World Markets

Indonesia Stock Market Tipped To Head South Again

(RTTNews.com) - The Indonesia stock market bounced higher again on Thursday, one session after it had ended the two-day winning streak in which it had advanced more than 55 points or 0.9 percent. The Jakarta Composite Index now rests just above the 6,220-point plateau although it's expected to see renewed consolidation again on Friday.

The global forecast for the Asian markets is broadly negative, with bad news from Apple expected to weigh heavily on technology stocks. The European and U.S. markets were firmly in the red and the Asian bourses are expected to follow suit.

The JCI finished modestly higher on Thursday as gains from the resource stocks and cement companies were capped by weakness from the financial shares.

For the day, the index advanced 39.83 points or 0.64 percent to finish at the daily high of 6,221.01 after moving as low as 6,176.15.

Among the actives, Bumi Resources skyrocketed 14.71 percent, while Aneka Tambang climbed 1.35 percent, Vale Indonesia tumbled 2.85 percent, Indocement jumped 2.49 percent, Semen Indonesia added 0.44 percent, United Tractors advanced 0.91 percent, Indofood Suskes spiked 2.75 percent, Unilever Indonesia perked 2.37 percent, Holcim Indonesia soared 3.45 percent, Bank Central Asia skidded 1.15 percent, Bank Mandiri dropped 2.05 percent, Bank Rakyat Indonesia collected 0.28 percent, Indosat added 0.30 percent and Bank Danamon Indonesia and Bank Negara Indonesia were unchanged.

The lead from Wall Street is brutal as stocks opened sharply lower on Thursday and remained that way throughout the session.

The Dow shed 660.02 points or 2.83 percent to 22,686.22, while the NASDAQ lost 202.43 points or 3.04 percent to 6,463.50 and the S&P fell 62.14 points or 2.48 percent to 2,447.89.

Downwardly revised guidance from Apple ( AAPL ) contributed to the early selloff on Wall Street, with the tech giant plunging 10 percent. The lower guidance was attributed to a greater than expected impact from economic weakness in some emerging markets and China.

In economic news, the Institute for Supply Management noted a bigger than expected slowdown in U.S. manufacturing activity in December. Also, payroll processor ADP reported much stronger than expected U.S. private sector job growth in December.

Crude oil prices extended gains to a fourth successive session Thursday on hopes the proposed reduction in oil output by OPEC will allay fears of excess supply in the market. Crude oil futures for February ended up $0.55 or 1.2 percent at $47.09 a barrel.

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