Losing Streak May Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, sinking almost 80 points or 1.1 percent in that span. The Jakarta Composite Index now sits just above the 7,360-point plateau and it's expected to see continued consolidation again on Friday.

The global forecast for the Asian markets remains negative on surging oil prices and raging war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The JCI finished modestly lower on Thursday as losses from the cement and resource sectors were mitigated by support from the food and telecom companies and a mixed picture from the financial shares.

For the day, the index lost 27.28 points or 0.37 percent to finish at 7,362.12 after trading between 7,323.74 and 7,436.50.

Among the actives, Bank Mandiri vaulted 1.64 percent, while Bank Danamon Indonesia skidded 1.17 percent, Bank Negara Indonesia fell 0.23 percent, Bank Central Asia collected 1.10 percent, Bank Rakyat Indonesia shed 0.28 percent, Indosat Ooredoo Hutchison soared 5.42 percent, Indocement tanked 3.48 percent, Semen Indonesia retreated 1.54 percent, Indofood Sukses Makmur added 0.41 percent, United Tractors rallied 3.36 percent, Energi Mega Persada plunged 5.48 percent, Astra Agro Lestari lost 0.34 percent, Aneka Tambang tumbled 2.02 percent, Vale Indonesia plummeted 6.23 percent, Timah cratered 3.79 percent, Bumi Resources crashed 3.54 percent and Bank CIMB Niaga and Astra International were unchanged.

The lead from Wall Street is weak as the major averages opened firmly in the red and remained under water throughout the session, ending at daily lows.

The Dow tumbled 739.42 points or 1.56 percent to finish at 46,677.85, while the NASDAQ plunged 404.15 points or 1.78 percent to end at 22,311.98 and the S&P 500 slumped 103.18 points or 1.52 percent to close at 6,672.62.

The sell-off on Wall Street came amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.

Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.

The extended rebound by the price of crude oil came amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits edged slightly lower last week.