Indonesia Shares Due For Support On Monday

(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, slumping almost 15 points or 0.2 percent along the way. The Jakarta Composite Index now sits just above the 7,310-point plateau, although it's likely to find traction on Monday.

The global forecast for the Asian markets is upbeat, with support expected from the technology and oil companies. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished slightly lower on Friday following losses from the financial shares and a mixed performance from the resource stocks.

For the day, the index eased 4.20 points or 0.06 percent to finish at 7,311.91 after trading between 7,269.89 and 7,331.32.

Among the actives, Bank CIMB Niaga shed 0.50 percent, while Bank Mandiri collected 0.36 percent, Bank Danamon Indonesia fell 0.34 percent, Bank Negara Indonesia retreated 1.67 percent, Bank Central Asia lost 0.51 percent, Indosat Ooredoo Hutchison added 0.66 percent, Indocement climbed 1.10 percent, Semen Indonesia rose 0.41 percent, Indofood Sukses improved 0.75 percent, United Tractors advanced 0.85 percent, Astra Agro Lestari strengthened 1.12 percent, Aneka Tambang rallied 1.37 percent, Vale Indonesia increased 1.23 percent, Timah gained 0.88 percent, Bumi Resources slumped 1.15 percent and Bank Rakyat Indonesia, Astra International and Energi Mega Persada were unchanged.

The lead from Wall Street is positive as the major averages opened flat on Friday but accelerated as the day progressed, sending the NASDAQ and S&P to record closing highs.

The Dow advanced 90.98 points or 0.23 percent to finish at 39,087.38, while the NASDAQ jumped 183.04 points or 1.14 percent to close at 16,274.94 and the S&P 500 rallied 40.81 points or 0.80 percent to end at 5,137.08. For the week, the NASDAQ shot up 1.7 percent and the S&P 500 rose 1.0 percent, but the Dow eased 0.1 percent.

The surge by the NASDAQ reflected substantial strength among computer hardware stocks following upbeat results from Dell (DELL), with the NYSE Arca Computer Hardware Index soaring to a record closing high.

In economic news, the Institute for Supply Management said manufacturing activity in the U.S. unexpectedly contracted at an accelerated rate in February. Also, the University of Michigan released revised data showing consumer sentiment unexpectedly deteriorated in February.

The soft data contributed to a downturn by treasury yields, which added to optimism about the Federal Reserve eventually cutting interest rates.

Oil prices rose to a four-month high on Friday, buoyed by reports that oil demand surged to a four-year high in 2023 and will hold near that level again this year. West Texas Intermediate Crude oil futures for April spiked $1.71 or 2.2 percent at $79.97 a barrel, the highest close since November 6, 2023.

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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