Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in eight straight sessions, sinking almost 1,100 points or 16 percent in that span. The Jakarta Composite Index now rests just beneath the 6,320-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is cautiously optimistic on easing crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The JCI has been in free fall, losing almost a third of its value in the past few months because of MSCI index downgrade threats, heavy state intervention in commodity exports, and broader currency depreciation.

For the day, the index plunged 223.56 points or 3.54 percent to finish at 6,094.94 after trading between 6,080.95 and 6,378.81.

Among the actives, Bank CIMB Niaga collected 0.61 percent, while Bank Mandiri retreated 1.42 percent, Bank Danamon Indonesia tumbled 2.53 percent, Bank Central Asia rose 0.42 percent, Bank Rakyat Indonesia shed 0.66 percent, Indosat Ooredoo Hutchison tanked 3.26 percent, Indocement vaulted 1.26 percent, Semen Indonesia stumbled 1.75 percent, Indofood Sukses Makmur rallied 2.27 percent, United Tractors surrendered 3.02 percent, Astra International plunged 6.28 percent, Energi Mega Persada cratered 14.98 percent, Astra Agro Lestari contracted 3.33 percent, Aneka Tambang crashed 4.19 percent, Vale Indonesia dropped 3.31 percent, Timah spiked 2.29 percent, Bumi Resources plummeted 5.20 percent and Bank Negara Indonesia was unchanged.

The lead from Wall Street is positive as the major averages spent the first half of Thursday in the red before bouncing firmly into positive territory, ending near daily highs.

The Dow climbed 276.31 points or 0.55 percent to finish at 50,285.66, while the NASDAQ added 22.74 points or 0.09 percent to end at 26,293.10 and the S&P 500 rose 12.75 points or 0.17 percent to close at 7,445.72.

The initial pullback on Wall Street came amid a substantial rebound by the price of crude oil, with U.S. crude oil futures surging as much as 4.5 percent after plummeting by 5.7 percent on Wednesday.

Unable to hold those early gains, crude oil prices turned lower over the course of trading on Thursday as investors watched developments in the U.S.-Iran peace talks. West Texas Intermediate crude for July delivery was down $1.41 or 1.43 percent at $96.85 per barrel.

Meanwhile, traders seemed to shrug off the negative reaction to earnings news from Nvidia (NVDA), although the AI leader still slumped by 1.8 percent.