Indonesia Shares May Snap Losing Streak On Friday

(RTTNews) - The Indonesia stock market has finished lower in back-to-back trading days, sliding almost 75 points or 1.2 percent along the way. The Jakarta Composite Index now rests just above the 6,410-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is wait and see ahead of the start on earnings season; a tumble in crude oil prices provides a negative bias as the European and U.S. markets were mixed and roughly flat.

The JCI finished sharply lower on Thursday following losses from the financials, cement companies and resource stocks.

For the day, the index dropped 68.16 points or 1.05 percent to finish at the daily low of 6,410.17 after peaking at 6,472.73.

Among the actives, Bank Danamon Indonesia spiked 2.04 percent, while Bank Mandiri retreated 2.63 percent, Bank Central Asia shed 0.81 percent, Bank Negara Indonesia dropped 1.03 percent, Bank Rakyat Indonesia Lost 0.46 percent, Indosat skidded 1.54 percent, Indocement tumbled 3.11 percent, Semen Indonesia plummeted 4.55 percent, United Tractors sank 2.30 percent, Indofood Suskes plunged 5.36 percent, Unilever Indonesia declined 1.62 percent, Bumi Resources sank 4.27 percent, Vale Indonesia soared 3.06 percent, Timah fell 2.14 percent and Aneka Tambang was unchanged.

The lead from Wall Street offers little clarity as stocks fluctuated on Thursday before ending mixed and little changed.

The Dow shed 14.11 points or 0.05 percent to end at 26,143.05, while the NASDAQ fell 16.88 points or 0.21 percent to 7,947.36 and the S&P 500 added 0.11 points to finish at 2,888.32.

Traders seemed reluctant to make significant moves ahead of the upcoming earnings season, as analysts expect results to be disappointing. Financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report results later today, marking the unofficial start of the reporting season.

Lingering uncertainty about the global economic outlook and a potential U.S.-China trade deal also kept traders on the sidelines.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell to their lowest level in nearly 50 years last week. Also, the Labor Department said a spike in energy prices contributed to a bigger than expected increase in U.S. producer prices in March.

Crude oil futures tumbled on Thursday on worries about a possible drop in demand for crude due to slowing global economy. West Texas Intermediate Crude oil futures for May ended down $1.03 or 1.6 percent at $63.58 a barrel.
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