Indonesia Stock Market Tipped To Halt Its Slide On Thursday

The Indonesia stock market has finished lower in three straight sessions, slipping more than 50 points or 0.8 percent along the way. The Jakarta Composite Index now rests just beneath the 6,650-point plateau although it's expected to stop the bleeding on Thursday.

The global forecast for the Asian markets is positive, primarily riding a surge in crude oil prices. The European and U.S. markets was modest gains and the Asian bourses figure to follow suit.

The JCI finished barely lower on Wednesday following mixed performances from the financial shares and resource stocks.

For the day, the index dipped 0.91 points or 0.01 percent to finish at 6,647.06 after trading between 6,625.76 and 6,690.32.

Among the actives, Bank Danamon Indonesia shed 0.42 percent, while Bank Negara Indonesia collected 0.36 percent, Bank Mandiri climbed 1.42 percent, Bank Rakyat Indonesia was up 0.24 percent, Indocement added 0.69 percent, Semen Indonesia rose 0.36 percent, Indofood Suskes advanced 1.15 percent, United Tractors jumped 1.61 percent, Astra International gained 0.44 percent, Astra Agro Lestari tanked 2.47 percent, Aneka Tambang plummeted 6.97 percent, Vale Indonesia soared 3.06 percent, Timah plunged 4.55 percent and Bumi Resources, Bank CIMB Niaga, Indosat, Energi Mega Persada, Bakrie Sumatera Plantations and Bank Central Asia were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday, faded soon after but rebounded enough to end in the green.

The Dow added 38.30 points or 0.11 percent to finish at 36,290.32, while the NASDAQ gained 34.94 points or 0.23 percent to close at 15,188.39 and the S&P 500 rose 13.28 points or 0.28 percent to end at 4,726.35.

The modest strength on Wall Street followed the Labor Department's highly anticipated report on consumer price inflation in December. While the report showed the annual rate of consumer price growth once again reached the highest level in almost 40 years, traders seemed relieved the acceleration was not even more significant.

Treasury yields moved to the downside following the release of the report, offsetting some of the interest rate concerns that dragged the markets lower to start the year.

Crude oil prices spiked again on Wednesday, extending gains from the previous session. Oil prices continued to benefit from optimism about the outlook for energy demand amid indications of tight near-term supply. West Texas Intermediate crude for February delivery jumped $1.42 or 1.7 percent to $82.64 a barrel.

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