The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day losing streak in which it had fallen more than 60 points or 0.9 percent. The Jakarta Composite Index now rests just beneath the 6,415-point plateau and it’s likely to remain in that neighborhood again on Friday.
The global forecast for the Asian markets is mixed to lower as many of the regional bourses have been overbought in the rally leading up to U.S. President Joe Biden’s inauguration, so profit taking may be in order. The European markets were down and the U.S. markets were mixed and the Asian bourses figure to split the difference.
The JCI finished slightly lower on Thursday following losses from the financial shares and cement companies, while the resources stocks were mixed.
For the day, the index slipped 15.87 points or 0.25 percent to finish at 6,413.89 after trading between 6,399.67 and 6,504.99.
Among the actives, Bank Danamon Indonesia tanked 2.38 percent, while Bank Mandiri skidded 1.69 percent, Bank CIMB Niaga shed 0.50 percent, Bank Central Asia dipped 0.28 percent, Bank Rakyat Indonesia sank 2.04 percent, Indosat plunged 3.43 percent, Telkom Indonesia gained 0.29 percent, United Tractors fell 0.29 percent, Astra International jumped 1.87 percent, Indocement tumbled 1.92 percent, Semen Indonesia retreated 1.61 percent, Indofood Suskes added 0.37 percent, Energi Mega Persada accelerated 2.16 percent, Astra Agro Lestari rose 0.21 percent, Aneka Tambang surrendered 3.13 percent, Vale Indonesia climbed 1.13 percent, Timah soared 3.06 percent, Bumi Resources plummeted 6.19 percent and Bank Negara Indonesia was unchanged.
The lead from Wall Street offers little clarity as stocks were lackluster on Thursday, bouncing back and forth across the unchanged line before finishing mixed and little changed.
The Dow dipped 12.37 points or 0.04 percent to finish at 31,176.01, while the NASDAQ climbed 73.67 points or 0.55 percent to end at 13,530.92 and the S&P 500 rose 1.22 points or 0.03 percent to close at 3,853.07.
The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets, which may be overbought following the run to record highs.
Optimism about ramped up efforts to combat the coronavirus under new President Joe Biden have also helped to prop up the markets, including the possibility of more stimulus.
In economic news, the Labor Department reported a pullback in initial jobless claims last week. The Commerce Department also released a report showing new residential construction in the U.S. jumped by more than expected in December.
Crude oil prices drifted lower on Thursday after data from the American Petroleum Institute showed an increase in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for March ended down $0.18 or 0.3 percent at $53.13 a barrel.
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