Higher Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Thursday ended the six-day winning streak in which it had rallied more than 280 points or 3.8 percent. The Jakarta Composite Index now sits just above the 7,230-point plateau although it may open back to the upside again on Friday.

The global forecast for the Asian markets is upbeat on continued solid momentum ahead of the Lunar New Year holidays. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The JCI finished modestly lower on Thursday following losses from the food and resource stocks and mixed performances from the financial shares and cement companies.

For the day, the index sank 24.48 points or 0.34 percent to finish at the daily low of 7,232.64 after peaking at 7,324.63.

Among the actives, Bank CIMB Niaga rose 0.29 percent, while Bank Mandiri collected 0.41 percent, Bank Negara Indonesia declined 2.92 percent, Bank Rakyat Indonesia improved 0.94 percent, Bank Maybank Indonesia dropped 0.97 percent, Indosat Ooredoo Hutchison strengthened 1.30 percent, Semen Indonesia rallied 1.36 percent, Indofood Sukses Makmur retreated 1.64 percent, United Tractors tanked 1.83 percent, Astra International slumped 1.21 percent, Energi Mega Persada surrendered 2.63 percent, Astra Agro Lestari added 0.42 percent, Aneka Tambang tumbled 1.97 percent, Jasa Marga jumped 1.84 percent, Vale Indonesia plunged 3.39 percent, Timah stumbled 2.33 percent, Bumi Resources advanced 0.81 percent and Bank Danamon Indonesia, Bank Central Asia and Indocement were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Thursday but climbed steadily as the day progressed, so they were all in the green by the session's end.

The Dow surged 408.34 points or 0.92 percent to finish at 44,565.07, while the NASDAQ added 44.34 points or 0.22 percent to close at 20,053.68 and the S&P 500 gained 32.34 points or 0.53 percent to end at 6,118.71.

The markets continued to benefit from recent upward momentum, which has help stocks largely offset the sell-off seen earlier this month.

Biotechnology stocks showed a strong move to the upside as the day progressed, driving the NYSE Arca Biotechnology Index up by 1.8 percent to its best closing level in almost four years.

In U.S. economic news, the Labor Department released a report showing initial jobless claims saw further upside last week.

Oil prices fell on Thursday after data showed crude inventories in the U.S. fell less than expected last week. West Texas Intermediate Crude oil futures for March closed down $0.82 or about 1.1 percent at $74.62 a barrel.