Indonesia Shares Due For Support On Friday

(RTTNews) - Ahead of Thursday's market holiday for Ascension Day, the Indonesia stock market had moved lower in two straight sessions, sinking almost 50 points or 0.8 percent along the way. The Jakarta Composite Index now rests just below the 6,665-point plateau although it figures to stop the bleeding on Friday.

The global forecast for the Asian markets is upbeat on optimism over the U.S. debt ceiling situation. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The JCI finished slightly lower on Wednesday following losses from the food and resource stocks, while the cement companies were up and the financials were mixed.

For the day, the index slipped 13.45 points or 0.20 percent to finish at 6,663.11 after trading between 6,661.47 and 6,706.60.

Among the actives, Bank CIMB Niaga tanked 2.40 percent, while Bank Mandiri rose 0.20 percent, Bank Danamon Indonesia fell 0.36 percent, Bank Central Asia advanced 0.86 percent, Indosat Ooredoo Hutchison rallied 2.36 percent, Indocement climbed 0.97 percent, Semen Indonesia added 0.42 percent, Indofood Suskes lost 0.37 percent, United Tractors declined 1.74 percent, Astra International improved 0.80 percent, Energi Mega Persada sank 0.93 percent, Astra Agro Lestari retreated 1.34 percent, Aneka Tambang tumbled 1.78 percent, Vale Indonesia increased 0.39 percent, Timah skidded 1.02 percent, Bumi Resources slumped 1.63 percent and Bank Negara Indonesia and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is upbeat as the major averages shook off a flat open on Thursday, bounced up and down throughout the session before ending firmly higher.

The Dow climbed 115.14 points or 0.34 percent to finish at 33,535.91, while the NASDAQ surged 188.27 points or 1.51 percent to end at 12,688.84 and the S&P 500 added 39.28 points or 0.94 percent to close at 4,198.05.

Optimism lawmakers will eventually reach an agreement on raising the U.S. debt ceiling contributed to the continued strength on Wall Street.

Following a meeting earlier in the week, President Joe Biden and House Speaker Kevin McCarthy, R-Calif., both expressed optimism a deal will be reached.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. The National Association of Realtors also released a report unexpectedly showing a steep drop in U.S. existing home sales in April.

Crude oil prices drifted lower on Thursday amid concerns about the outlook for demand after recent data showed an increase in U.S. crude inventories last week, while a strong dollar weighed as well on oil prices. West Texas Intermediate crude oil futures for June ended lower by $0.97 or 1.3 percent at $71.86 a barrel.