Higher Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market headed south again on Thursday, one day after ending the five-day losing streak in which it had tumbled more than 220 points or 3.1 percent. The Jakarta Composite Index now sits just beneath the 7,220-point plateau although it may bounce higher again on Friday.

The global forecast for the Asian markets is mixed and flat to lower following U.S. inflation data. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished slightly lower on Thursday as losses from the resource stocks were offset by gains from the financials.

For the day, the index slipped 7.33 points or 0.10 percent to finish at the daily low of 7,219.96 after peaking at 7,277.50.

Among the actives, Bank CIMB Niaga gained 0.29 percent, while Bank Mandiri collected 0.39 percent, Bank Danamon Indonesia fell 0.34 percent, Bank Central Asia rose 0.26 percent, Bank Rakyat Indonesia advanced 0.88 percent, Indosat Ooredoo Hutchison rallied 1.32 percent, Indocement jumped 1.64 percent, Semen Indonesia skidded 1.19 percent, Astra International added 0.45 percent, Energi Mega Persada tumbled 1.63 percent, Aneka Tambang slumped 1.21 percent, Vale Indonesia retreated 1.44 percent, Bumi Resources plummeted 5.21 percent and Astra Agro Lestari, Indofood Suskes, United Tractors, Jasa Marga, Timah, Perusahaan Gas Negara and Bank Negara Indonesia were unchanged.

The lead from Wall Street offers little clarity as the major averages opened slightly higher on Thursday but quickly plummeted deep into the red before rallying to finish mixed and flat.

The Dow rose 15.29 points or 0.04 percent to finish at 37,711.02, while the NASDAQ perked 0.54 points or 0.00 percent to close at 14,970.18 and the S&P 500 slipped 3.21 points or 0.07 percent to end at 4,780.24.

The early downturn on Wall Street came as traders digested the Labor Department's highly anticipated report on consumer price inflation in December, which showed prices rose slightly more than expected.

A number of economists have said the data makes the Federal Reserve less likely to cut interest rates in March, with many predicting the central bank will hold off until its May meeting.

The late-day recovery attempt on Wall Street also came as treasury yields showed a notable move to the downside after showing a lack of direction for much of the day.

Oil futures settled higher on Thursday as prices rebounded on likely disruptions in trade and supplies after Iran seized a tanker with Iraqi crude marked for delivery to Turkey. West Texas Intermediate Crude oil futures for February ended higher by $0.65 at $72.02 a barrel.