Lower Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, retreating almost 220 points or 3 percent in that span. The Jakarta Composite Index now sits just above the 7,030-point plateau and it may open in the red again on Friday.

The global forecast for the Asian markets is one of caution ahead of key inflation data later today. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

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

For the day, the index stumbled 106.09 points or 1.49 percent to finish at 7,034.14 after trading between 6,984.98 and 7,134.71.

Among the actives, Bank CIMB Niaga stumbled 1.69 percent, while Bank Mandiri rallied 1.29 percent, Bank Danamon Indonesia declined 1.53 percent, Bank Negara Indonesia shed 0.88 percent, Bank Central Asia retreated 1.64 percent, Bank Rakyat Indonesia was down 0.68 percent, Indosat Ooredoo Hutchison tumbled 2.40 percent, Indocement weakened 1.52 percent, Semen Indonesia slumped 1.86 percent, Indofood Sukses Makmur dropped 1.22 percent, United Tractors skidded 1.11 percent, Astra International surrendered 3.14 percent, Energi Mega Persada climbed 1.11 percent, Astra Agro Lestari plunged 3.32 percent, Aneka Tambang tanked 2.30 percent, Vale Indonesia plummeted 4.23 percent, Timah fell 0.55 percent, Bumi Resources sank 2.22 percent and Perusahaan Perseroan was unchanged.

The lead from Wall Street is negative as the major averages opened solidly lower on Thursday and remained well in the red throughout the trading day, ending near session lows.

The Dow plunged 330.06 points or 0.86 percent to finish at 38,111.48, while the NASDAQ tumbled 183.50 points or 1.08 percent to end at 16,737.08 and the S&P 500 sank 31.47 points or 0.60 percent to close at 5,235.48.

The weakness on Wall Street was fueled by concerns about the outlook for interest rates ahead of the release of closely watched inflation data later today, which includes readings said to be preferred by the Federal Reserve.

A nosedive by shares of Salesforce (CRM) weighed on the Dow, with the software company plunging 19.7 percent after reporting weaker than expected revenues and guidance.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits crept modestly higher last week. Also, the Commerce Department said gross domestic product was revised down to 1.3 percent in Q1 from 1.6 percent.

Oil futures ended sharply lower on Thursday as a jump in gasoline inventories weighed on oil prices. West Texas Intermediate Crude oil futures for July ended down by $1.32 or 1.7 percent at $77.91 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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