The Indonesian stock market experienced a positive streak, climbing for two consecutive sessions and accumulating more than 160 points or 2.3 percent. Consequently, the Jakarta Composite Index is now positioned just below the 7,250 mark, although it might face some resistance on Friday.
The global outlook for Asian markets indicates a potential for consolidation, driven mainly by profit-taking after recent gains. Both European and U.S. markets experienced downturns, likely influencing Asian bourses to follow a similar trajectory.
On Thursday, the JCI saw modest gains, bolstered by the food, finance, and cement sectors, though these were partially offset by weaker performance in resource stocks. The index rose by 66.86 points or 0.93 percent, closing at 7,246.70, with intraday trading fluctuating between 7,201.92 and 7,270.76.
Key movements among active stocks included Bank CIMB Niaga increasing by 1.34 percent, Bank Mandiri declining by 0.39 percent, and Bank Danamon Indonesia falling by 0.74 percent. Bank Negara Indonesia surged 3.48 percent, Bank Central Asia climbed 1.05 percent, and Bank Rakyat Indonesia gained 0.41 percent. Indosat Ooredoo Hutchison added 0.46 percent, Indocement rallied 2.26 percent, Semen Indonesia spiked 2.10 percent, and Indofood Sukses Makmur advanced 0.82 percent. Conversely, United Tractors shed 0.45 percent, and Astra Agro Lestari dropped 0.82 percent, while Astra International accelerated 3.97 percent. Vale Indonesia dipped 0.22 percent, Timah lost 0.53 percent, Bumi Resources improved 1.08 percent, and both Aneka Tambang and Energi Mega Persada remained unchanged.
Wall Street experienced a softer session, with major indices spending most of Thursday in positive territory before a late wave of profit-taking pushed them lower. The Dow Jones Industrial Average declined by 38.62 points or 0.10 percent to finish at 39,869.38. Meanwhile, the NASDAQ composite dropped 44.07 points or 0.26 percent to close at 16,698.32, and the S&P 500 fell 11.05 points or 0.21 percent to end at 5,297.10.
Early gains on Wall Street were fueled by continued optimism from Wednesday's session, driven by promising expectations regarding interest rates following lower-than-anticipated consumer price inflation data. However, buying interest waned as the session progressed, with traders opting to lock in their recent gains.
In economic developments, the Labor Department reported a decrease in initial jobless claims for the week. Additionally, U.S. import prices rose more than expected in April, and industrial production remained flat last month.
Oil prices advanced on Thursday, benefiting from recent data indicating a larger-than-expected decline in U.S. crude inventories last week. Anticipation of a potential interest rate cut in September further contributed to the rise in oil prices. West Texas Intermediate crude oil futures for June increased by $0.60, closing at $79.23 per barrel.
