Markets

Indonesia Bourse May Reclaim 5,100-Point Level

(RTTNews) - The Indonesia stock market has moved lower in three straight sessions, slipping more than 30 points or 0.6 percent along the way. The Jakarta Composite Index now sits just above the 5,090-point plateau and it's predicted to move higher on Friday.

The global forecast for the Asian markets is cautiously optimistic on hopes for a stimulus bill in the United States. The European markets were mixed and flat and the U.S. markets were up and the Asian markets figure to split the difference.

The JCI finished slightly lower on Thursday following losses from the resource stocks and mixed performances from the financials and cement companies.

For the day, the index dipped 4.63 points or 0.09 percent to finish at 5,091.82 after trading between 5,063.70 and 5,093.83.

Among the actives, Bank Danamon Indonesia surged 6.28 percent, while Bank Mandiri skidded 1.36 percent, Bank CIMB Niaga shed 0.66 percent, Bank Negara Indonesia slid 0.41 percent, Bank Rakyat Indonesia accelerated 1.85 percent, Bank Central Asia collected 0.35 percent, Indosat lost 0.59 percent, Indocement rallied 2.68 percent, Semen Indonesia plunged 1.84 percent, Indofood Suskes spiked 2.12 percent, Astra Agro Lestari tanked 3.72 percent, Aneka Tambang dropped 1.36 percent, Vale Indonesia tumbled 1.64 percent, Timah retreated 1.73 percent and Astra International and Bumi Resources were unchanged.

The lead from Wall Street is mildly positive as stocks fluctuated on Thursday, bouncing back and forth across the unchanged line before finishing slightly higher.

The Dow added 152.84 points or 0.54 percent to finish at 28,363.66, while the NASDAQ gained 21.31 points or 0.19 percent to end at 11,506.01 and the S&P 500 rose 17.93 points or 0.52 percent to close at 3,453.49.

The strength on Wall Street came as House Speaker Nancy Pelosi indicated Democrats and the White House continue to make progress toward an agreement on a new stimulus bill.

In economic news, the Labor Department said initial jobless claims came in below estimates last week. Also, the National Association of Realtors reported that existing home sales spiked by more than anticipated in September.

Crude oil prices moved higher Thursday, cutting into losses in the previous session after reports that Russian President Vladimir Putin said his country has not ruled out delaying OPEC+ production increases that are set for January. West Texas Intermediate Crude oil futures for December ended up $0.63 or 1.4 percent at $40.64 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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