Plus   Neg

Indonesia Shares May See Mild Recovery

The Indonesia stock market on Thursday wrote a finish to the four-day winning streak in which it had collected almost 100 points or 1.7 percent. The Jakarta Composite Index now rests just above the 6,280-point plateau although it's tipped to rebound on Thursday.

The global forecast for the Asian markets suggests mild upside after the U.S. and China signed phase one of their trade deal - although the upside had already largely been priced in. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

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

For the day, the index sank 42.04 points or 0.66 percent to finish at 6,283.37 after trading between 6,255.50 and 6,348.53.

Among the actives, Bank Danamon Indonesia tumbled 2.46 percent, while Bank Mandiri skidded 1.29 percent, Bank Central Asia shed 0.52 percent, Bank Negara Indonesia skidded 2.23 percent, Bank Rakyat Indonesia collected 0.22 percent, Indosat plunged 3.12 percent, Indocement fell 0.27 percent, Semen Indonesia sank 2.03 percent, Indofood Suskes dropped 0.92 percent, Bumi Resources plummeted 5.63 percent, Aneka Tambang retreated 1.76 percent, Vale Indonesia eased 0.29 percent and Timah declined 1.72 percent.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Wednesday, faded as the day progressed but still ended in the green.

The Dow added 90.55 points or 0.31 percent to finish at 29,030.22, while the NASDAQ gained 7.37 points or 0.08 percent to 9,258.70 and the S&P 500 rose 6.14 points or 0.19 percent to 3,289.29.

The early strength on Wall Street came as traders awaited the signing of the trade deal between the U.S. and China. But stocks pulled back after the agreement was signed in a ceremony at the White House.

In economic news, the Labor Department noted a modest increase in U.S. producer prices in December. Also, the Federal Reserve's Beige Book said U.S. economic activity generally continued to expand modestly in the final six weeks of 2019.

Crude oil prices drifted lower and settled at a six-week low on Wednesday after data showed a big increase in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures (WTI) for February ended down $0.42 or 0.7 percent at $57.81 a barrel.

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