(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had advanced more than 90 points or 1.4 percent. The Jakarta Composite Index now rests just above the 6,730-point plateau and it figures to remain rangebound on Monday.
The global forecast for the Asian markets is mixed to higher, with support from technology stocks and crude oil companies expected to lead the way higher. The European markets were own and the U.S. markets were mixed and Asian markets figure to follow the latter lead.
The JCI finished modestly higher following gains from the financial shares and mixed performances from the resource and cement companies.
For the day, the index climbed 47.54 points or 0.71 percent to finish at the daily high of 6,731.39 after moving as low as 6,685.40.
Among the actives, Bank Danamon Indonesia shed 0.42 percent, while Bank CIMB Niaga collected 0.53 percent, Bank Negara Indonesia rose 0.34 percent, Bank Rakyat Indonesia soared 1.94 percent, Indosat retreated 1.32 percent, Indocement fell 0.23 percent, Semen Indonesia jumped 1.81 percent, United Tractors declined 1.42 percent, Energi Mega Persada spiked 1.75 percent, Bakrie Sumatera Plantations plunged 2.54 percent, Astra Agro Lestari shed 0.51 percent, Aneka Tambang tumbled 1.63 percent, Vale Indonesia gained 0.64 percent, Timah skidded 1.43 percent, Bumi Resources climbed 1.25 percent and Bank Mandiri, Indofood Suskes, Bank Central Asia and Astra International were unchanged.
The lead from Wall Street is mixed to higher as the major averages were directionless on Monday, finally finishing on opposite sides of the unchanged line.
The Dow dipped 21.42 points or 0.06 percent to finish at 35,089.74, while the NASDAQ surged 219.19 points or 1.58 percent to end at 14,098.01 and the S&P 500 gained 23.09 points or 0.52 percent to close at 4,500.53. For the week, the NASDAQ gained 2.5 percent, the S&P added 1.5 percent and the Dow was up 1.1 percent.
Traders reacted to much better than expected U.S. employment data from the Labor Department, which is good for economic recovery but spurred concerns for the outlook on interest rates.
Expectations for more aggressive tightening by the Federal Reserve lifted bond yields. The yield on long term U.S. 10-year Treasury note rose about the 1.9 percent mark for the first time in more than two years.
In earnings news, Amazon, Snap, Pinterest, Salesforce.com, JP Morgan Chase, Goldman Sachs, Microsoft, Walt Disney, Chevron and American Express all had solid numbers.
Crude oil prices rose sharply on Friday and lifted the most active crude futures contracts to their highest close in over seven years. Rising concerns over supply disruptions fueled the rally, as did mounting tensions between Russia and Ukraine. West Texas Intermediate Crude oil futures for March ended higher by $2.04 or 2.3 percent at $92.31 a barrel, the highest settlement since September 29, 2014. WTI crude oil futures gained more than 6 percent in the week.
Closer to home, Indonesia will release Q4 numbers for gross domestic product later today. GDP is expected to rise 0.99 percent on quarter and 4.9 percent on year after gaining 1.55 percent on quarter and 3.51 percent on year in the three months prior.
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