Renewed Support Tipped For Indonesia Shares

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( - The Indonesia stock market turned lower again on Thursday, one session after it had halted the two-day losing streak in which it had surrendered more than 55 points or 1 percent. The Jakarta Composite Index now rests just above the 5,595-point plateau, although it figures to regain its footing on Friday.

The global forecast for the Asian markets is upbeat thanks to positive earnings news, although falling oil prices may cap the upside. The European and U.S. markets were up and the Asian markets are tipped to follow suit.

The JCI finished modestly lower on Thursday following losses from the financial shares and the resource stocks.

Among the actives, Lotte Chemical Titan plummeted 3.98 percent, while Bank MNC Internasional dropped 1.49 percent, Bank Pan Indonesia skidded 1.09 percent, Bank Danamon Indonesia lost 1.07 percent, Astra Agro Lestari added 0.68 percent, Aneka Tambang tumbled 1.41 percent, Bumi Resources plunged 5.24 percent and Vale Indonesia shed 0.91 percent.

The lead from Wall Street is positive as stocks moved higher on Thursday following a few sessions of directionless trade.

The Dow added 174.22 points or 0.9 percent to 20,578.71, while the NASDAQ jumped 53.74 points or 0.9 percent to 5,916.78 and the S&P gained 17.67 points or 0.8 percent to 2,355.84.

The rally followed solid earnings news, with American Express ( AXP ) and KeyCorp (KEY) beating the street, although eBay (EBAY) provided disappointing guidance and Verizon (VZ) saw earnings that missed expectations.

In economic news, the Labor Department saw a bigger than expected increase in initial jobless claims in the week ended April 15. Also, the Philadelphia Federal Reserve noted a slowdown in regional manufacturing activity in April.

Crude oil futures fell for a fourth straight session Thursday, but held above the psychologically important $50 mark. June WTI oil settled at $50.71/bbl, down 14 cents or 0.3 percent while May WTI oil fell 17 cents or 0.3 percent to $50.27/bbl. Soaring U.S. production continued to offset OPEC's supply quota plan.

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This article appears in: Politics , World Markets , US Markets , Stocks
Referenced Symbols: AAGRY , AXP , BABP , BDMN , BUMI

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