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(RTTNews) - The Indonesia stock market turned lower again on Thursday, one session after it had ended the three-day losing streak in which it had surrendered almost 140 points or 2.3 percent. The Jakarta Composite Index now rests just above the 6,055-point plateau although it's expected to find renewed support on Friday.

The global forecast for the Asian markets suggests bargain hunting following heavy selling a day earlier on coronavirus fears. The European markets were down and the U.S. markets were up and the Asian bourses are tipped to follow the latter lead.

The JCI finished modestly lower on Thursday following losses from the financial shares, resource stocks and cement companies.

For the day, the index dropped 55.45 points or 0.91 percent to finish at 6,057.60 after trading between 6,048.88 and 6,130.80.

Among the actives, Bank Danamon Indonesia tumbled 2.17 percent, while Bank Mandiri skidded 1.92 percent, Bank Central Asia shed 0.66 percent, Bank Negara Indonesia dropped 1.36 percent, Bank Rakyat Indonesia lost 0.87 percent, Indosat sank 1.72 percent, Indocement tanked 3.37 percent, Indofood Suskes fell 0.32 percent, Bumi Resources plunged 5.26 percent, Aneka Tambang retreated 1.33 percent, Vale Indonesia plummeted 5.18 percent, Timah was down 0.68 percent and Semen Indonesia was unchanged.

The lead from Wall Street is positive as stocks opened lower on Thursday but saw a notable recovery in the afternoon and ended firmly in the green.

The Dow added 124.21 points or 0.43 percent to 28,858.66, while the NASDAQ rose 23.80 points or 0.26 percent to 9,298.96 and the S&P 500 was up 10.65 points or 0.33 percent to 3,284.05.

The recovery on Wall Street came after the World Health Organization declared the coronavirus outbreak a global health emergency. Earlier in the day, the U.S. confirmed its first human-to human transmission of the virus, which has killed 171 people in China and has spread to as many as 18 other countries.

In economic news, the Commerce Department said U.S. economic growth in the fourth quarter Q4 continued at the same pace as in the previous quarter. Also, the Labor Department said first-time claims for U.S. unemployment benefits decreased from an upwardly revised level last week.

Crude oil prices declined sharply Thursday amid concerns over the outlook for energy demand on coronavirus concerns. West Texas Intermediate Crude oil futures for March ended down $1.19 or 2.2 percent at $52.14 a barrel, the lowest settlement since August 7.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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