Indonesia Stock Market May Spin Its Wheels On Thursday

RTTNews · 25 Jan 13.1K Views

The Indonesia stock market has tracked lower in two straight sessions, shedding more than 45 points or 0.7 percent along the way. The Jakarta Composite Index now rests just beneath the 6,830-point plateau and it's expected to remain in that neighborhood again on Thursday.

The global forecast for the Asian markets suggests little movement amid a lack of catalysts with some markets still on holiday. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow that lead.

The JCI finished modestly lower on Wednesday following mixed performances from the financials and resource stocks.

For the day, the index sank 30.92 points or 0.45 percent to finish at 6,829.93.

Among the actives, Bank Danamon Indonesia strengthened 1.56 percent, while Bank Negara Indonesia collected 0.28 percent, Bank Central Asia fell 0.30 percent, Bank Mandiri tanked 2.02 percent, Bank Rakyat Indonesia slumped 1.30 percent, Indosat Ooredoo Hutchison plummeted 3.72 percent, Indocement improved 0.77 percent, Semen Indonesia sank 0.70 percent, Indofood Suskes tumbled 1.81 percent, United Tractors eased 0.29 percent, Astra International added 0.42 percent, Energi Mega Persada plunged 4.14 percent, Astra Agro Lestari rose 0.31 percent, Aneka Tambang retreated 1.29 percent, Vale Indonesia declined 1.45 percent, Timah skidded 1.17 percent, Bumi Resources added 0.63 percent and Bank CIMB Niaga was unchanged.

The lead from Wall Street is murky as the major averages opened sharply lower on Wednesday but improved as the day progressed, eventually finishing mixed and little changed.

The Dow rose 9.88 points or 0.03 percent to finish at 33,743.84, while the NASDAQ dipped 20.91 points or 0.18 percent to close at 11,313.36 and the S&P 500 eased 0.73 points or 0.02 percent to end at 4,016.22.

The early sell-off on Wall Street reflected a negative reaction to disappointing earnings news from some big-name companies like software giant Microsoft (MSFT) and aerospace giant Boeing (BA).

With gold for February delivery climbing $7.20 to $1,942.60 an ounce, the NYSE Arca Gold Bugs Index jumped by 1.9 percent to a seven-month closing high.

Banking, airline and steel stocks also showed strong moves to the upside, contributing to the recovery by the broader markets.

Crude oil futures rose slightly higher Wednesday, with traders reacting to reports that a diesel refinery in Louisiana was shut after a fire on Saturday. The disruption is expected to last at least a month. West Texas Intermediate Crude oil futures for March settled at $80.15 a barrel, up just 2 cents from the previous close.

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