Markets

Indonesia Bourse Predicted To Open Under Pressure

(RTTNews) - The Indonesia stock market has moved lower in two straight sessions, sliding more than 45 points or 0.7 percent along the way. The Jakarta Composite Index now rests just above the 6,230-point plateau and it's tipped to open in the red again on Monday.

The global forecast for the Asian markets is soft on ongoing trade concerns between the United States and China. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished slightly lower on Friday as losses from the financials were offset by support from the resource stocks.

For the day, the index fell 13.00 points or 0.21 percent to finish at 6,231.47 after trading between 6,213.24 and 6,256.82.

Among the actives, Bank Danamon Indonesia tumbled 2.32 percent, while Bank Mandiri shed 0.35 percent, Bank Central Asia lost 0.66 percent, Bank Negara Indonesia skidded 1.61 percent, Bank Rakyat Indonesia dropped 1.42 percent, Indocement sank 1.56 percent, Semen Indonesia soared 3.21 percent, Indofood Suskes retreated 2.22 percent, United Tractors climbed 1.15 percent, Aneka Tambang accelerated 1.91 percent, Vale Indonesia surged 4.61 percent, Timah soared 3.70 percent and Indosat and Bumi Resources were unchanged.

The lead from Wall Street is negative as stocks shook off a positive open Friday, fading in the afternoon to finish firmly in the red.

The Dow shed 159.72 points or 0.59 percent to 26,935.07, the NASDAQ lost 65.21 points or 0.80 percent to 8,117.67 and the S&P 500 fell 14.72 points or 0.49 percent to 2,992.07. For the week, the Dow shed 1 percent, the NASDAQ lost 0.7 percent and the S&P 500 fell 0.5 percent.

Stocks skidded on news Chinese trade negotiators canceled a scheduled visit to U.S. farm states this week. The news offset recent optimism about a potential end to the U.S.-China trade war, with the deputy-level talks expected to help pave the way for more productive talks next month.

Uncertainty about the outlook for interest also weighed on stocks, with Boston Federal Reserve President Eric Rosengren arguing that it is not necessary and potentially risky for the central bank to continue lowering rates.

Crude oil futures settled slightly lower on Friday but still managed a gain of nearly 6 percent for the week. West Texas Intermediate crude oil futures for October ended down $0.04 or 0.07 percent at $58.09 a barrel on the expiration day.

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