Win Streak May End For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished higher in four straight sessions, advancing more than 215 points or 3 percent along the way. The Jakarta Composite Index now rests just above the 7,170-point plateau although it's expected to open in the red on Friday.

The global forecast for the Asian markets is soft, with profit taking expected amid continued uncertainty over the conflict in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The JCI finished sharply higher on Thursday following gains from the financial, cement, food, telecom and resource sectors.

For the day, the index climbed 81.85 points or 1.15 percent to finish at 7,174.32 after trading between 7,107.17 and 7,207.08.

Among the actives, Bank CIMB Niaga jumped 1.80 percent, while Bank Mandiri rallied 2.88 percent, Bank Danamon Indonesia shed 0.49 percent, Bank Negara Indonesia spiked 3.92 percent, Bank Central Asia vaulted 4.62 percent, Bank Rakyat Indonesia collected 4.75 percent, Indosat Ooredoo Hutchison advanced 0.94 percent, Indocement strengthened 2.45 percent, Semen Indonesia accelerated 4.37 percent, Indofood Sukses Makmur climbed 1.06 percent, United Tractors added 0.68 percent, Astra International expanded 1.74 percent, Energi Mega Persada tumbled 2.99 percent, Astra Agro Lestari slumped 1.47 percent, Antam improved 2.11 percent, Vale Indonesia soared 2.86 percent, Timah surged 5.40 percent and Bumi Resources was unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Thursday but gradually tracked into the red and finished under water.

The Dow dropped 313.62 points or 0.63 percent to finish at 49,596.97, while the NASDAQ dipped 32.75 points or 0.13 percent to close at 25,806.20 and the S&P 500 sank 28.01 points or 0.38 percent to end at 7,337.11.

Stocks showed a lack of direction early in the day as traders remain optimistic about a peaceful end to the conflict in the Middle East but may want to see more tangible results from U.S.-Iran negotiations before making big bets.

But selling pressure picked as crude oil prices saw a substantial turnaround over the course of the day, with U.S. crude oil futures jumping by more than 1 percent following reports that Iran is attempting to force shippers to comply with a new protocol for transiting the Strait of Hormuz.

Crude oil prices had moved lower as Iran reviews a peace plan offered by the U.S. to end the gulf war but bounced higher again on supply concerns. West Texas Intermediate crude for June delivery was at $94.76 per barrel.

In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by less than expected in the week ended May 2.