Profit Taking Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has climbed higher in back-to-back sessions, rallying more than 310 points or 5 percent along the way. The Jakarta Composite Index now sits just above the 6,470-point plateau although investors figure to cash in on Thursday.

The global forecast for the Asian markets is soft on tariff concerns, particularly among the technology companies. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The JCI finished sharply higher on Wednesday with gains across the board ahead of next week's lengthy holiday.

For the day, the index surged 236.74 points or 3.80 percent to finish at 6,472.36 after trading between 6,312.97 and 6,489.15.

Among the actives, Bank CIMB Niaga collected 1.51 percent, while Bank Mandiri soared 8.56 percent, Bank Danamon Indonesia climbed 1.27 percent, Bank Negara Indonesia surged 8.97 percent, Bank Central Asia accelerated 5.90 percent, Bank Rakyat Indonesia spiked 5.26 percent, Bank Maybank Indonesia strengthened 2.13 percent, Indosat Ooredoo Hutchison advanced 3.42 percent, Indocement rallied 7.29 percent, Semen Indonesia skyrocketed 9.56 percent, Indofood Sukses Makmur improved 1.84 percent, United Tractors jumped 2.96 percent, Astra International gained 3.23 percent, Energi Mega Persada added 1.19 percent, Astra Agro Lestari increased 4.61 percent, Aneka Tambang rose 3.13 percent, Jasa Marga gathered 4.62 percent, Vale Indonesia rallied 6.45 percent, Timah exploded 8.43 percent and Bumi Resources expanded 5.88 percent.

The lead from Wall Street is negative as the major averages opened mixed on Wednesday but all trended lower as the day progressed, ending solidly under water.

The Dow dropped 132.71 points or 0.31 percent to finish at 42,454.79, while the NASDAQ tumbled 372.84 points or 2.04 percent to close at 17,899.02 and the S&P 500 sank 64,45 points or 1.12 percent to end at 5,712.20.

The sharp pullback by the NASDAQ came as big-name tech stocks came under pressure, reflecting ongoing uncertainty about President Donald Trump's tariff plans.

Stocks saw further downside after the White House said Trump plans to announce new tariffs on auto imports later this afternoon.

In U.S. economic news, the Commerce Department noted an unexpected increase by new orders for U.S. manufactured durable goods in the month of February.

Oil prices moved higher Wednesday on supply concerns after data showed a sharp drop in U.S. crude oil inventories last week, while renewed efforts from the U.S. to limit Venezuelan and Iranian oil exports also boosted prices. West Texas Intermediate Crude oil futures for May closed up $0.65 or about 0.94 percent at $69.65 a barrel.