Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Thursday snapped the three-day losing streak in which it had fallen almost 100 points or 1.6 percent. The Jakarta Composite Index now sits just beneath the 6,000-point plateau although it may turn lower again on Friday.

The global forecast for the Asian markets is soft on concerns over tax rates in the United States. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished barely higher on Thursday following mixed performances from the financial shares and resource stocks.

For the day, the index rose 0.94 points or 0.02 percent to finish at 5,994.18 after trading between 5,980.46 and 6,024.94.

Among the actives, Bank Danamon Indonesia climbed 1.54 percent, while Bank Negara Indonesia declined 1.73 percent, Bank Central Asia collected 0.81 percent, Bank Rakyat Indonesia sank 0.71 percent, Indosat fell 0.38 percent, Indocement shed 0.59 percent, Semen Indonesia skidded 1.20 percent, Indofood Suskes retreated 1.48 percent, United Tractors plunged 4.12 percent, Astra International spiked 4.31 percent, Astra Agro Lestari tanked 3.32 percent, Aneka Tambang dropped 0.84 percent, Vale Indonesia advanced 0.72 percent, Timah jumped 1.58 percent, Bumi Resources surged 4.84 percent, Energi Mega Persada soared 4.59 percent and Bank CIMB Niaga and Bank Mandiri were unchanged.

The lead from Wall Street is broadly negative as the major averages showed little movement early on Thursday but headed due south in the afternoon to finish firmly in the red.

The Dow tumbled 321.41 points or 0.94 percent to finish at 33,815.90, while the NASDAQ skidded 131.81 points or 0.94 percent to end at 13,818.41 and the S&P 500 sank 38.44 points or 0.92 percent to close at 4,134.98.

The afternoon sell-off came following reports that President Joe Biden plans to propose nearly doubling the capital gains tax rate for wealthy individuals to fund spending on childcare and education.

Earlier in the day, traders saw a Labor Department report unexpectedly show a continued decline in initial jobless claims last week. Also, the National Association of Realtors noted another steep drop in U.S. existing home sales in March.

Crude oil futures rebounded from early losses to settle slightly higher on Thursday, gaining for the first time in three sessions as worries about the energy demand outlook weighed on oil prices early in the day. West Texas Intermediate Crude oil futures for June ended up by $0.08 or 0.1 percent at $61.43 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.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.