Markets

Indonesia Stock Market May Find Traction

(RTTNews) - The Indonesia stock market has moved lower in two straight sessions, sliding almost 90 points or 1.5 percent along the way. The Jakarta Composite Index now rests just beneath the 6,210-point plateau although it may halt its slide on Monday.

The global forecast for the Asian markets is positive on better than expected employment data from the United States. The European and U.S. bourses were firmly higher Friday and the Asian markets are tipped to open in similar fashion.

The JCI finished modestly lower on Friday as losses from the financials and resource stocks were mitigated by support from the cement companies.

For the day, the index dropped 21.13 points or 0.34 percent to finish at 6,207.19 after trading between 6,193.89 and 6,228.41

Among the actives, Bank Danamon Indonesia tumbled 1.90 percent, while Bank Mandiri and Bank Rakyat Indonesia both shed 0.71 percent, Bank Central Asia collected 0.56 percent, Indosat plunged 3.61 percent, Indocement spiked 2.62 percent, Semen Indonesia climbed 1.19 percent, Indofood Suskes added 0.65 percent, Bumi Resources sank .35 percent, Aneka Tambang dropped 3.93 percent, Vale Indonesia skidded 2.70 percent, Timah plummeted 8.43 percent and Bank Negara Indonesia was unchanged.

The lead from Wall Street is upbeat as stocks moved sharply higher on Friday in reaction to better than expected U.S. jobs data.

The Dow added 301.13 points or 1.11 percent to finish at 27,347.36, while the NADAQ jumped 94.04 points or 1.13 percent to 8,386.40 and the S&P 500 rose 29.35 points or 0.97 percent to 3,066.91. For the week, the Dow rose 1.4 percent, the NASDAQ gained 1.7 percent and the S&P added 1.5 percent.

The rally on Wall Street came as stronger than expected U.S. jobs data mitigated concerns about the economic outlook. The Labor Department said non-farm payroll employment added 128,000 jobs in October, beating forecasts for 89,000 jobs.

Renewed optimism about a U.S.-China trade deal added to the positive sentiment on reports that said negotiators have reached consensus on principles.

Crude oil prices rose sharply on Friday as buoyant U.S. jobs data and solid Chinese manufacturing data helped ease concerns about energy demand outlook. West Texas Intermediate Crude oil futures for December ended up $2.02 or 3.7 percent at $56.20 a barrel.

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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