Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Thursday ended the two-day winning streak in which it had gathered more than 95 points or 1.3 percent. The Jakarta Composite Index now sits just above the 6,710-point plateau and it's likely to take further damage on Friday.

The global forecast for the Asian markets is negative as disappointing earnings news and concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The JCI finished sharply lower on Thursday following losses from the financial shares, cement companies and resource stocks.

For the day, the index dropped 119.87 points or 1.75 percent to finish at 6,714.52.

Among the actives, Bank CIMB Niaga declined 1.47 percent, while Bank Mandiri tanked 2.56 percent, Bank Danamon Indonesia skidded 1.12 percent, Bank Negara Indonesia surrendered 1.81 percent, Bank Central Asia retreated 1.69 percent, Bank Rakyat Indonesia crashed 4.93 percent, Indosat Ooredoo Hutchison spiked 2.66 percent, Indocement plunged 3.11 percent, Semen Indonesia stumbled 2.34 percent, United Tractors lost 0.57 percent, Astra International dropped 0.87 percent, Astra Agro Lestari added 0.36 percent, Vale Indonesia tumbled 2.26 percent, Timah slumped 1.43 percent, Bumi Resources plummeted 4.24 percent and Aneka Tambang, Indofood Suskes and Energi Mega Persada were unchanged.

The lead from Wall Street is bleak as the major averages opened mixed on Thursday but quickly turned lower and finished at session lows.

The Dow dropped 251.63 points or 0.76 percent to finish at 32,784.30, while the NASDAQ stumbled 225.62 points or 1.76 percent to close at 12,595.61 and the S&O 500 sank 49.54 points or 1.18 percent to end at 4,137.23.

The weakness on Wall Street followed the release of a slew of largely upbeat U.S. economic data, including a Commerce Department report showing GDP soared by more than expected in the third quarter of 2023.

The resilience of the U.S. economy added to recent concerns about the Federal Reserve leaving interest rates higher for longer than investors had hoped.

In other economic news, the Commerce Department said new orders for U.S. manufactured durable goods spiked more than expected in September. Also, the Labor Department said first-time claims for U.S. unemployment benefits edged higher last week.

Oil prices fell to a two-week low on Thursday as diplomatic efforts to stop Israel from a ground invasion of Gaza helped ease concerns about oil supplies. Recent data showing a surge in U.S. crude inventories, and concerns about interest rates also weighed on oil prices. West Texas Intermediate Crude oil futures for December sank $2.18 or 2.6 percent at $83.21 a barrel.