Indonesia Bourse Due For Consolidation On Friday

(RTTNews) - The Indonesia stock market has tracked higher in five straight sessions, improving more than 440 points or 5.8 percent along the way. The Jakarta Composite Index now sits just above the 7,930-point plateau although investors figure to lock in gains on Friday.

The global forecast for the Asian markets suggests little movement ahead of the meeting between the U.S. and Russian presidents later today to discuss ways to end the Russia-Ukraine war. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.

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

For the day, the index added 38.34 points or 0.49 percent to finish at 7,931.25 after trading between 7,905.55 and 7,973.98.

Among the actives, Bank CIMB Niaga fell 0.29 percent, while Bank Mandiri shed 0.41 percent, Bank Danamon Indonesia collected 0.78 percent, Bank Negara Indonesia added 0.46 percent, Bank Central Asia retreated 1.68 percent, Bank Rakyat Indonesia lost 0.49 percent, Indosat Ooredoo Hutchison tumbled 1.77 percent, Indocement climbed 1.16 percent, Semen Indonesia improved 0.76 percent, Indofood Sukses Makmur strengthened 1.56 percent, United Tractors gained 0.73 percent, Astra International slumped 1.45 percent, Energi Mega Persada rallied 3.64 percent, Astra Agro Lestari fell 0.35 percent, Aneka Tambang sank 0.69 percent, Timah declined 1.44 percent and Bumi Resources and Vale Indonesia were unchanged.

The lead from Wall Street offers little guidance as the major averages opened lower on Thursday and spent most of the day in the red before finally ending mixed and little changed.

The Dow shed 11.01 points or 0.02 percent to finish at 44,911.26, while the NASDAQ dipped 2.47 points or 0.01 percent to close at 21,710.67 and the S&P 500 rose 1.96 points or 0.03 percent to end at a record 6,468.54.

The early weakness on Wall Street followed the release of a Labor Department report showing producer prices in the U.S. increased by much more than expected in the month of July.

The hotter-than-expected producer price inflation data partly offset optimism about a September interest rate cut generated by the consumer price inflation data released earlier this week.

However, CME Group's FedWatch Tool is currently still indicating a 92.6 percent chance the Federal Reserve will lower rates by a quarter point next month, which helped keep selling pressure relatively subdued.

Crude oil jumped on Thursday ahead of a crucial meeting between the U.S. and Russian presidents later today in Alaska to discuss ways to end the Russia-Ukraine war. West Texas Intermediate crude for September delivery was up $1.32 or 2.11 percent at $63.97 per barrel.