Indonesia Shares May Run Out Of Steam On Friday

(RTTNews) - The Indonesia stock market has moved higher in back-to-back sessions, collecting almost 100 points or 1.2 percent along the way. The Jakarta Composite Index now sits just beneath the 8,340-point plateau although it's looking at a soft start on Friday.

The global forecast for the Asian bourse is negative, with technology and oil shares likely to lead the markets lower. The European and U.S. markets were solidly lower and the Asian bourses figure to follow that lead.

The JCI finished slightly higher on Thursday following gains from the cement companies and mixed performances from the financial and resource stocks.

For the day, the index rose 18.53 points or 0.22 percent to finish at 8,337.06 after trading between 8,289.89 and 8,362.92.

Among the actives, Bank CIMB Niaga collected 0.29 percent, while Bank Mandiri shed 0.42 percent, Bank Negara Indonesia lost 0.45 percent, Bank Central Asia tumbled 1.72 percent, Bank Rakyat Indonesia added 0.50 percent, Indosat Ooredoo Hutchison strengthened 1.54 percent, Indocement rallied 4.02 percent, Semen Indonesia spiked 3.21 percent, Indofood Sukses Makmur retreated 1.40 percent, United Tractors climbed 1.39 percent, Astra International accelerated 1.20 percent, Energi Mega Persada slumped 1.12 percent, Astra Agro Lestari improved 1.30 percent, Aneka Tambang stumbled 1.68 percent, Vale Indonesia tanked 2.36 percent, Timah plunged 3.77 percent, Bumi Resources sank 0.70 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is weak as the major averages opened in the red on Thursday and spent the entire session under water, finishing near daily lows.

The Dow stumbled 398.70 points or 0.84 percent to finish at 46,912.30, while the NASDAQ plunged 445.80 points or 1.90 percent to close at 23,053.99 and the S&P 500 sank 75.97 points or 1.12 percent to end at 6,720.32.

The sharp pullback on Wall Street came on renewed weakness among artificial intelligence-related stocks, which led the sell-off on Tuesday. Concerns about an AI bubble and the possibility of a near-term correction have recently weighed on investors' minds.

Negative sentiment may also have been generated in reaction to a report from global outplacement firm Challenger, Gray & Christmas showing a sharp increase in layoff announcements in the month of October.

Crude oil prices fell Thursday on oversupply concerns after the American Petroleum Institute revealed that U.S. crude oil inventories increased much more than expected last week. West Texas Intermediate crude for December delivery was down $0.21 or 0.35 percent at $59.39 per barrel.

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