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Little Movement Expected For Indonesia Shares

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, gathering almost 65 points or 1.1 percent along the way. The Jakarta Composite Index now rests just above the 6,415-point plateau and it's expected to remain in that neighborhood again on Friday.

The global forecast for the Asian markets is murky, with any upside limited by sliding crude oil prices. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished slightly higher on Thursday following gains from the financials and mixed performances from the resource stocks.

For the day, the index rose 6.38 points or 0.10 percent to finish at 6,417.07 after trading between 6,397.22 and 6,434.91.

Among the actives, Voksel Electric spiked 3.12 percent, while Bank Mandiri collected 0.63 percent, Bank Central Asia added 0.42 percent, Bank Negara Indonesia climbed 1.09 percent, Bank Rakyat Indonesia advanced 0.89 percent, Indosat tumbled 2.12 percent, Semen Indonesia sank 1.00 percent, Indofood Suskes lost 0.72 percent, Bumi Resources fell 0.84 percent, Aneka Tambang surged 3.66 percent, Vale Indonesia soared 4.45 percent and Timah, Indocement and Bank Danamon Indonesia were unchanged.

The lead from Wall Street is inconclusive as stocks fluctuated Thursday before ending mixed, with the Dow and the S&P 500 reached new record closing highs.

The Dow added 227.88 points or 0.85 percent to 27,088.08, while the NASDAQ fell 6.49 points or 0.08 percent to 8,196.04 and the S&P 500 rose 6.84 points or 0.23 percent to 2,999.91.

The advance by the Dow was fueled by health insurers on news that President Donald Trump is abandoning a plan to eliminate rebates from government drug plans. The proposal faced stiff resistance from pharmacy-benefit managers, and pharmaceutical stocks tumbled on the news

In economic news, the Labor Department reported an unexpected uptick in U.S. consumer prices in June. The Labor Department also said first-time claims for U.S. unemployment benefits fell in the week ended July 6.

Crude oil futures turned weak after a solid start on Thursday, weighed down by a downward revision in demand forecast by OPEC. West Texas Intermediate crude oil futures for August ended down $0.23 or 0.4 percent at $60.20 a barrel.
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