Indonesia Stock Market Poised To End Losing Streak

(RTTNews) – The Indonesia stock market has finished lower in three straight sessions, stumbling almost 220 points or 3.3 percent along the way. The Jakarta Composite Index now sits just above the 6,565-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is upbeat on easing concerns over the ability of financial markets. The European and U.S. markets were sharply higher and the Asian bourses are expected to follow that lead.

The JCI finished modestly lower on Thursday following losses from the resource, energy and cement companies, while the financials came in mixed.

For the day, the index dropped 62.41 points or 0.94 percent to end at 6,565.73 after trading between 6,542.79 and 6,628.28.

Among the actives, Bank Danamon Indonesia shed 0.74 percent, while Bank CIMB Niaga surrendered 2.07 percent, Bank Negara Indonesia jumped 1.70 percent, Bank Central Asia fell 0.30 percent, Bank Mandiri tumbled 1.99 percent, Bank Rakyat Indonesia collected 0.64 percent, Indosat Ooredoo Hutchison sank 0.71 percent, Indocement plunged 4.88 percent, Semen Indonesia slumped 2.83 percent, Indofood Suskes advanced 0.82 percent, United Tractors skidded 1.19 percent, Astra International improved 1.30 percent, Energi Mega Persada declined 6.14 percent, Astra Agro Lestari dropped 0.94 percent, Aneka Tambang tanked 3.23 percent, Timah crashed 6.73 percent, Bumi Resources plummeted 6.40 percent and Vale Indonesia was unchanged.

The lead from Wall Street is broadly positive as the major averages quickly shook off a soft start on Thursday and accelerated firmly into positive territory, finishing near session highs.

The Dow surged 371.98 points or 1,17 percent to finish at 32,246.55, while the NASDAQ rallied 283.22 points or 2.48 percent to end at 11,717.28 and the S&P 500 jumped68.35 points or 1.76 percent to close at 3,960.28.

Stocks rallied following news that 11 banks including JPMorgan Chase (JPM) and Morgan Stanley (MS) have pledged $30 billion to support First Republic Bank (FRC) to shore up the beleaguered lender.

News that Credit Suisse will borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence also helped ease recent concerns about turmoil in the banking sector.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits pulled back more than expected last week. Also, the Labor Department reported that import prices edged slightly lower in February.

Crude oil prices climbed higher Thursday on reports that Saudi Arabia’s energy minister and Russia’s deputy prime minister met to discuss about ways to enhance market stability. West Texas Intermediate Crude oil futures for April climbed $0.74 or 1.1 percent at $68.35 a barrel.