Indonesia Stock Market May Crack Resistance At 6,700 Points

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(RTTNews) – The Indonesia stock market has moved higher in four straight sessions, gathering more than 110 points or 1.7 percent along the way. The Jakarta Composite Index now rests just above the 6,690-point plateau and it’s tipped to extend its gains on Friday.

The global forecast for the Asian markets suggests mild upside, with support from technology and oil stocks. The European markets were slightly higher and the U.S. bourses were mixed and the Asian markets figure to split the difference.

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

For the day, the index rose 8.20 points or 0.12 percent to finish at 6,691.34 after trading between 6,671.23 and 6,704.46.

Among the actives, Bank Danamon Indonesia shed 0.39 percent, while Bank Negara Indonesia lost 0.71 percent, Bank Central Asia collected 0.33 percent, Bank Mandiri climbed 1.05 percent, Indosat added 0.71 percent, Indocement retreated 1.39 percent, Semen Indonesia declined 1.57 percent, Indofood Suskes improved 0.80 percent, United Tractors sank 0.78 percent, Astra Agro Lestari skidded 1.15 percent, Aneka Tambang perked 1.28 percent, Vale Indonesia dipped 0.21 percent, Timah advanced 0.95 percent and Bumi Resources, Bank CIMB Niaga, Energi Mega Persada, Bank Rakyat Indonesia and Astra International were unchanged.

The lead from Wall Street is mixed as the NASDAQ and S&P 500 opened higher on Thursday and remained that way, while the Dow opened in the red and closed under pressure.

The Dow dropped 158.71 points or 0.44 percent to finish at 35,921.23, while the NASDAQ advanced 81.58 points or 0.52 percent to close at 15,704.28 and the S&P 500 rose 2.56 points or 0.06 percent to end at 4,649.27.

The rebound by the NASDAQ and S&P 500 came as some traders looked to pick up stocks at somewhat reduced levels after the drop on Tuesday and Wednesday dragged the major averages down well off Monday’s record closing highs.

A notable decline by shares of Disney (DIS) weighed on the Dow, with the entertainment giant slumping by 7.1 percent after its Q3 numbers missed estimates on both the top and bottom lines.

But overall trading activity was subdued as some traders stuck to the sidelines amid the Veterans Day holiday. While the stock markets were open as usual on the day, banks, federal offices and the bonds markets all remained closed.

Crude oil futures settled higher on as traders weighed global energy demand and supply prospects. West Texas Intermediate Crude oil futures for December ended up by $0.25 or 0.3 percent at $81.59 a barrel.