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Indonesia Bourse May Test Support At 5,000 Points

The Indonesia stock market has finished lower in two of three trading days since the end of the five-day winning streak in which it had collected more than 85 points or 1.7 percent. The Jakarta Composite Index now rests just above the 5,050-point plateau and it may extend its losses on Friday.

The global forecast for the Asian markets is soft on growing fears of another coronavirus wave. The European markets were down and the U.S. bourses were mostly in the red and the Asian markets figure to open in similar fashion.

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

For the day, the index sank 23.38 points or 0.46 percent to finish at 5,052.79 after trading between 5,041.93 and 5,111.56.

Among the actives, Bank Danamon Indonesia skidded 1.05 percent, while Bank Mandiri shed 0.47 percent, Bank Central Asia tumbled 1.61 percent, Bank Negara Indonesia retreated 1.46 percent, Indocement declined 1.47 percent, Semen Indonesia plunged 2.31 percent, Indofood Suskes sank 1.13 percent, Aneka Tambang declined 1.52 percent, Vale Indonesia lost 0.64 percent, Timah fell 0.79 percent and Bumi Resources, Indosat and United Tractors were unchanged.

The lead from Wall Street is mixed to lower as stocks spend most of Thursday in the red, although the NASDAQ managed to pull itself into positive territory.

The Dow tumbled 361.19 points or 1.39 percent to finish at 1.39 percent, while the NASDAQ gained 55.25 points or 0.52 percent to end at 10,547.75 and the S&P 500 fell 17.89 points or 0.56 percent to close at 3,152.05.

The weakness on Wall Street came after more than 60,000 new coronavirus cases were reported on Wednesday, the biggest increase ever by a country in a single day. That triggered fears that a re-imposition of lockdown measures will significantly weaken economic recovery chances.

In economic news, the Labor Department showed a bigger than expected decrease in first-time claims for U.S. unemployment benefits last week.

Crude oil prices declined sharply Thursday as a marked surge in the number of coronavirus cases in the U.S. raised fears of another lockdown and triggered concerns about energy demand. West Texas Intermediate Crude oil futures for August sank $1.28 or 3.1 percent at $39.62 a barrel.

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