(RTTNews) – The Indonesia stock market has moved higher in two straight sessions, advancing more than 40 points or 0.6 percent along the way. The Jakarta Composite Index now rests just above the 6,610-point plateau and it’s expected to remain in that neighborhood again on Friday.
The global forecast for the Asian markets is volatile, with weakness from oil and technology stocks likely to limit any upside. The European markets were up and the U.S. bourses were down and the Asian markets figure to at least open lower.
The JCI finished slightly higher on Thursday following gains from the financial shares and a mixed picture from the resource stocks.
For the day, the index gained 10.34 points or 0.16 percent to finish at 6,611.16 after trading between 6,570.75 and 6,627.41.
Among the actives, Bank Danamon Indonesia dropped 0.85 percent, while Bank CIMB Niaga collected 0.53 percent, Bank Negara Indonesia climbed 1.05 percent, Bank Central Asia gained 1.30 percent, Bank Mandiri advanced 1.00 percent, Bank Rakyat Indonesia strengthened 1.22 percent, Indosat retreated 1.26 percent, Indocement declined 1.36 percent, Semen Indonesia tumbled 1.82 percent, Indofood Suskes fell 0.39 percent, United Tractors rallied 2.09 percent, Astra International gathered 0.46 percent, Energi Mega Persada jumped 1.83 percent, Bakrie Sumatera Plantations improved 0.91 percent, Astra Agro Lestari sank 0.77 percent, Aneka Tambang tanked 2.22 percent, Vale Indonesia surrendered 1.86 percent, Timah rose 0.36 percent and Bumi Resources skyrocketed 14.29 percent.
The lead from Wall Street is negative as the major averages opened higher on Thursday but watched those gains evaporate as the markets slid into the red as the day progressed.
The Dow dipped 7.31 points or 0.02 percent to finish at 34,160.78, while the NASDAQ plummeted 189.34 points or 1.40 percent to close at 13,352.78 and the S&P 500 lost 23.42 points or 0.54 percent to end at 4,326.51.
Stocks continued to experience intense volatility as traders weighed upbeat fourth quarter GDP against the prospect of higher interest rates.
The markets initially showed a positive reaction to a Commerce Department report showing stronger than expected GDP growth in the fourth quarter of 2021. However, traders have recently shown a reluctance to maintain any meaningful moves, resulting in another rollercoaster ride.
In other economic news, the Labor Department said initial jobless claims pulled back last week, while the Commerce Department and the National Association of Realtors noted steeper than expected drops in durable goods orders and pending home sales in December.
Crude oil prices retreated Thursday as the dollar climbed after the Fed signaled that it would start raising interest rates in March. West Texas Intermediate Crude oil futures for March ended lower by $0.74 or 0.9 percent at $86.61 a barrel.
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