Indonesia Stock Market May Take Further Damage On Thursday

(RTTNews) - The Indonesia stock market has finished lower in six straight sessions, dropping more than 230 points or 3 percent along the way. The Jakarta Composite Index now rests just beneath the 7,570-point plateau and it's tipped to open in the red again on Thursday.

The global forecast for the Asian markets is negative on mixed corporate and economic news. The European and U.S. markets finished under water and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly lower on Wednesday as losses from the financial shares and cement stocks were mitigated by support from the resource companies. For the day, the index shed 36.75 points or 0.48 percent to finish at 7,569.85 after trading between 7,521.73 and 7,581.91. Among the actives, Bank CIMB Niaga collected 0.81 percent, while Bank Mandiri skidded 1.10 percent, Bank Danamon Indonesia fell 0.39 percent, Bank Negara Indonesia retreated 1.42 percent, Bank Central Asia stumbled 1.43 percent, Bank Rakyat Indonesia rose 0.21 percent, Indocement tanked 2.01 percent, Semen Indonesia plunged 4.87 percent, Indofood Sukses Makmur declined 1.32 percent, United Tractors added 0.28 percent, Astra International jumped 1.46 percent, Astra Agro Lestari tumbled 1.85 percent, Aneka Tambang advanced 0.93 percent, Vale Indonesia tanked 3.01 percent, Timah rallied 1.92 percent, Bumi Resources gained 0.72 percent and Indosat Ooredoo Hutchison and Energi Mega Persada were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Wednesday but then bounced higher for most of the day before a late slump saw them finish in the red.

The Dow dropped 91.51 points or 0.22 percent to finish at 42,141.54, while the NASDAQ tumbled 104.82 points or 0.56 percent to close at 18,607.93 and the S&P 500 sank 19.25 points or 0.33 percent to end at 5,813.67.

The choppy trading came as investors reacted to a mixed batch of corporate earnings as Alphabet (GOOGL) and Snap (SNAP) rallied after good results, while Advanced Micro Devices (AMD) and Caterpillar (CAT) stumbled after disappointing.

On the U.S. economic front, payroll processor ADP said private sector employment in the U.S. shot up much more than anticipated in October, although a a separate report released by the Commerce Department showed U.S. economic growth unexpectedly slowed in the third quarter.

Oil prices moved higher on Wednesday after data showed an unexpected drop in U.S. crude inventories last week and on reports that OPEC may delay its planned output increase. West Texas Intermediate Crude oil futures for December closed up $1.40 or 2.1 percent at $68.61 a barrel.