Indonesia Shares Tipped To Open Under Pressure

(RTTNews) - The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had dropped almost 50 points or 1 percent. The Jakarta Composite Index now rests just above the 5,145-point plateau although it's expected to sink again on Friday.

The global forecast for the Asian markets is negative on disappointing economic data and sliding oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

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

For the day, the index gained 34.82 points or 0.68 percent to finish at 5,145.01 after trading between 5,110.22 and 5,162.98.

Among the actives, Bank Mandiri surged 5.07 percent, while Bank Central Asia added 0.32 percent, Bank Negara Indonesia collected 0.86 percent, Indosat shed 0.39 percent, Indocement climbed 1.02 percent, Semen Indonesia tumbled 1.56 percent, Indofood Suskes gained 0.75 percent, Aneka Tambang gained 0.73 percent, Vale Indonesia sank 1.22 percent, Timah lost 0.72 percent and Bank Danamon Indonesia and Bumi Resources were unchanged.

The lead from Wall Street is weak as stocks showed a lack of direction on Thursday before moving sharply lower as the day progressed.

The Dow tumbled 353.51 points or 1.31 percent to finish at 26,652.33, while the NASDAQ plunged 244.71 percent or 2.29 percent to end at 10,461.42 and the S&P sank 40.36 points or 1.23 percent to close at 3,235.66.

The weakness on Wall Street followed the release of some disappointing U.S. economic data, including a Labor Department report showing first-time claims for U.S. unemployment benefits increased for the first time in sixteen weeks.

A separate report from the Conference Board showed its reading on leading U.S. economic indicators increased by less than expected in the month of June.

Earlier in the day, the negative sentiment generated was partly offset by news that Senate Republicans and White House negotiators have reached a fundamental agreement on a $1 trillion coronavirus relief bill.

Crude oil futures settled lower Thursday, extending losses from the previous session amid rising concerns over excess supply in the market and the outlook for energy demand. West Texas Intermediate Crude oil futures settled at $41.07 a barrel, losing $0.83 or 2 percent.

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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