Renewed Support Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Thursday halted the three-day winning streak in which it had surged almost 225 points or 3.3 percent. The Jakarta Composite Index now sits just beneath the 6,865-point plateau although it's expected to open higher again on Friday.

The global forecast for the Asian markets is mixed to higher, with gains from the technology and property stocks likely capped by weakness from the energy companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

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

For the day, the index eased 10.61 points or 0.15 percent to finish at 6,864.13.

Among the actives, Bank Danamon Indonesia fell 0.40 percent, while Bank CIMB Niaga shed 0.50 percent, Bank Negara Indonesia collected 0.65 percent, Bank Rakyat Indonesia rose 0.23 percent, Indosat Ooredoo strengthened 1.56 percent, Indocement advanced 0.80 percent, Semen Indonesia rose 0.38 percent, Indofood Suskes climbed 1.06 percent, United Tractors lost 0.58 percent, Astra International retreated 1.59 percent, Astra Agro Lestari stumbled 1.32 percent, Aneka Tambang skidded 1.18 percent, Vale Indonesia advanced 0.97 percent, Timah declined 1.43 percent and Bumi Resources, Bank Central Asia, Bank Mandiri, Energi Mega Persada and Bakrie Sumatera Plantations were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday, moving solidly into the green as the day progressed.

The Dow jumped 162.06 points or 0.51 percent to finish at 32,036.90, while the NASDAQ spiked 161.96 points or 1.36 percent to end at 12,059.61 and the S&P 500 gained 39.05 points or 0.99 percent to close at 3,998.95.

The volatility on Wall Street came as traders expressed uncertainty about the outlook for the markets following the recent upward move. The NASDAQ benefitted from a significant advance by shares of Tesla (TSLA), which reported second quarter earnings that beat expectations.

The latest U.S. economic data may have also helped ease concerns about the outlook for interest rates, with the Labor Department noting that initial jobless claims unexpectedly rose to an eight-month high last week.

A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity unexpectedly contracted at a faster rate in July. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June.

Crude oil prices tumbled on Thursday, extending losses from the previous session amid concerns about the outlook for energy demand in the near term due to slowing economic growth and rising interest rates. West Texas Intermediate Crude oil futures for September ended lower by $3.53 or 3.5 percent at $96.35 a barrel.