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Losing Streak May Continue For Indonesia Stock Market

The Indonesia stock market has finished lower in two straight sessions, sliding more than 80 points or 1.3 percent along the way. The Jakarta Composite Index now rests just above the 5,870-point plateau and it's likely to consolidate further on Friday.

The global forecast for the Asian markets is soft on renewed concerns about the spread of the coronavirus. The European and U.S. markets were down and the Asian markets figure to follow suit.

The JCI finished modestly lower again on Thursday following losses from the resource, telecom and cement sectors, while the financials were mixed.

For the day, the index shed 41.13 points or 0.70 percent to finish at 5,871.95 after trading between 5,860.25 and 5,929.50.

Among the actives, Bank Mandiri collected 0.64 percent, while Bank Central Asia eased 0.15 percent, Bank Negara Indonesia jumped 1.72 percent, Bank Rakyat Indonesia advanced 0.88 percent, Indosat plummeted 8.76 percent, Indocement plunged 3.53 percent, Semen Indonesia retreated 1.97 percent, Aneka Tambang plunged 4.90 percent, Vale Indonesia sank 3.05 percent, Timah retreated 3.55 percent and Bumi Resources, Bank Danamon Indonesia and Indofood Suskes were unchanged.

The lead from Wall Street is negative as stocks opened lower on Thursday, rebounded as the day progressed but then fell into the red towards the end of the session.

The Dow shed 128.11 points or 0.43 percent to end at 29,423.31, while the NASDAQ fell 13.99 points or 0.14 percent to 9,711.97 and the S&P 500 shed 5.51 points or 0.16 percent to 3,373.94.

Profit taking contributed to initial weakness on Wall Street, as some traders looked to cash in on recent gains amid news of a jump in new coronavirus cases.

The early weakness on Wall Street was subsequently seen as another buying opportunity for some traders even as a number of companies continue to warn about the impact of the outbreak.

In economic news, the Labor Department reported a modest increase in consumer prices in January, as well as a smaller than expected increase in first-time claims for U.S. unemployment benefits.

Crude oil prices edged higher on Thursday despite lingering concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for March ended up $0.25 or 0.5 percent at $51.42 a barrel.

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