logo
Plus   Neg
Share
Email

Lower Open Tipped For Indonesia Stock Market

The Indonesia stock market has climbed higher in two straight sessions, gathering more than 65 points or 1 percent along the way. The Jakarta Composite Index now rests just beneath the 6,545-point plateau although the rally may stall on Friday.

The global forecast for the Asian markets is broadly negative thanks to growing concerns over interest rates and a drop in crude oil prices. The European and U.S. markets were sharply lower and the Asian bourses figure to follow suit.

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

For the day, the index picked up 9.76 points or 0.15 percent to finish at 6,544.63 after trading between 6,519.09 and 6,549.18. There were 188 gainers and 146 decliners, with 140 stocks finishing unchanged.

Among the actives, Suparma plummeted 13.21 percent, while Voksel Electric soared 3.48 percent, Bank MNC Internasional spiked 1.92 percent, Jasa Marga jumped 1.76 percent, XL Axiata tumbled 1.69 percent, Lotte Chemical skidded 0.99 percent, Tiga Pilar Sejahtera Food added 0.42 percent, Bank Pan Indonesia shed 0.36 percent, Bank Danamon Indonesia collected 2.17 percent, Bumi Resources surged 3.97 percent, Vale Indonesia fell 2.16 percent and Indofood lost 0.95 percent.

The lead from Wall Street is brutal as stocks quickly shrugged off an early move to the upside on Thursday, and tumbled deep into negative territory.

The Dow shed 1,032.89 points or 4.15 percent to 23,860.46, while the NASDAQ lost 274.82 points or 3.90 percent to 6,777.16 and the S&P 500 fell 100.66 points or 3.75 percent to 2,581.00.

The lead from Wall Street is awful as the mid-day sell-off sent the Dow into correction territory. Stocks have tumbled from record highs over the past week as traders grew concerned about inflation and higher interest rates.

In economic news, Federal Reserve Bank of Dallas President Robert Kaplan said on Thursday that the recent correction in U.S. stocks will have little impact on the broader economy, a sign that the FOMC still plans to raise interest rates at least three times in 2018.

Crude oil futures fell Thursday, slipping to their lowest in five weeks due to a stronger dollar and demand concerns. WTI light sweet crude oil was down 64 cents or 1 percent to $61.15/bbl.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT