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Indonesia Stock Market May End Losing Streak

(RTTNews) – The Indonesia stock market has finished lower in three straight sessions, sinking almost 55 points or 0.9 percent along the way. The Jakarta Composite Index now rests just beneath the 6,140-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index lost 40.70 points or 0.66 percent to finish at the daily low of 6,139.40 after peaking at 6,201.02.

Among the actives, Bank Danamon Indonesia soared 3.83 percent, while Bank Mandiri shed 0.68 percent, Bank Central Asia sank 0.63 percent, Bank Rakyat Indonesia collected 0.95 percent, Indosat added 0.33 percent, Indocement eased 0.13 percent, Semen Indonesia gained 0.63 percent, Indofood Suskes tumbled 2.87 percent, Bumi Resources plummeted 6.94 percent, Aneka Tambang advanced 1.21 percent, Vale Indonesia surged 3.07 percent, Timah fell 1.21 percent and Bank Negara Indonesia was unchanged.

The lead from Wall Street is positive as stocks moved sharply higher on Thursday on renewed optimism for a U.S.-China trade deal.

The Dow added 220.75 points or 0.79 percent to 28,132.05, while the NASDAQ gained 63.27 points or 0.73 percent top 8,717.32 and the S&P 500 rose 26.94 points or 0.86 percent to 3,168.57.

The early rally on Wall Street came after President Donald Trump expressed optimism about a potential U.S.-China trade deal. “Getting VERY close to a BIG DEAL with China. They want it, and so do we!” Trump said in a post on Twitter just after the start of trading.

Trump also met with top trade advisers to discuss current plans to raise tariffs on $160 billion worth of Chinese goods on Sunday; officials downplayed the repercussions the new tariffs would have on the U.S. economy.

Crude oil process were higher Thursday, supported by reports from OPEC that there could be an oil market deficit next year. West Texas Intermediate Crude oil futures for January ended up $0.42 or 0.7 percent at $59.18 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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