Continued Consolidation Anticipated For Indonesia Bourse

(RTTNews) - The Indonesia stock market has moved lower in four straight sessions, slumping more than 250 points or 3.4 percent in that span. The Jakarta Composite Index now rests just beneath the 7,380-point plateau and it's likely to open under pressure again on Friday.

The global forecast for the Asian markets is soft on surging crude oil prices that correspond with tensions in the Middle East. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to open lower.

The JCI finished sharply lower on Thursday following losses from the financial shares, cement companies, telecoms and resource stocks.

For the day, the index tumbled 163.01 points or 2.16 percent to finish at the daily low of 7,378.61 after peaking at 7,582.50.

Among the actives, Bank CIMB Niaga shed 0.53 percent, while Bank Mandiri tumbled 2.53 percent, Bank Danamon Indonesia skyrocketed 12.09 percent, Bank Negara Indonesia collected 1.04 percent, Bank Central Asia fell 0.39 percent, Bank Rakyat Indonesia tanked 2.47 percent, Indosat Ooredoo Hutchison retreated 1.51 percent, Indocement cratered 3.59 percent, Semen Indonesia plunged 5.44 percent, Indofood Sukses Makmur sank 0.71 percent, Astra International and Bumi Resources both crashed 4.17 percent, Energi Mega Persada surged 10.58 percent, Aneka Tambang stumbled 1.95 percent, Vale Indonesia surrendered 2.55 percent, Timah lost 0.51 percent and United Tractors and Astra Agro Lestari were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Thursday, dipped midday before ticking higher but still finished in the red.

The Dow dropped 179.71 points or 0.36 percent to finish at 49,310.32, while the NASDAQ sank 219.06 points or 0.89 percent to end at 24,438.50 and the S&P 500 lost 29.50 points or 0.41 percent to close at 7,108.40.

Profit taking contributed to the early weakness on Wall Street following Wednesday's rally, which sent the NASDAQ and S&P to record closing highs.

A steep drop by shares of IBM Corp. (IBM) also weighed on the markets, after the tech giant reported better than expected first quarter earnings but failed to raise its full-year guidance.

Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.