Soft Start Predicted For Indonesia Stock Market

The Indonesia stock market on Thursday ended the two-day slide in which it had stumbled more than 100 points or 1.6 percent. The Jakarta Composite Index now rests just beneath the 6,070-point plateau although it's likely to turn lower again on Friday.

The global forecast for the Asian markets is mixed to lower, thanks to coronavirus concerns and sinking crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished modestly higher on Thursday following gains from the resource and cement stocks, while the financials came in mixed.

For the day, the index gained 42.20 points or 0.70 percent to finish at 6,068.22 after trading between 5,982.77 and 6,072.64.

Among the actives, Bank Danamon Indonesia tanked 2.71 percent, while Bank CIMB Niaga shed 0.50 percent, Bank Negara Indonesia collected 1.41 percent, Bank Central Asia strengthened 2.02 percent, Bank Mandiri jumped 3.09 percent, Indosat rallied 3.09 percent, Indocement accelerated 3.38 percent, Semen Indonesia gathered 2.34 percent, Indofood Suskes climbed 1.62 percent, United Tractors spiked 4.31 percent, Astra International improved 3.81 percent, Astra Agro Lestari advanced 0.88 percent, Aneka Tambang surged 5.17 percent, Vale Indonesia gained 2.62 percent, Timah soared 3.09 percent and Bumi Resources and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but fell into the red midway through the session and ended that way.

The Dow dropped 151.69 points or 0.43 percent to finish at 34,879.38, while the NASDAQ shed 38.38 points or 0.25 percent to close at 15,248.25 and the S&P 500 fell 20.79 points or 0.46 percent to end at 4,493.28.

The early strength on Wall Street came after the Labor Department released a report showing a bigger than expected decrease in first-time claims for U.S. unemployment benefits last week.

Buying interest waned over the course of the session, however, with traders expressing continued concerns about the impact of the rapid spread of the delta variant of the coronavirus.

Uncertainty about the outlook for monetary policy also weighed on the markets ahead of the next Federal Reserve meeting later this month.

Crude oil futures settled sharply lower Thursday, weighed down by reports that China is looking to release some crude stock from its national reserve. West Texas Intermediate Crude oil futures for October ended down by $1.16 or 1.7 percent at $68.14 a barrel.

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