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Indonesia Stock Market May Run Out Of Steam

(RTTNews) - The Indonesia stock market has finished higher in back-to-back trading days, rising almost 60 points or 0.9 percent along the way. The Jakarta Composite Index now rests just above the 6,410-point plateau although investors may cash in on Friday.

The global forecast for the Asian markets is flat with a touch of weakness on global trade concerns. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets are expected to follow the latter lead.

The JCI finished modestly higher on Thursday following gains from the financial shares and resource stocks.

For the day, the index climbed 35.69 points or 0.56 percent to finish at the daily high of 6,413.27 after trading as low as 6,372.96.

Among the actives, Indocement eased 0.13 percent, while Semen Indonesia spiked 2.36 percent, United Tractors added 0.29 percent, Indofood Suskes skidded 1.39 percent, Unilever Indonesia dipped 0.10 percent, Bank Danamon Indonesia shed 0.97 percent, Bank Central Asia fell 0.27 percent, Bank Mandiri soared 2.97 percent, Bank Negara jumped 1.72 percent, Bank Rakyat Indonesia accelerated 1.83 percent, Indosat plunged 3.21 percent, Bumi Resources and Timah both advanced 0.78 percent, Vale Indonesia lost 0.28 percent and Aneka Tambang was unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack or direction on Thursday, bouncing back and forth across the unchanged line before ending the session mixed.

The Dow added 7.05 points or 0.03 percent to 25,709, while the NASDAQ fell 12.50 points or 0.16 percent to 7,630.91 and the S&P 500 lost 2.44 points or 0.09 percent to 2,808.48.

The choppy trading on Wall Street followed uncertainty about Brexit, with members of parliament voting in favor of delaying Brexit after they rejected the idea of leaving the European Union without a deal.

Renewed concerns about a potential trade deal between the U.S. and China weighed on the markets after reports said a meeting between President Donald Trump and Chinese President Xi Jinping has been pushed back.

On the U.S. economic front, the Commerce Department reported a substantial pullback in new home sales in January. A separate report from the Labor Department showed U.S. import and export prices both rose more than anticipated in February.

Crude oil prices edged higher Thursday, extending gains to a fourth successive session, on data that showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for April ended up $0.35 or 0.6 percent at $58.61 a barrel, a fresh high since mid-November.

Closer to home, Indonesia will provide February figures for imports, exports and trade balance later today. In January, imports were worth $15.03 billion and exports were at $13.87 billion for a trade deficit of $1.16 billion.
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