The Indonesia stock market bounced higher again on Thursday, one session after it had ended the two-day winning streak in which it had picked up more than 100 points or 1.6 percent. The Jakarta Composite Index now rests just above the 6,100-point plateau although it figures to move lower again on Friday.
The global forecast for the Asian markets is mixed to lower, with profit taking likely - especially among the technology stocks. The European markets were slightly lower and the U.S. bourses were mixed - and the Asian shares figure to split the difference.
The JCI finished modestly higher on Thursday following gains from the resource and property stocks, while the financials were mixed.
For the day, the index gathered 36.99 points or 0.61 percent to finish at 6,106.70 after trading between 6,077.86 and 6,116.43. There were 231 gainers and 155 decliners, with 104 stocks finishing unchanged.
Among the actives, XL Axiata plummeted 3.76 percent, while Bank MNC Internasional plunged 3.64 percent, Bank Rakyat Indonesia spiked 3.81 percent, SLJ Global soared 3.03 percent, Bank Negara Indonesia collected 2.42 percent, Voksel Electric tumbled 2.33 percent, Vale Indonesia skidded 1.88 percent, Indosat retreated 1.78 percent, Jasa Marga jumped 1.75 percent, Bank Danamon Indonesia dropped 1.61 percent, Bukit Darmo Property climbed 1.30 percent, Tiga Pilar Sejahtera shed 0.87 percent, Bumi Resources advanced 0.78 percent, Bank Mandiri collected 0.68 percent, Lotte Chemical added 0.61 percent and Bank Pan Indonesia was unchanged.
The lead from Wall Street is inconclusive as stocks were mixed on Thursday, with the Dow rising to its best closing level in three months, but the NASDAQ and the S&P 500 moved lower.
The Dow climbed 95.02 points or 0.38 percent to 25,241.41, but the NASDAQ slid 54.17 points or 0.70 percent to 7,635.07 and the S&P 500 fell 1.98 points or 0.07 percent to 2,770.37.
The advance by the Dow was fueled by a sharp jump from McDonald's (MCD), while the pullback by the NASDAQ was due to profit taking after the tech-heavy index hit new record highs in recent sessions.
In economic news, the Labor Department noted a modest decrease in initial jobless claims in the week ended June 2nd.
Crude oil futures rose Thursday, trimming recent losses after sliding to its lowest in two months. Robust U.S. production, a stronger dollar and expectations that OPEC will end its supply quota have weighed on oil prices of late. But with bargain hunting in effect, WTI light sweet oil was up $1 at $65.78 a barrel.
For comments and feedback contact: editorial@rttnews.com
Market Analysis