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Indonesia Shares May Stop The Bleeding On Friday

(RTTNews) - The Indonesia stock market has finished lower in four straight sessions, retreating almost 230 points or 3.8 percent in that span. The Jakarta Composite Index now rests just beneath the 5,900-point plateau although it's expected to find support on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow that lead.

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

For the day, the index tumbled 85.15 points or 1.42 percent to finish at 5,895.74 after trading between 5,889.56 and 6,009.63.

Among the actives, Bank Danamon Indonesia shed 0.61 percent, while Bank Mandiri dropped 1.02 percent, Bank Central Asia plunged 3.30 percent, Bank Negara Indonesia slid 0.61 percent, Bank Rakyat Indonesia fell 0.77 percent, Indosat plummeted 5.52 percent, Indocement retreated 1.84 percent, Semen Indonesia jumped 1.42 percent, Indofood Suskes contracted 2.40 percent, United Tractors skidded 1.97 percent, Bumi Resources lost 2.56 percent, Aneka Tambang was down 2.14 percent, Vale Indonesia dropped 2.67 percent and Timah tumbled 4.67 percent.

The lead from Wall Street remains positive as stocks moved mostly higher on Thursday, extending recent gains and offsetting Monday's steep drop.

The Dow added 214.66 points or 0.84 percent to 25,862.68, while the NASDAQ gained 75.90 points or 0.97 percent to 7,898.05 and the S&P 500 rose 25.36 points or 0.89 percent to 2,876.32.

The strength on Wall Street reflected solid earnings news from companies like Walmart (WMT) and networking giant Cisco Systems (CSCO), who both beat the street.

In economic news, the Labor Department said initial jobless claims dropped more than expected last week, while the Commerce Department noted a substantial increase in new residential construction in April.

Crude oil prices climbed to a two-week high on Thursday, extending recent gains amid concerns about supply disruptions due to an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.85 or 1.4 percent at $62.87 a barrel.
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