Indonesia Stock Market May Find Traction On Thursday

(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, stumbling more than 200 points or 2.6 percent along the way. The Jakarta Composite Index now rests just above the 8,050-point plateau although investors may go bargain hunting on Thursday.

The global forecast for the Asian markets is murky amid rising tensions between the world's two largest economies. The European markets were mostly lower and the U.S. bourses were mostly higher and the Asian markets figure to split the difference.

The JCI finished slightly lower on Wednesday following losses from the food stocks, support from the telecoms and mixed performances from the financial, cement and resource sectors. For the day, the index slipped 15.35 points or 0.19 percent to finish at 8,051.17 after trading between 7,936.37 and 8,132.52. Among the actives, Bank CIMB Niaga soared 4.75 percent, while Bank Mandiri dropped 0.98 percent, Bank Negara Indonesia sank 0.79 percent, Bank Rakyat Indonesia slumped 1.41 percent, Indosat Ooredoo Hutchison skyrocketed 9.69 percent, Indocement stumbled 2.52 percent, Semen Indonesia spiked 3.64 percent, Indofood Sukses Makmur retreated 2.13 percent, United Tractors jumped 1.67 percent, Astra International skidded 0.86 percent, Energi Mega Persada plummeted 7.41 percent, Astra Agro Lestari fell 0.32 percent, Aneka Tambang strengthened 1.49 percent, Vale Indonesia surged 4.45 percent, Bumi Resources lost 0.73 percent and Bank Central Asia, Bank Danamon Indonesia and Timah were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday but slumped midday and finished mixed.

The Dow dipped 17.15 points or 0.04 percent to finish at 46,253.31, while the NASDAQ jumped 148.38 points or 0.66 percent to end at 22,670.08 and the S&P 500 added 26.75 points or 0.40 percent to close at 6,671.06.

The continued volatility on Wall Street came as traders weighed upbeat earnings news against concerns about U.S.-China trade tensions and lingering worries about valuations.

In U.S. economic news, the Federal Reserve Bank of New York said New York manufacturing activity has seen a significant turnaround in October. Also, the Federal Reserve's Beige Book said economic activity in the U.S. has shown little change since early September.

Crude oil prices fell on Wednesday following the rapid escalation of friction between the U.S. and China, while oversupply concerns also loom. West Texas Intermediate crude for November delivery was down $0.33 or 0.56 percent at $58.37 per barrel.