The Indonesia stock market has moved higher in consecutive trading days, advancing almost 80 points or 1.3 percent along the way. The Jakarta Composite Index now sits just above the 5,840-point plateau although it may spin its wheels on Friday.
The global forecast for the Asian markets is mixed and flat ahead of key inflation data from the United States later in the day. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.
The JCI finished modestly higher on Thursday following mixed performances from the resource and energy stocks, while the financials and cement companies were soft.
For the day, the index gained 25.99 points or 0.45 percent to finish at the daily high of 5,841.83 after moving as low as 5,904.84.
Among the actives, Bank Danamon Indonesia dropped 0.84 percent, while Bank Negara Indonesia plummeted 3.29 percent, Bank Central Asia skidded 1.34 percent, Bank Mandiri tanked 2.54 percent, Bank Rakyat Indonesia surrendered 2.71 percent, Indosat plunged 3.12 percent, Indocement tumbled 2.14 percent, Semen Indonesia climbed 1.06 percent, Indofood Suskes sank 0.79 percent, United Tractors gained 0.70 percent, Astra International jumped 1.48 percent, Astra Agro Lestari added 0.57 percent, Aneka Tambang soared 2.58 percent, Vale Indonesia declined 1.29 percent, Timah advanced 0.99 percent, Energi Mega Persada surged 2.94 percent, Bumi Resources retreated 1.64 percent and Bank CIMB Niaga was unchanged.
The lead from Wall Street is conflicted as the Dow and S&P both opened in the green on Friday and finished the same way, while the NASDAQ saw a soft start and ended barely lower.
The Dow climbed 141.59 points or 0.41 percent to finish at 34,464.64, while the NASDAQ eased 1.72 points or 0.01 percent to close at 13,736.28 and the S&P 500 rose 4.89 points or 0.12 percent to end at 4,200.88.
The lackluster performance came as traders continued to look ahead to a highly anticipated reading on inflation later today. The inflation reading is said to be preferred by the Federal Reserve and could have a significant impact on the outlook for monetary policy.
Traders were also digesting a report from the Labor Department showing weekly jobless claims once again fell to a new pandemic-era low. The continued decrease in jobless claims paints a positive picture of the labor market but also raised concerns that the Fed will move closer to tapering its asset purchases in the near future.
Also, the Commerce Department showed an unexpected pullback in durable goods orders in April, and a separate report noted that the pace of U.S. economic growth in the first quarter was unrevised from the advance estimate.
Crude oil prices moved higher on Thursday, extending gains to a fifth straight session on following a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for July ended up $0.64 or 1 percent at $66.85 a barrel.
Market Analysis
Soft Start Seen For Indonesia Stock Market
2021-05-28 02:03:27
