(RTTNews) - The Indonesia stock market on Wednesday ended the five-day winning streak in which it had surged more than 700 points or 10 percent. The Jakarta Composite Index now rests just above the 7,620-point plateau although it's likely to rebound on Thursday.
The global forecast for the Asian markets is murky, with profit taking warring with support from the oil and technology sectors. The European and U.S. markets were mixed and the Asian bourses are expected to behave similarly.
The JCI finished modestly lower on Wednesday following losses from the financials and telecoms, while the cement and resource sectors were mixed.
For the day, the index slumped 52.37 points or 0.68 percent to finish at the daily low of 7,623.59 after peaking at 7,773.58.
Among the actives, Bank CIMB Niaga shed 0.54 percent, while Bank Mandiri retreated 1.27 percent, Bank Danamon Indonesia sank 0.80 percent, Bank Negara Indonesia tumbled 1.87 percent, Bank Central Asia tanked 2.96 percent, Bank Rakyat Indonesia contracted 1.73 percent, Indosat Ooredoo Hutchison declined 1.43 percent, Indocement dropped 0.94 percent, Semen Indonesia improved 0.84 percent, United Tractors added 0.56 percent, Astra International rallied 2.44 percent, Energi Mega Persada stumbled 2.65 percent, Aneka Tambang climbed 1.03 percent, Vale Indonesia surged 5.84 percent, Timah plunged 2.28 percent, Bumi Resources cratered 3.82 percent and Indofood Sukses Makmur and Astra Agro Lestari were unchanged.
The lead from Wall Street provides little clarity as the major averages opened higher on Wednesday, although the Dow splintered off and finished slightly under water.
The Dow shed 72.27 points or 0.15 percent to finish at 48,463.72, while the NASDAQ jumped 376.93 points or 1.59 percent to end at a record 24,016.02 and the S&P 500 gained 55.57 points or 0.80 percent to close at 7,022.95, also a record.
The extended surge by the NASDAQ reflected strength among tech stocks, with Broadcom (AVGO) helping to lead the sector higher after the chip maker announced a multi-year strategic partnership with Meta's (META).
Traders also expressed optimism about a resolution of the conflict in the Middle East even as they await additional details about another round of peace talks between the U.S. and Iran.
Crude oil edged higher on Wednesday as traders weighed the prospects of success in the upcoming U.S-Iran talks against the ongoing U.S. blockade on all Iranian ports across the Strait of Hormuz, which is keeping the supply concerns alive. West Texas Intermediate crude for May was up $0.36 or 0.39 percent at $91.64 per barrel.
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