Indonesia Shares May Bounce Higher Again On Friday

(RTTNews) - The Indonesia stock market on Thursday wrote a finish to the four-day winning streak in which it had climbed almost 240 points or 3.7 percent. The Jakarta Composite Index now rests just above the 6,610-point plateau although it's expected to see renewed support on Friday.

The global forecast for the Asian markets is upbeat, with oil and technology stocks expected to lead the way higher. The European and U.S. markets finished solidly higher and the Asian bourses are also expected to open in the green.

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

For the day, the index shed 20.90 points or 0.32 percent to finish at 6,613.48 after trading between 6,585.46 and 6,697.90.

Among the actives, Bank CIMB Niaga plunged 6.74 percent, while Bank Mandiri eased 0.20 percent, Bank Danamon Indonesia collected 0.43 percent, Bank Negara Indonesia added 0.48 percent, Bank Central Asia tanked 2.87 percent, Bank Rakyat Indonesia sank 0.80 percent, Indosat Ooredoo Hutchison surged 6.92 percent, Indocement dropped 0.94 percent, Semen Indonesia shed 0.78 percent, Indofood Sukses Makmur retreated 1.36 percent, Astra International skidded 1.04 percent, Energi Mega Persada surrendered 2.67 percent, Astra Agro Lestari improved 0.87 percent, Aneka Tambang rallied 3.86 percent, Vale Indonesia lost 0.41 percent, Timah spiked 2.90 percent, Bumi Resources tumbled 2.78 percent and United Tractors was unchanged.

The lead from Wall Street is broadly positive as the major averages opened mixed but quickly moved sharply higher, finishing near daily highs.

The Dow spiked 486.83 points or 1.23 percent to finish at 40,093.40, while the NASDAQ rallied 457.99 points or 2.74 percent to close at 17,166.04 and the S&P 500 jumped 108.91 points or 2.03 percent to end at 5,484.77.

Semiconductor stocks turned in some of the best performances on the day, resulting in a 5.6 percent spike by Philadelphia Semiconductor Index. Texas Instruments (TXN) and Lam Research (LRCX) fueled the rally on better than expected quarterly earnings.

Later in the day, Treasury Secretary Scott Bessent said the U.S. may reach "an agreement on understanding" on trade with South Korea "as soon as next week."

On the economic front, the Labor Department said first-time claims for U.S. unemployment benefits edged modestly higher last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods surged much more than expected in March

Crude oil showed a modest move back to the upside on Thursday following the steep drop in the previous session. West Texas Intermediate crude for June delivery rose $0.16 or 0.3 percent to $62.43 a barrel after plunging $1.40 or 2.2 percent to $62.27 a barrel a day earlier.