Indonesia Stock Market May Run Out Of Steam On Friday

(RTTNews) - The Indonesia stock market has moved higher in consecutive trading days, collecting more than 30 points or 0.4 percent along the way. The Jakarta Composite Index now sits just beneath the 6,800-point plateau although it may be stuck in neutral on Friday.

The global forecast for the Asian markets suggests consolidation on persistent concerns over the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were sharply lower and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Thursday following gains from the financials and cement stocks, while the resource companies were mixed.

For the day, the index picked up 23.42 points or 0.35 percent to finish at 6,799.79.

Among the actives, Bank Danamon Indonesia collected 0.71 percent, while Bank CIMB Niaga improved 0.82 percent, Bank Negara Indonesia surged 3.10 percent, Bank Mandiri jumped 1.70 percent, Bank Rakyat Indonesia lost 0.62 percent, Semen Indonesia added 0.36 percent, United Tractors rallied2.37 percent, Astra International strengthened 1.69 percent, Energi Mega Persada dropped 0.83 percent, Astra Agro Lestari rose 0.31 percent, Aneka Tambang shed 0.53 percent, Vale Indonesia skidded 1.17 percent, Bumi Resources soared 2.44 percent and Bank Central Asia, Indosat Ooredoo Hutchison, Indocement, Indofood Suskes and Timah were unchanged.

The lead from Wall Street is broadly negative as the major averages opened slightly higher on Thursday and hugged the line before plummeting in afternoon trade, finishing near session lows.

The Dow plunged 543.54 points or 1.66 percent to finish at 32,254.86, while the NASDAQ tumbled 237.65 points or 2.05 percent to close at 11,338.35 and the S&P 500 sank 73.69 points or 1.85 percent to end at 3,918.32.

The weakness that emerged on Wall Street followed the Labor Department report the showed initial jobless claims rose by more than expected last week, although the data helped ease concerns about labor market tightness.

Buying interest tumbled as the day progressed as traders looked ahead to the release of the Labor Department's more closely watched monthly jobs report later today. The report could have a significant effect on the pace of interest rate hikes as determined by the FOMC.

Crude oil prices retreated on Thursday, extending losses to a third straight day amid concerns that aggressive policy tightening by the Federal Reserve could slow global economic growth and result in a drop in energy demand. West Texas Intermediate Crude oil futures for April ended lower by $0.94 or 1.2 percent at $75.72 a barrel.