Rebound Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Wednesday ended the modest two-day winning streak in which it had picked up almost 30 points or 0.4 percent. The Jakarta Composite Index now sits just above the 7,225-point plateau although it may bounce higher again on Thursday.

The global forecast for the Asian markets is mixed to higher and will be dependent on earnings news. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished modestly lower on Wednesday following losses from the financial shares, gains from the cement companies and the resource stocks were mixed.

For the day, the index shed 28.41 points or 0.39 percent to finish at 7,227.82 after trading between 7,170.30 and 7,271.96.

Bank CIMB slid 0.29 percent, Bank Negara advanced 0.92 percent, Bank Danamon shed 0.71 percent, Bank Central Asia sank 0.78 percent, Bank Rakyat Indonesia slumped 0.88 percent, Bank Mandiri retreated 1.54 percent, Astra International dropped 0.98 percent, Indosat Ooredoo Hutchison climbed 1.02 percent, United Tractors lost 0.66 percent, Indofood Suskes gained 0.78 percent, Indocement jumped 1.93 percent, Semen Indonesia improved 0.84 percent, Astra Agro Lestari fell 0.36 percent, Aneka Tambang plunged 4.66 percent, Energi Mega Persada plummeted 4.55 percent, Vale Indonesia rallied 2.79 percent, Timah surrendered 3.25 percent and Bumi Resources tanked 3.30 percent.

The lead from Wall Street suggests mild upside as the major averages opened higher on Wednesday and largely stayed that way, although the Dow slipped into the red by the close.

The Dow dropped 99.06 points or 0.26 percent to finish at 37,806.39, while the NASDAQ gained 55.97 points or 0.36 percent to end at 15,481.92 and the S&P 500 perked 3.95 points or 0.08 percent to close at a fresh record high of 4,868.55.

Technology stocks helped lead the way higher in early trading on Wall Street, with shares of Netflix (NFLX) soaring by 10.7 percent after the streaming giant reported better than expected fourth quarter revenues.

Buying interest waned over the course of the session, reflecting renewed interest rate concerns amid a rebound by treasury yields. Yields moved lower early in the session but bounced higher following some upbeat U.S. economic data and a disappointing five-year note auction.

Oil prices climbed higher on Wednesday on data showing a larger-than-expected decline in U.S. crude inventories, while a weak dollar also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for March added $0.72 or nearly 1 percent at $75.09 a barrel.