The Indonesia stock market finished lower in back-to-back sessions, sinking more than 75 points or 1.2 percent along the way. The Jakarta Composite Index now sits just above the 6,010-point plateau although it may find traction on Friday.
The global forecast for the Asian markets is positive on renewed optimism for economic recovery. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The JCI finished modestly lower on Thursday as the financial shares and resource stocks were mostly in the red.
For the day, the index lost 22.49 points or 0.37 percent to finish at 6,012.06 after trading between 6,003.20 and 6,060.49.
Among the actives, Bank Danamon Indonesia tumbled 1.87 percent, while Bank CIMB Niaga shed 0.55 percent, Bank Negara Indonesia fell 0.62 percent, Bank Central Asia slid 0.32 percent, Bank Mandiri and Indofood Suskes both dropped 0.83 percent, Bank Rakyat Indonesia collected 1.27 percent, Indosat retreated 1.43 percent, Semen Indonesia rose 0.26 percent, United Tractors advanced 0.95 percent, Astra International was up 0.20 percent, Energi Mega Persada skyrocketed 12.15 percent, Astra Agro Lestari declined 1.61 percent, Timah lost 0.68 percent, Bumi Resources surrendered 1.67 percent and Indocement, Aneka Tambang and Vale Indonesia were unchanged.
The lead from Wall Street is firm as stocks opened solidly higher on Friday and remained comfortably in the green throughout the session.
The Dow spiked 322.58 points or 0.95 percent to finish at 34,196.82, while the NASDAQ jumped 97.98 points or 0.69 percent to end at 14,369.71 and the S&P 500 gained 24.65 points or 0.58 percent to close at 4,266.49.
The strength on Wall Street reflected a resumption of the upward momentum seen earlier in the week, which helped lift the Dow well off its lowest levels in over two months.
Positive sentiment may also have been generated in reaction to a Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits last week.
News that President Joe Biden and a bipartisan group of Senators have reached an agreement on a new infrastructure plan may also have helped support the markets.
Crude oil futures settled slightly higher Thursday, continuing to benefit from data that showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for August ended up $0.22 or 0.3 percent at $73.30 per barrel.
Market Analysis
Indonesia Stock Market Tipped To End Losing Streak
2021-06-25 02:00:15
