Renewed Support Anticipated For Indonesia Shares

(RTTNews) - The Indonesia stock market on Thursday snapped the two-day winning streak in which it had climbed more than 130 points or 1.9 percent. The Jakarta Composite Index now sits just beneath the 6,810-point plateau although it figures to bounce higher again on Friday.

The global forecast for the Asian markets is positive on easing concerns over the health of the banking sector. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished modestly lower on Thursday following mixed performances from the financial shares and the resource stocks.

For the day, the index sank 30.48 points or 0.45 percent to finish at 6,808.95 after trading between 6,803.09 and 6,868.63.

Among the actives, Bank Danamon Indonesia fell 0.34 percent, while Bank CIMB Niaga climbed 1.19 percent, Bank Negara Indonesia jumped 1.63 percent, Bank Central Asia collected 0.28 percent, Bank Mandiri retreated 1.21 percent, Bank Rakyat Indonesia declined 1.25 percent, Indosat Ooredoo Hutchison gained 0.72 percent, Indocement advanced 0.94 percent, Indofood Suskes improved 0.79 percent, United Tractors shed 0.52 percent, Astra International sank 0.84 percent, Aneka Tambang added 0.48 percent, Vale Indonesia gained 0.38 percent, Bumi Resources plummeted 5.26 percent and Astra Agro Lestari, Semen Indonesia, Timah and Energi Mega Persada were unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Thursday, faded as the day progressed but still ended well in positive territory.

The Dow jumped 141.43 points or 0.43 percent to finish at 32,859.03, while the NASDAQ gained 87.24 points or 0.73 percent to close at 12,013.47 and the S&P 500 added 23.02 points or 0.57 percent to end at 4,050.83.

The continued strength on Wall Street came as concerns about turmoil in the banking sector continued to ease after sparking substantial volatility on Wall Street in recent weeks.

Traders also looked ahead to today's report on personal income and spending, which includes a reading on inflation said to be preferred by the Federal Reserve and could have an impact on the outlook for interest rates.

In economic news, the Labor Department noted a modest increase in first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said the U.S. economy grew slightly less than estimated in Q4 of 2022.

Crude oil prices rose sharply Thursday on easing concerns over turmoil in the banking sector and supply disruptions in Turkey. West Texas Intermediate Crude oil futures for May ended higher by $1.40 or 1.9 percent at $74.37 a barrel.