(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had skyrocketed more than 600 points or 13 percent. The Jakarta Composite Index now rests just above the 4,530-point plateau and it's expected to move higher again at the open on Friday.
The global forecast for the Asian markets is firm thanks to major support from crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The JCI finished sharply higher on Thursday following gains from the resource stocks, weakness from the cement companies and a mixed picture from the financial sector.
For the day, the index advanced 65.65 points or 1.47 percent to finish at the daily high of 4,531.69 after moving as low as 4,393.67.
Among the actives, Bank Danamon Indonesia plummeted 4.74 percent, while Bank Mandiri spiked 3.04 percent, Bank Central Asia skidded 1.28 percent, Bank Negara Indonesia soared 4.62 percent, Indosat skyrocketed 11.94 percent, Indocement tumbled 2.87 percent, Semen Indonesia sank 2.60 percent, Indofood Suskes accelerated 7.09 percent, Aneka Tambang advanced 3.67 percent, Vale Indonesia surged 8.87 percent, Timah increased 6.28 percent and Bumi Resources was unchanged.
The lead from Wall Street is broadly positive as stocks fluctuated throughout much of Thursday's trade before surging into the close.
The Dow jumped 469.93 points or 2.24 percent to finish at 21,413.44, while the NASDAQ climbed 126.73 points or 1.72 percent to 7,487.31 and the S&P 500 spiked 56.40 points or 2.28 percent to 2,526.90.
The higher close on Wall Street was due in large part to strength among energy stocks, which moved sharply higher along with the price of crude oil.
Crude oil prices skyrocketed on Thursday amid hopes the price war between Saudi Arabia and Russia would end soon. West Texas Intermediate Crude oil futures for May ended up $5.01 or 25 percent at $25.32 a barrel.
The strength that emerged came even though the Labor Department reported a record spike in initial jobless claims last week. In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10 percent.
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