Renewed Support Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Wednesday halted the five-day winning streak in which it had accelerated almost 250 points or 2.8 percent. The Jakarta Composite Index now sits just above the 9,010-point plateau although it's likely to climb back to the upside again on Thursday.

The global forecast for the Asian markets is cautiously optimistic and fairly fluid in light of U.S. demands to acquire Greenland. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow that lead.

The JCI finished sharply lower on Wednesday following losses from the finance, cement, automobile and resource companies.

For the day, the index dropped 124.37 points or 1.36 percent to finish at 9,010.33 after trading between 8,977.68 and 9,105.23.

Among the actives, Bank CIMB Niaga skidded 1.06 percent, while Bank Mandiri sank 0.70 percent, Bank Danamon Indonesia collected 0.39 percent, Bank Negara Indonesia added 0.44 percent, Bank Central Asia stumbled 3.75 percent, Bank Rakyat Indonesia dropped 0.78 percent, Indosat Ooredoo Hutchison shed 0.45 percent, Indocement lost 0.72 percent, Semen Indonesia contracted 1.14 percent, United Tractors crashed 14.93 percent, Astra International plummeted 9.28 percent, Energi Mega Persada advanced 0.98 percent, Astra Agro Lestari surrendered 2.61 percent, Aneka Tambang soared 3.64 percent, Vale Indonesia rallied 3.61 percent, Timah slumped 0.83 percent, Bumi Resources plunged 6.76 percent and Indofood Sukses Makmur was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Wednesday and stayed in the green throughout the session, although not without volatility.

The Dow jumped 588.64 points or 1.21 percent to finish at 49,077.23, while the NASDAQ rallied 270.50 points or 1.18 percent to end at 23,224.82 and the S&P 500 climbed 87.76 points or 1.16 percent to close at 6,875.62.

The volatility on Wall Street came as traders reacted to President Donald Trump's latest remarks about his efforts to take control of Greenland.

Early buying interest was generated in reaction to Trump's speech at the World Economic Forum in Davos, Switzerland, where he ruled out the use of military force to take control of Greenland.

However, buying interest waned over the course of the morning amid lingering concerns about trade between the U.S. and Europe due to the dispute. But buying interest returned when Trump said he would not go forward with the tariffs he threatened to impose on several European nations

Crude oil posted incremental gains on Wednesday as traders assessed Trump's speech at the World Economic Forum, where he sought negotiations on the U.S. bid to acquire Greenland. West Texas Intermediate crude for March delivery was up $0.10 or 0.17 percent at $60.46 per barrel.