(RTTNews) – The Indonesian stock market rose for the second consecutive session, collecting more than 160 points or 2.3% along the way. The Jakarta Composite Index currently sits just below the plateau of 7,250 points, but could lose momentum on Friday.
Global forecasts for Asian markets suggest consolidation due to profit-taking, primarily following recent gains. European and U.S. markets are expected to fall, and Asian stock exchanges are expected to follow suit.
The JCI ended marginally higher on Thursday as gains in the food, financial and cement sectors were capped by weakness in resource stocks.
The index rose 66.86 points or 0.93 percent to end the day at 7,246.70, after trading between 7,201.92 and 7,270.76.
Among active stocks, CIMB Niaga Bank rose 1.34%, while Bank Mandiri fell 0.39%, Bank Danamon Indonesia fell 0.74%, Bank Negara Indonesia rose 3.48%, Bank of Central Asia rose 1.05%, and Rakyat Indonesia rose 1.05%. The bank recovered 0.41%, Indosat Urdu Hutchison added. 0.46%, Indocement rose 2.26%, Semen Indonesia surged 2.10%, Indofood Sucess Makmur rose 0.82%, United Tractors fell 0.45%, Astra International rose 3.97%, Astra Agro. Lestari fell by 0.82%, Vale Indonesia fell by 0.22% and Tima fell by 0.53%. , Bumi Resources rose 1.08%, while Aneka Tambang and Energi Mega Persada remained unchanged.
The lead with Wall Street softened as the major averages spent much of Thursday doing well before falling in a wave of late profit-taking.
The Dow Jones Industrial Average fell 38.62 points or 0.10 percent to end at 39,869.38, the Nasdaq fell 44.07 points or 0.26 percent to end at 16,698.32, and the S&P fell 11.05 points or 0.21 percent to end at 5,297.10.
Wall Street’s early strength reflected an extension of gains seen during Wednesday’s trading, as weaker-than-expected consumer price inflation data sparked optimism about the interest rate outlook.
However, buying interest waned as trading hours wore on, with traders pausing to lock in recent gains.
In economic news, the Labor Department noted last week that the number of new jobless claims has receded. A separate Labor Department report showed U.S. import prices rose more than expected in April, while industrial production was flat last month.
Oil prices rose on Thursday, benefiting from recent data showing a bigger-than-expected decline in U.S. crude inventories last week. Expectations for a rate cut in September also contributed to the rise in oil prices. West Texas Intermediate crude oil futures for June contract rose $0.60 to end at $79.23 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
