Indonesia Stock Market Due For Support On Friday

(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, slumping more than 40 points or 0.5 percent along the way. The Jakarta Composite Index now sits just above the 8,990-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is positive on easing geopolitical tensions regarding Greenland. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished slightly lower on Thursday following losses from the financials, gains from the cement and telecom stocks and a mixed picture from the resource companies.

For the day, the index fell 18.15 points or 0.20 percent to finish at 8,992.18 after trading between 8,992.13 and 9,109.71.

Among the actives, Bank CIMB Niaga rose 0.27 percent, while Bank Mandiri fell 0.20 percent, Bank Danamon Indonesia collected 0.78 percent, Bank Central Asia shed 0.65 percent, Bank Rakyat Indonesia slipped 0.26 percent, Indosat Ooredoo Hutchison surged 8.52 percent, Indocement climbed 1.08 percent, Semen Indonesia vaulted 1.53 percent, Indofood Sukses Makmur improved 0.75 percent, United Tractors advanced 0.92 percent, Astra International accelerated 2.65 percent, Energi Mega Persada tumbled 1.94 percent, Astra Agro Lestari jumped 2.01 percent, Aneka Tambang skidded 1.17 percent, Vale Indonesia rallied 1.16 percent, Timah added 0.56 percent, Bumi Resources plummeted 9.84 percent and Bank Negara Indonesia was unchanged.

The lead from Wall Street is firm as the major averages opened higher on Thursday and spent the entire session in the green.

The Dow jumped 306.78 points or 0.63 percent to finish at 49,384.01, while the NASDAQ climbed 211.20 points or 0.91 percent to end at 23,436.02 and the S&P 500 added 37.73 points or 0.55 percent to close at 6,913.35.

The extended rebound on Wall Street came as stocks continued to benefit from easing tensions after President Donald Trump ruled out the use of military force to acquire Greenland.

Some analysts see the strength on Wall Street as a return of the "TACO trade," meaning "Trump Always Chickens Out," as the president is often seen as backing down after scaring the markets with threats of new tariffs.

In economic news, the Labor Department noted a slight uptick in first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said consumer prices increased in line with estimates in November.

Crude oil prices plunged on Thursday as investors assessed data on U.S. crude oil inventories, which shot up much more than expected last week. West Texas Intermediate crude for March delivery was down $1.29 or 2.13 percent at $59.33 per barrel.