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More Pain Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in two straight sessions, surrendering almost 100 points or 1.5 percent along the way. The Jakarta Composite Index now rests just above the 6,440-point plateau and it may see additional selling pressure on Friday.

The global forecast for the Asian markets suggests mild consolidation, thanks mainly to geopolitical concerns regarding North Korea. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished sharply lower on Thursday following losses from the financial shares and resource stocks.

For the day, the index plunged 82.33 points or 1.26 percent to finish at 6,443.35 after trading between 6,433.24 and 6,526.93.

Among the actives, Semen Indonesia added 0.40 percent, while United Tractors tumbled 3.99 percent, Indofood Suskes plunged 5.35 percent, Unilever shed 0.66 percent, Holcim Indonesia dropped 1.00 percent, Bank Danamon Indonesia plummeted 6.58 percent, Bank Central Asia lost 0.90 percent, Bank Mandiri sank 1.04 percent, Bank Negara Indonesia fell 0.56 percent, Bank Rakyat Indonesia slid 0.52 percent, Indosat jumped 1.54 percent, Bumi Resources tumbled 3.23 percent, Aneka Tambang retreated 1.46 percent, Timah cratered 13.29 percent and Indocement was unchanged.

The lead from Wall Street is negative as stocks moved modestly lower Thursday, although the selling pressure was somewhat subdued.

The Dow shed 69.16 points or 0.27 percent to 25,916.00, while the NASDAQ lost 16.36 points or 0.22 percent to 7,538.14 and the S&P fell 7.89 points or 0.28 percent to 2,784.49.

The weakness came after the summit between President Donald Trump and North Korean leader Kim Jong Un ended abruptly without an agreement on the denuclearization of the Korean peninsula.

However, the negative sentiment was partly offset by a Commerce Department report showing U.S. economic growth slowed less than expected in the fourth quarter of 2018.

Crude oil futures ended higher Thursday, extending recent gains after data showed a significant drop in crude inventories in the U.S. West Texas Intermediate Crude oil futures for April ended up $0.28 or 0.5 percent at $57.22 a barrel.

Closer to home, Indonesia will release February figures for consumer prices later today; in January, overall inflation was up 0.3 percent on month and 2.8 percent on year, while core CPI advanced 3.1 percent on year.
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