Renewed Selling Pressure Expected For Indonesia Shares

(RTTNews) - The Indonesia stock market on Thursday ended the three-day losing streak in which it had stumbled more than 100 points or 1.4 percent. The Jakarta Composite Index now sits just above the 7,320-point plateau although it figures to head south again on Friday.

The global forecast for the Asian markets is weak, with continued selling pressure expected among technology and semiconductor stocks. The European and U.S. markets were mostly down and the Asian markets figure to follow suit.

The JCI finished sharply higher on Thursday following gains from the food, finance and automobile stocks, while the resource companies were down.

For the day, the index rallied 96.85 points or 1.34 percent to finish at 7,321.07 after trading between 7,220.10 and 7,330.81.

Among the actives, Bank CIMB Niaga collected 0.84 percent, while Bank Mandiri strengthened 1.55 percent, Bank Danamon Indonesia sank 0.76 percent, Bank Negara Indonesia rallied 1.50 percent, Bank Central Asia accelerated 3.06 percent, Bank Rakyat Indonesia soared 2.73 percent, Indosat Ooredoo Hutchison spiked 1.94 percent, Semen Indonesia rose 0.25 percent, Indofood Sukses Makmur added 0.41 percent, United Tractors improved 2.31 percent, Astra International jumped 1.79 percent, Astra Agro Lestari advanced 0.87 percent, Aneka Tambang shed 0.36 percent, Jasa Marga slumped 1.44 percent, Vale Indonesia dropped 0.78 percent, Timah plunged 3.72 percent, Bumi Resources climbed 1.27 percent and Indocement and Energi Mega Persada were unchanged.

The lead from Wall Street is poor as the major averages opened slightly higher on Thursday but quickly headed south and stayed deep in the red for the remainder of the session.

The Dow plunged 533.06 points or 1.29 percent to finish at 40,665.02, while the NASDAQ lost 125.70 points or 0.70 percent to end at 17,871.22 and the S&P 500 sank 43.68 points or 0.78 percent to close at 5,544.59.

The weakness on Wall Street partly reflected concerns about the near-term outlook for the markets following Wednesday's tech sell-off following reports that the Biden's administration is considering tougher trade rules against companies in its chip crackdown on China.

In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits climbed more than expected last week.

The Federal Reserve Bank of Philadelphia said that growth by regional manufacturing was more widespread in July. Also, the Conference Board noted a modest decrease by its reading on leading U.S. economic indicators in June.

Oil futures eased slightly on Thursday concerns about the outlook for oil demand from China, while the dollar's recovery weighed as well on prices. West Texas Intermediate Crude oil futures for August ended down $0.03 at $82.82 a barrel.