Losing Streak Predicted To Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in four straight sessions, slipping more than 130 points or 2 percent along the way. The Jakarta Composite Index now rests just above the 6,910-point plateau and it's expected to open in the red again on Friday.

The global forecast for the Asian markets calls for continued consolidation, with energy, steel and financial stocks likely to lead the way lower. The European and U.S. markets were down and the Asian markets are tipped to follow suit.

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

For the day, the index lost 30.77 points or 0.44 percent to finish at 6,911.58.

Among the actives, Bank CIMB Niaga shed 0.49 percent, while Bank Negara Indonesia surrendered 2.18 percent, Bank Central Asia dipped 0.34 percent, Bank Mandiri fell 0.31 percent, Bank Rakyat Indonesia dropped 0.72 percent, Indosat tanked 2.06 percent, Indocement eased 0.26 percent, Semen Indonesia tumbled 2.40 percent, Indofood Suskes sank 0.70 percent, United Tractors lost 0.44 percent, Astra International spiked 1.92 percent, Energi Mega Persada plummeted 5.13 percent, Bakrie Sumatera Plantations weakened 0.83 percent, Astra Agro Lestari jumped 1.55 percent, Aneka Tambang slumped 1.91 percent, Vale Indonesia cratered 2.16 percent, Timah plunged 4.92 percent, Bumi Resources strengthened 1.52 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is negative as the major averages opened sharply lower on Thursday, made back some ground as the day progressed but still ended well in the red.

The Dow dropped 253.88 points or 0.82 percent to finish at 30,775.43, while the NASDAQ tumbled 149.16 points or 1.33 percent to end at 11,028.74 and the S&P 500 sank 33.45 points or 0.88 percent to close at 3,785.38.

The early sell-off on Wall Street came amid lingering concerns about the global economic outlook and the possibility of a recession. Central bank chiefs have reaffirmed their resolve to pare inflation despite threats to economic growth.

A Commerce Department report provided further evidence of an economic slowdown, showing that personal spending increased less than expected in May.

Crude oil prices moved sharply lower Thursday, extending the pullback seen in the previous session on lingering concerns about the outlook for demand amid the possibility of a recession. West Texas Intermediate for August delivery plunged $4.02 or 3.7 percent to $105.76 a barrel.

Closer to home, Indonesia will provide June figures for consumer prices later today. Overall inflation is tipped to rise 0.44 percent on month and 4.17 percent on year, up from 0.40 percent on month and 3.55 percent on year in May. Core CPI is expected to accelerate to an annual 2.72 percent from 2.58 percent a month earlier.