

In economic news, the Labor Department reported a modest pullback by first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department noted a steep drop in new U.S. residential construction in May.

Crude oil prices advanced on Thursday after data showed crude inventories in the U.S. fell slightly more than expected last week. West Texas Intermediate Crude oil futures for July ended higher by $0.60 at $82.17 a barrel.