Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market headed south again on Thursday, one day after snapping the five-day losing streak in which it had plummeted more than 540 points or 7.9 percent. The Jakarta Composite Index now sits just beneath the 6,615-point plateau and it's recoup those losses on Friday.

The global forecast for the Asian markets is upbeat on easing concerns over the outlook for interest rates. The European and U.S. markets were mostly in the green and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly lower on Thursday as losses from the food and financial shares were mitigated by support from the cement and resource companies.

For the day, the index lost 32.21 points or 0.48 percent to finish at 6,613.57.

Among the actives, Bank Mandiri collected 1.72 percent, while Bank Negara Indonesia slumped 1.16 percent, Bank Central Asia retreated 1.64 percent, Bank Rakyat Indonesia dropped 0.99 percent, Bank Maybank Indonesia rallied 3.09 percent, Indosat Ooredoo Hutchison dipped 0.29 percent, Indocement jumped 1.93 percent, Semen Indonesia soared 3.92 percent, United Tractors declined 1.51 percent, Astra International added 0.43 percent, Aneka Tambang surged 5.38 percent, Jasa Marga sank 0.74 percent, Vale Indonesia spiked 2.58 percent, Timah accelerated 3.13 percent, Bumi Resources strengthened 2.02 percent and Bank CIMB Niaga, Bank Danamon Indonesia, Indofood Sukses Makmur, Energi Mega Persada and Astra Agro Lestari were unchanged.

The lead from Wall Street is strong as the major averages opened slightly higher on Thursday but only continued to strengthen as the day progressed, ending near session highs.

The Dow jumped 342.87 points or 0.77 percent to finish at 44,711.43, while the NASDAQ surged 295.69 points or 1.50 percent to close at 19,945.64 and the S&P 500 rallied 63.10 points or 1.04 percent to end at 6,115.07.

The rally on Wall Street came after the Labor Department released its report on producer price inflation in January. While the headline number rose by more than expected, components of the Federal Reserve's preferred inflation reading were relatively tame.

The data helped to ease concerns about the outlook for interest rates after Wednesday's consumer price numbers came in hitter than expected.

A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits fell by slightly more than expected last week.