Indonesia Shares Likely To Open Under Pressure

(RTTNews) - The Indonesia stock market on Thursday halted the five-day winning streak in which hit had jumped more than 120 points or 1.8 percent. The Jakarta Composite Index now sits just beneath the 6,900-point plateau and it may extend its losses on Friday.

The global forecast for the Asian markets is mixed to lower on profit taking and reduced optimism over the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets are expected to trend in the latter direction.

The JCI finished modestly lower on Thursday following losses from the cement and resource stocks, while the financials came in mixed.

For the day, the index lost 51.62 points or 0.74 percent to finish at 6,896.66.

Among the actives, Bank CIMB Niaga collected 0.94 percent, while Bank Mandiri advanced 0.90 percent, Bank Negara Indonesia lost 0.56 percent, Bank Central Asia retreated 1.34 percent, Bank Rakyat Indonesia fell 0.44 percent, Indosat Ooredoo Hutchison jumped 1.74 percent, Indocement retreated 1.21 percent, Semen Indonesia tanked 2.20 percent, Indofood Suskes improved 1.05 percent, United Tractors eased 0.09 percent, Astra International skidded 1.14 percent, Energi Mega Persada declined 1.71 percent, Astra Agro Lestari tumbled 1.84 percent, Aneka Tambang sank 0.76 percent, Vale Indonesia dropped 0.75 percent, Timah rallied 1.60 percent, Bumi Resources plunged 2.84 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street ends up negative as the major averages opened higher on Thursday but faded late and ended modestly in the red.

The Dow dropped 237.40 points or 0.67 percent to finish at 35,282.72, while the NASDAQ slumped 77.17 points or 0.55 percent to close at 14,050.11 and the S&P 500 fell 29.34 points or 0.64 percent to end at 4,537.41.

The early strength on Wall Street partly reflected a positive reaction to upbeat earnings news from the likes of Facebook parent Meta Platforms (META) and fast food giant McDonald's (MCD).

Stocks also initially benefitted from the release of a batch of upbeat U.S. economic data, including a Commerce Department showing an unexpected acceleration in the pace of economic growth in the second quarter.

However, the upbeat data subsequently raised some concerns about the outlook for interest rates following Wednesday's monetary policy decision by the Federal Reserve.

Oil prices climbed higher on Thursday thanks to prospects of tighter supply in the market due to production cuts by OPEC and allies. West Texas Intermediate Crude oil futures for September jumped $1.31 or 1.7 percent at $80.09 a barrel.