Indonesia Stock Market May Hand Back Thursday's Gains

The Indonesia stock market on Thursday ended the three-day slide in which it had fallen more than 50 points or 0.8 percent. The Jakarta Composite Index now rests just beneath the 6,660-point plateau although it's expected to turn lower again on Friday.

The global forecast for the Asian markets is mixed to lower, with oil and technology stocks likely to drag the markets to the downside. 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 stocks and cement companies, while the financials were mixed.

For the day, the index rose 11.29 points or 0.17 percent to finish at 6,658.36 after trading between 6,626.34 and 6,667.94.

Among the actives, Bank Negara Indonesia dipped 0.35 percent, while Bank Mandiri fell 0.35 percent, Bank Rakyat Indonesia gained 0.72 percent, Indosat retreated 1.68 percent, Indocement gained 0.68 percent, Semen Indonesia jumped 1.43 percent, United Tractors rallied 2.60 percent, Astra International accelerated 0.87 percent, Astra Agro Lestari added 0.51 percent, Aneka Tambang spiked 1.55 percent, Vale Indonesia surged 8.68 percent, Timah skyrocketed 9.13 percent, Bumi Resources declined 1.49 percent and Bank Danamon Indonesia, Bank CIMB Niaga, Indofood Suskes, Energi Mega Persada, Bakrie Sumatera Plantations and Bank Central Asia were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but gradually faded into the red as the day progressed.

The Dow dropped 176.70 points or 0.49 percent to finish at 36,113.62, while the NASDAQ plummeted 381.58 points or 2.51 percent to end at 14,806.58 and the S&P 500 sank 67.32 points or 1.42 percent to close at 4,659.03.

The sharp pullback by the NASDAQ came as traders cashed in on recent strength in the tech sector. Tech stocks got off to a rocky start in the New Year amid concerns about higher interest rates but regained some ground earlier this week.

Traders were also digesting another reading on U.S. inflation, with a report from the Labor Department showing only a slight uptick in U.S. producer prices last month. A separate report from the Labor Department showed an increase in initial jobless claims last week.

Crude oil prices gave ground on Thursday as investors cashed in on recent gains that led to a two-month closing high. West Texas Intermediate crude for February delivery slid $0.52 or 0.6 percent to $82.12 a barrel after jumping $1.42 or 1.7 percent to $82.64 a barrel in the previous session.

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