(RTTNews.com) – The Indonesia stock market has finished lower in three straight sessions, plummeting more than 280 points or 4.8 percent along the way. The Jakarta Composite Index now rests just beneath the 5,820-point plateau and it’s expected to open in the red again on Friday.
The global forecast for the Asian markets is soft ahead of the OPEC meeting later today in Vienna. The European and U.S. markets were down and the Asian markets are expected to follow suit.
The JCI finished sharply lower again on Thursday following losses from the food stocks and utilities, while the financials and resource stocks were mixed.
For the day, the index dropped 61.71 points or 1.05 percent to finish at 5,822.33 after trading between 5,815.45 and 5,922.70. There were 254 decliners and 139 gainers, with 106 stocks finishing unchanged.
Among the actives, Tiga Pilar Sejahtera Food plummeted 5.29 percent, while SLJ Global plunged 5.38 percent, Bukit Darmo Property soared 4.00 percent, Voksel Electric tumbled 2.42 percent, XL Axiata spiked 1.98 percent, Lotte Chemical dropped 1.25 percent, Jasa Marga skidded 1.56 percent, Bank Pan Indonesia collected 1.18 percent, Bank Danamon Indonesia surged 5.26 percent, Bank Negara Indonesia fell 1.66 percent, Bank Central Asia retreated 1.63 percent, Bumi Resources declined 1.55 percent, Aneka Tambang climbed 1.14 percent, Vale Indonesia added 0.25 percent and Bank MNC Internasional and Bank Mandiri were unchanged.
The lead from Wall Street is negative as stocks moved mostly lower on Thursday as the Dow extended its losing streak to eight sessions.
The Dow fell 196.10 points or 0.80 percent to 24,461.70, the NASDAQ slid 68.56 points or 0.88 percent to 7,712.95 and the S&P 500 dropped 17.56 points or 0.63 percent to 2,749.76.
The weakness on Wall Street was due uncertainty about the outcome of the OPEC meeting. Saudi Arabia and Russia are pushing for an increase in oil production, and OPEC is expected to announce its decision at the conclusion of the gathering.
Crude oil futures were steady Thursday ahead of the OPEC meeting. A stronger dollar also kept oil prices in check as August WTI oil was down 17 cents or 0.3 percent to settle at $65.54/bbl.
In economic news, the Conference Board reported a smaller than expected increase in its leading economic index, while the Philadelphia Federal Reserve noted a bigger than expected slowdown in regional manufacturing activity in June.