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Indonesia Shares May Open Under Pressure On Thursday

Indonesia Shares May Open Under Pressure On Thursday Shutterstock photo (RTT...

Indonesia Shares May Open Under Pressure On Thursday

Shutterstock photo

( - The Indonesia stock market bounced firmly higher again on Wednesday, one session after it had ended the seven-day winning streak in which it had advanced more than 150 points or 2.5 percent. The Jakarta Composite Index now rests just above the 6,030-point plateau although it figures to head south again on Thursday.

The global forecast for the Asian markets is negative, thanks to ongoing trade war concerns and a drop in crude oil prices. The European markets were down and the U.S. bourses were mixed - and the Asian markets figure to follow that lead.

The JCI finished sharply higher on Wednesday following gains from the financial shares and resource stocks.

For th e day, the index soared 96.98 points or 1.63 percent to finish at 6,033.42 after trading between 5,945.44 and 6,034.55. There were 251 gainers and 135 decliners, with 119 stocks finishing unchanged.

Among the actives, Lotte Chemical skyrocketed 12.50 percent, while Bukit Darmo Property plunged 4.48 percent, Voksel Electric spiked 2.66 percent, Jasa Marga advanced 2.56 percent, XL Axiata shed 0.73 percent, Bank Pan Indonesia collected 0.65 percent, Bank Danamon Indonesia added 0.38 percent, Bank Mandiri surged 5.26 percent, Bank Negara Indonesia soared 5.74 percent, Bank Rakyat Indonesia advanced 3.91 percent, Indosat skidded 1.71 percent, Bumi Resources slid 0.77 percent, Vale Indonesia perked 3.89 percent, Aneka Tambang gathered 2.73 percent and Tiga Pilar Sejahtera Food, Bank MNC Internasional and SLJ Global were unchanged.

After failing to sustain an initial move to the upside, stocks turned mixed on Wednesday as the Dow and the S&P 500 pulled back into negative territory.

The Dow shed 81.37 points or 0.32 percent to 25,333.82, while the NASDAQ added 35.50 points or 0.46 percent to 7,707.29 and the S&P 500 edged down 2.93 points or 0.10 percent to 2,813.36.

The tech-heavy NASDAQ benefited from a significant advance by shares of Apple (AAPL) after the company reported better than expected fiscal Q3 results and provided upbeat guidance.

Trade concerns weighed on the Dow and the S&P 500 after reports said President Donald Trump's administration may hike the proposed tariff on $200 billion worth of Chinese imports to 25 percent.

The major averages remained mixed following the Federal Reserve's widely expected decision to leave interest rates unchanged. The unanimous decision to leave interest rates unchanged came after the Fed raised rates by a quarter point in June and forecast two additional rate hikes this year.

In economic news, payroll pr ocessor ADP said private sector employment increased more than expected in July. Also, the Institute for Supply Management noted a slowdown in manufacturing activity in July.

Energy stocks saw significant weakness following another steep drop by the price of crude oil. After plunging $1.37 to $68.76 a barrel Tuesday, crude for September slumped $1.10 to $67.66 after data showed an unexpected weekly increase in U.S. crude oil inventories.

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This article appears in: Stocks , World Markets , PoliticsSource : Google News Indonesia | Netizen 24 Indonesia

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