Soft Start Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, collecting almost 85 points or 1.4 percent along the way. The Jakarta Composite Index now rests just above the 7,300-point plateau although it may run out of steam on Friday.

The global forecast suggests little movement ahead of the end of the year, although some profit taking is possible. The European markets were slightly lower and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished modestly higher on Thursday following gains from the financial shares and resource stocks.

For the day, the index gained 49.80 points or 0.8 percent to finish at 7,303.89.

The lead from Wall Street offers little clarity as the major averages opened higher on Thursday but faded as the day progressed, finishing mixed and little changed.

The Dow added 53.58 points or 0.14 percent to finish at 37,710.10, while the NASDAQ dipped 4.04 points or 0.03 percent to close at 15,095.14 and the S&P 500 rose 1.77 points or 0.04 percent to end at 4,783.35.

The choppy trading on Wall Street came after the Labor Department said first-time claims for U.S. unemployment benefits rose more than expected last week. Also, the National Association of Realtors said pending home sales were unexpectedly unchanged in November.

While the data added to optimism about the outlook for interest rates, traders remained reluctant to make significant moves going into the end of the year.

Crude oil prices fell sharply Thursday on easing concerns about trade disruptions after several shipping companies resumed transit via the Red Sea. West Texas Intermediate Crude oil futures for February ended down $2.34 or 3 percent at $71.77 a barrel.