Indonesia Bourse May Extend Thursday's Losses

(RTTNews) - The Indonesia stock market on Thursday ended the three-day winning streak in which it had rallied almost 360 points or 4.5 percent. The Jakarta Composite Index now sits just above the 8,265-point plateau and the losses may accelerate on Friday.

The global forecast for the Asian markets is soft on AI concerns and ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Thursday following mixed performances from the financial and resource companies.

For the day, the index shed 25.61 points or 0.31 percent to finish at 8,265.35 after trading between 8,220.15 and 8,334.02.

Among the actives, Bank CIMB Niaga slipped 0.27 percent, while Bank Mandiri collected 1.00 percent, Bank Danamon Indonesia lost 0.76 percent, Bank Negara Indonesia added 0.67 percent, Bank Central Asia tumbled 1.68 percent, Bank Rakyat Indonesia eased 0.26 percent, Indosat Ooredoo Hutchison gained 0.45 percent, Indocement accelerated 3.00 percent, Semen Indonesia soared 13.07 percent, Indofood Sukses Makmur climbed 1.12 percent, United Tractors advanced 1.05 percent, Astra International rose 0.37 percent, Energi Mega Persada skyrocketed 13.36 percent, Astra Agro Lestari shed 0.66 percent, Aneka Tambang spiked 3.26 percent, Vale Indonesia vaulted 3.65 percent, Timah surged 9.97 percent and Bumi Resources sank 0.74 percent.

The lead from Wall Street is negative as the major averages opened slightly higher on Thursday but quickly headed south and trended lower as the day progressed, ending at session lows.

The Dow stumbled 669.42 points or 1.34 percent to finish at 49,451.98, while the NASDAQ plunged 469.32 points or 2.03 percent to close at 22,597.15 and the S&P 500 dropped 108.71 points or 1.57 percent to end at 6,832.76.

The sell-off on Wall Street was partly attributed to concerns about the impact of the artificial intelligence buildout on industries other than the tech sector, such as financial, transportation and logistics and commercial real estate companies.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits dipped less than expected last week. Also, the National Association of Realtors said existing home sales pulled back much more than expected in January.

The focus now shifts to the Labor Department's report on consumer price inflation that is due to be released before the start of trading on Friday.

Crude oil prices tumbled on Thursday after the demand forecast by the International Energy Agency for 2026 projected an overwhelming supply glut. West Texas Intermediate crude for March delivery was down $1.97 or 3.05 percent at $62.66 per barrel.