Markets

Indonesia Stock Market Tipped To Open In The Green

(RTTNews) - The Indonesia stock market has finished lower in four straight sessions, plummeting more than 620 points or 9 percent along the way. The Jakarta Composite Index now rests just beneath the 6,600-point plateau and it's overdue for support on Friday.

The global forecast is murky amidst uncertainties about interest rates and economic growth. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished sharply lower on Thursday following losses from the financial shares, cement companies and resource stocks.

For the day, the index plummeted 216.36 points or 3.17 percent to finish at 6,599.84 after trading between 6,576.31 and 6,802.33.

Among the actives, Bank Danamon Indonesia shed 0.83 percent, while Bank CIMB Niaga lost 1.94 percent, Bank Negara Indonesia skidded 6.55 percent, Bank Central Asia gave away 4.90 percent, Bank Mandiri sank 1.56 percent, Bank Rakyat Indonesia lost 4.79 percent, Indosat tumbled 4.17 percent, Indocement declined 3.33 percent, Semen Indonesia retreated 3.09 percent, Indofood Suskes dipped 0.78 percent, United Tractors surrendered 3.06 percent, Astra International was down 0.72 percent, Energi Mega Persada plunged 5.00 percent, Astra Agro Lestari fell 1.22 percent, Aneka Tambang tanked 2.92 percent, Vale Indonesia slumped 1.85 percent, Timah cratered 4.68 percent, Bumi Resources plummeted 6.90 percent and Bakrie Sumatera Plantations was unchanged.

The lead from Wall Street offers little clarity as the major averages opened lower on Thursday and spent much of the day bouncing back and forth across the unchanged line before finally ending mixed and little moved.

The Dow dropped 103.81 points or 0.33 percent to finish at 31,730.30, while the NASDAQ rose 6.73 points or 0.06 percent to close at 11,370.96 and the S&P 500 fell 5.10 points or 0.13 percent to end at 3,930.08.

The volatility on Wall Street came as traders continued to debate whether the markets have hit their bottom, with the major averages falling to their worst levels in over a year.

However, recent bargain hunting efforts have largely been thwarted by worries about the Federal Reserve aggressively raising interest rates in an effort to combat elevated inflation.

Adding to the worries, the Labor Department reported that the annual rate of producer price growth slowed less than expected in April. Also, the Labor Department unexpectedly showed a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil futures ended modestly higher on Thursday as the European Union's proposal to ban Russian oil offset concerns of prolonged Covid-19 lockdowns in China. West Texas Intermediate Crude oil futures for June ended higher by $0.42 or 0.4 percent at $106.13 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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