Soft Start Seen For Indonesia Stock Market

RTTNews | hace 825
Soft Start Seen For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Thursday ended the four-day winning streak in which it had advanced more than 85 points or 1.3 percent. The Jakarta Composite Index now rests just above the 6,700-point plateau and it may be stuck in neutral on Friday.

The global forecast is murky, with support from technology stocks likely offset by concern over the ongoing U.S. debt ceiling situation. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished modestly lower on Thursday following weakness from the resource stocks and mixed performances from the financials and cement companies.

For the day, the index shed 41.57 points or 0.62 percent to finish at 6,704.23 after trading between 6,702.53 and 6,747.87.

Among the actives, Bank CIMB Niaga sank 0.70 percent, while Bank Mandiri jumped 1.97 percent, Bank Negara Indonesia spiked 1.98 percent, Bank Central Asia collected 0.28 percent, Bank Rakyat Indonesia surrendered 2.23 percent, Indosat Ooredoo Hutchison strengthened 1.38 percent, Indocement perked 0.25 percent, Semen Indonesia lost 0.42 percent, Indofood Suskes rallied 2.16 percent, United Tractors plunged 4.47 percent, Astra International skidded 1.12 percent, Energi Mega Persada plummeted 6.25 percent, Astra Agro Lestari shed 0.67 percent, Aneka Tambang fell 0.26 percent, Vale Indonesia slumped 1.13 percent, Timah tumbled 5.38 percent, Bumi Resources tanked 3.54 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is inconsistent as the major averages opened mixed on Thursday and finished the same way.

The Dow shed 35.27 points or 0.11 percent to finish at 32,764.65, while the NASDAQ surged 213.93 points or 1.71 percent to end at 12,698.09 and the S&P 500 gained 36/04 points or 0.88 percent to close at 4,151.28.

The rebound on Wall Street reflected strong earnings news from Nvidia (NVDA), which reported better than expected results and forecasting Q2 revenue well above estimates - resulting in a surge by the Philadelphia Semiconductor Index.

Traders also kept an eye on any developments in the U.S. debt ceiling negotiations amid lingering concerns about a potential default. Reflecting the default concerns, Fitch Ratings placed the United States "AAA" credit on "rating watch negative," signaling downside risks to U.S. creditworthiness.

In economic news, a revision from the Commerce Department showed economic growth in the U.S. slowed less than estimated in the first quarter of 2023. Also, the Labor Department showed a modest increase in first-time claims for U.S. unemployment benefits last week.

Crude oil prices fell sharply Thursday, snapping a three-day winning streak, after Russia's Deputy Prime Minister said Russia won't agree on any additional cut in crude production. West Texas Intermediate Crude oil futures for July ended down $2.51 or 3.4 percent at $71.83 a barrel.

read more
Korea Interest Rate Decision Due On Thursday

Korea Interest Rate Decision Due On Thursday

The Bank of Korea will wrap up its monetary policy meeting this morning and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The BoK is expected to keep its benchmark lending rate unchanged at 2.50 percent.
RTTNews | hace 1h 2min
European Stocks Close On Mixed Note

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Wednesday as investors largely stayed cautious, looking ahead to chipmaker Nvidia's quarterly earnings announcement, and continuing to assess the political situation in France.
RTTNews | hace 6h 7min
Euro Falls Amid Political Uncertainty

Euro Falls Amid Political Uncertainty

The euro weakened against other major currencies in the European session on Wednesday, as trader's concern about the collapse of France's government.
RTTNews | hace 10h 23min
Bay Street Likely To Open On Positive Note

Bay Street Likely To Open On Positive Note

Canadian shares are likely to open on a positive note on Wednesday, riding on strong earnings from Royal Bank of Canada and National Bank of Canada. Weak commodity prices and concerns on the geopolitical and tariffs front may weigh limit market's upside.
RTTNews | hace 10h 48min
European Stocks Turning In Mixed Performance

European Stocks Turning In Mixed Performance

European stocks are turning in a mixed performance on Wednesday as political uncertainty in France, and a lack of any significant positive triggers render the mood cautious. Investors are also awaiting earnings updates from AI major NVIDIA.
RTTNews | hace 11h 15min
FTSE 100 Flat In Lackluster Trade; Bank Stocks Drifting Lower

FTSE 100 Flat In Lackluster Trade; Bank Stocks Drifting Lower

U.K. stocks are somewhat subdued in lackluster trade on Wednesday as investors remain a bit reluctant to make significant moves due to a lack of triggers. The benchmark FTSE 100 was at 9,266.25 a little before noon, up 0.45 points over previous close.
RTTNews | hace 12h 5min
CAC 40 Advances After Recent Losses

CAC 40 Advances After Recent Losses

Despite the uncertainty on the political front, the French market is up in positive territory on Wednesday due largely to some bargain hunting at several counters after two successive days of declines. Investors are also looking ahead to AI giant Nvidia's earnings updates.
RTTNews | hace 12h 19min