Profit Taking Expected For Indonesia Stock Market

The Indonesia stock market had climbed higher in six straight sessions, surging more than 330 points or 6.5 percent along the way. The Jakarta Composite Index now sits just above the 6,090-point plateau although it’s overdue for consolidation on Friday.

The global forecast for the Asian markets is mixed to lower ahead of key U.S. jobs data later today, and the effect it may have on interest rates. The European markets were mixed and the U.S. bourses were down and the Asian market figure to split the difference.

The JCI finished modestly higher on Thursday following gains from the cement companies and mixed performances from the financials and resource companies.

For the day, the index climbed 59.93 points or 0.99 percent to finish at the daily high of 6,091.51 after moving as low as 6,005.64.

Among the actives, Bank Danamon Indonesia skidded 1.24 percent, while Bank CIMB Niaga shed 0.51 percent, Bank Negara Indonesia surged 3.60 percent, Bank Central Asia collected 2.09 percent, Bank Mandiri rallied 2.46 percent, Bank Rakyat Indonesia accelerated 2.35 percent, Indosat soared 4.53 percent, Indocement jumped 1.62 percent, Semen Indonesia gathered 1.20 percent, Indofood Suskes spiked 3.49 percent, United Tractors lost 0.53 percent, Astra International rose 0.47 percent, Astra Agro Lestari climbed 1.38 percent, Aneka Tambang retreated 1.18 percent, Vale Indonesia advanced 1.25 percent, Timah declined 1.23 percent and Bumi Resources and Energi Mega Persada were unchanged.

The lead from Wall Street is negative as stocks opened firmly lower on Thursday, made back some ground as the day progressed but still ended solidly in the red.

The Dow shed 23.34 points or 0.07 percent to finish at 34,577.04, while the NASDAQ plunged 141.82 points or 1.03 percent to end at 13,614.51 and the S&P 500 fell 15.27 points 0.36 percent to close at 4,192.85.

The early weakness on Wall Street came as strong jobs data led to renewed concerns about the outlook for monetary policy when payroll processor ADP said private sector employment in the U.S. spiked much more than expected in May.

Also, the Labor Department noted a modest decrease in first-time claims for U.S. jobless benefits last week. The data comes ahead of the Labor Department’s more closely watched report on the employment situation last month.

Crude oil futures settled roughly flat on Thursday after two straight days of strong gains as traders reacted to inventory data and weighed energy demand prospects. West Texas Intermediate Crude oil futures for July ended down $0.02 at $68.81 a barrel.