Indonesia Shares May See Traction On Friday
(RTTNews.com) - The Indonesia stock market has moved lower in two straight sessions, giving away more than 35 points or 0.6 percent along the way. The Jakarta Composite Index now rests just above the 6,115 point plateau and it figures to be rangebound on Friday.
The global forecast for the Asian markets is mixed, with bargain hunting and interest rate optimism offset by tumbling crude oil prices and trade concerns, The European markets were down and the U.S. bourses ended mixed - and the Asian markets figure to follow the latter lead.
The JCI finished modestly lower on Thursday as losses from the resource stocks and financial shares were tempered by support from the cement companies.
For the day, the index slid 17.63 points or 0.29 percent to finish at 6,115.49 after trading between 6,086.13 and 6,131.63.
Among the actives, Bumi Resources plummeted 3.68 percent, while Vale Indonesia plunged 3.46 percent, Aneka Tambang shed 0.68 percent, Bank Danamon Indonesia skidded 1.00 percent, Bank Central Asia added 0.57 percent, Bank Mandiri dropped 1.32 percent, Bank Negara Indonesia lost 1.14 percent, Indosat fell 1.26 percent, Indocement climbed 1.01 percent, Semen Indonesia advanced 0.85 percent, United Tractors tumbled 2.44 percent, Indofood Suskes jumped 1.52 percent, Unilever Indonesia perked 1.03 percent and Holcim Indonesia and Bank Rakyat Indonesia were unchanged.
The lead from Wall Street is mixed as stocks shrugged off a sharply lower open on Thursday, rebounding to finish mixed.
The Dow shed 79.40 points or 0.32 percent to 24,947.67. while the NASDAQ added 29.83 points or 0.42 percent to 7,188.26 and the S&P 500 fell 4.11 points or 0.15 percent to 2,695.95.
The rebound was partly attributed to reports that Federal Reserve officials are considering a "wait-and-see mentality" after a likely interest rate hike later this month. Traders also went bargain hunting following the early sell-off.
In economic news, payroll processor ADP said private sector employment increased less than expected in November. Also, the Labor Department said first-time claims for U.S. unemployment benefits fell less than expected in the week ended December 1.
The Commerce Department reported that the U.S. trade deficit widened to its highest level in ten years in October. Also, the Institute for Supply Management noted acceleration in the pace of growth in service sector activity in November.
Crude oil prices drifted lower Thursday as OPEC postponed a decision about output reduction to later today. Crude oil futures for January ended down $1.40 or 2.7 percent at $51.49 a barrel, after declining to a low of $50.11 a barrel.
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