Renewed Support Predicted For Indonesia Stock Market

Ahead of Friday’s holiday for Pancasila Day, the Indonesia stock market had moved lower again – one session after it had ended the five-day winning streak in which it had jumped more than 330 points or 5 percent. The Jakarta Composite Index now rests just beneath the 5,985-point plateau, although it’s tipped to rebound on Friday.

The global forecast for the Asian markets is firm following strong employment data from the United States. The European and U.S. bourses were up and the Asian markets are expected to open in similar fashion.

The JCI finished modestly lower on Thursday as losses from the financial shares and cement stocks were offset by support from the resource plays.

For the day, the index dropped 27.47 points or 0.46 percent to finish at 5,983.59 after trading between 5,934.80 and 6,055.02.

Among the actives, Jasa Marga spiked 3.97 percent, while Bank Pan Indonesia tumbled 2.86 percent, XL Axiata skidded 2.78 percent, Lotte Chemical dropped 1.69 percent, SLJ Global retreated 1.53 percent, Voksel Electric declined 1.10 percent, Tiga Pilar Sejahtera Food shed 0.85 percent, Bank Danamon Indonesia plunged 1.27 percent, Bank Mandiri plummeted 2.76 percent, Bumi Resources surged 4.76 percent, Vale Indonesia soared 2.39 percent, Indocement fell 1.95 percent and Bank MNC Internasional and Bukit Darmo Property were unchanged.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Friday as traders reacted to upbeat employment data – allowing the NASDAQ to hit its best closing level in two months.

The Dow added 219.37 points or 0.90 percent to 24,635.21, the Nasdaq spiked 112.21 points or 1.51 percent to 7,554.33 and the S&P surged 29.35 points or 1.08 percent to 2,734.62. For the week, the Dow fell 0.5 percent, the NASDAQ jumped 1.6 percent and the S&P added

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