The Indonesia stock market on Thursday halted the five-day winning streak in which it had soared more than 400 points or 8 percent. The Jakarta Composite Index now rests just shy of the 5,460-point plateau and it's tipped to open in the red again on Friday.
The global forecast for the Asian suggests consolidation as the coronavirus continues to surge through the United States and Europe, prompting fears of more lockdown measures. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The JCI finished modestly lower on Thursday following losses from the financial shares and resource stocks, while the cement companies were mixed.
For the day, the index dropped 50.91 points or 0.92 percent to finish at 5,458.60 after trading between 5,449.80 and 5,500.42.
Among the actives, Bank Danamon Indonesia tanked 2.28 percent, while Bank Mandiri plunged 3.14 percent, Bank CIMB Niaga shed 0.62 percent, Bank Negara Indonesia lost 1.83 percent, Indosat skidded 1.38 percent, Indocement tumbled 2.21 percent, Semen Indonesia advanced 1.12 percent, Indofood Suskes jumped 1.77 percent, Astra Agro Lestari soared 3.26 percent, Aneka Tambang declined 2.09 percent, Vale Indonesia retreated 1.34 percent, Timah plummeted 3.81 percent and Bumi Resources was unchanged.
The lead from Wall Street is negative as the major averages opened mixed but head steadily south as the day progressed, ending firmly in the red.
The Dow tumbled 317.46 points or 1.08 percent to finish at 29,080.17, while the NASDAQ sank 76.84 points or 0.65 percent to end at 11,709.59 and the S&P 500 dropped 35.65 points or 1.00 percent to close at 3,537.01.
The choppy trading on Wall Street came as traders expressed uncertainty about the near-term outlook for the markets after the major averages spiked to new record intraday highs on Monday. They've been mixed since then as traders cycle in and out of technology and cyclical stocks.
Upbeat news about a coronavirus vaccine fueled the rally on Monday - although the distribution of a potential vaccine is likely to face significant logistical challenges, keeping traders from making significant bets.
In economic news, the Labor Department reported a bigger than expected decrease in first-time claims for unemployment benefits last week. The Labor Department also said that consumer prices came in flat in October.
Crude oil futures drifted lower on Thursday as the continued rise in coronavirus cases across the U.S. and Europe raised concerns about energy demand. West Texas Intermediate Crude oil futures for December ended down $0.33 or 0.8 percent at $41.12 a barrel.
Closer to home, Indonesia will release Q3 numbers for current account later today; in the three months prior, the current account deficit was $2.9 billion.
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