Renewed Consolidation Called For Jakarta Stocks

(RTTNews) - The Indonesia stock market bounced higher again on Thursday, one session after it had ended the two-day winning streak in which it had surged almost 125 points or 2.1 percent. The Jakarta Composite Index now rests just above the 6,030-point plateau although it figures to head south again on Friday.

The global forecast for the Asian markets is unfriendly on plummeting oil prices and unhelpful global trade rhetoric. The European and U.S. markets were sharply lower and the Asian bourses are also tipped to open in the red.

The JCI finished sharply higher on Thursday following gains from the financial shares, cement stocks and resource plays.

For the day, the index jumped 93.06 points or 1.57 percent to finish at 6,032.70 after trading between 5,942.17 and 6,044.57.

Among the actives, Bank Danamon Indonesia soared 3.14 percent, while Bank Mandiri spiked 3.77 percent, Bank Central Asia jumped 2.66 percent, Bank Negara Indonesia advanced 2.41 percent, Bank Rakyat Indonesia collected 2.12 percent, Indosat surged 6.94 percent, Indocement perked 3.90 percent, Semen Indonesia added 0.69 percent, Indofood Suskes gathered 2.40 percent, Unilever gained 2.44 percent, Bumi Resources rose 1.77 percent, Aneka Tambang accelerated 4.23 percent, Vale Indonesia was up 0.77 percent and Timah was unchanged.

The lead from Wall Street is negative as stocks saw significant weakness on Thursday, extending recent weakness.

The Dow shed 286.14 points or 1.11 percent to finish at 25,490.47, while the NASDAQ lost 122.56 points or 1.58 percent to 7,628.28 and the S&P fell 34.03 points or 1.19 percent to 2,822.24.

Lingering trade concerns contributed to the sell-off on Wall Street amid further indications of rising tensions between the U.S. and China. Trade talks collapsed earlier this month as President Donald Trump followed through on a threat to raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent.

In economic news, the Labor Department said initial jobless claims unexpectedly edged lower in the week ended May 18, while the Commerce Department said new home sales pulled back much more than anticipated in April.

Crude oil futures saw their biggest single-session decline in 2019 and closed at a two-month low on Thursday on concerns over a likely drop in energy demand. West Texas Intermediate crude oil futures for June ended down $3.51 or 5.7 percent at $57.91 a barrel, the lowest settlement since March 12.
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