Higher Open Called For Indonesia Stock Market

Ahead of Thursday's holiday for Vesak Day, the Indonesia stock market had finished lower in two of three trading days since the end of the four-day winning streak in which it had advanced more than 220 points or 4.9 percent. The Jakarta Composite Index now sits just beneath the 4,610-point plateau and it's likely to remain rangebound again on Friday.

The global forecast for the Asian markets is upbeat on optimism over easing Covid-19 restrictions. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly lower on Wednesday as losses from the financial shares and cement companies were tempered by gains from the resource stocks.

For the day, the index lost 21.34 points or 0.46 percent to finish at 4,608.79 after trading between 4,597.75 and 4,647.52.

Among the actives, Bank Danamon Indonesia shed 0.80 percent, while Bank Mandiri skidded 1.42 percent, Bank Central Asia collected 1.32 percent, Bank Negara Indonesia fell 0.26 percent, Indosat tanked 2.33 percent, Indocement tumbled 1.62 percent, Semen Indonesia lost 0.67 percent, Indofood Suskes slid 0.38 percent, Vale Indonesia surged 4.81 percent, Timah gained 0.43 percent and Bumi Resources and Aneka Tambang were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Thursday, sending the tech-heavy NASDAQ into positive territory for 2020.

The Dow added 211.25 points or 0.89 percent to finish at 23,875.89, while the NASDAQ jumped 125.27 points or 1.41 percent to 8,979.66 and the S&P 500 climbed 32.77 points or 1.15 percent to end at 2,881.19.

The strength on Wall Street came amid continued optimism about the U.S. economy at least partially reopening in the near future. News that a coronavirus vaccine being developed by Moderna (MRNA) has been given FDA approval for a phase 2 trial added to the positive sentiment.

Traders were also digesting data from the Labor Department showing a continued decrease in the number of new claims for unemployment benefits. Later today, the Labor Department will release its more closely watched report on the employment situation in April.

After rising sharply on data showing a jump in China's crude imports, crude oil prices retreated and ended sharply lower on Thursday amid concerns about U.S.-China trade tensions. West Texas Intermediate Crude oil futures ended down $0.44 or 1.8 percent at $23.55 a barrel.