Markets

Mild Rebound Anticipated For Indonesia Bourse

(RTTNews) - The Indonesia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had picked up almost 50 points or 1 percent. The Jakarta Composite Index now rests just beneath the 5,080-point plateau although it may bounce higher again on Monday.

The global forecast for the Asian markets is mixed to higher, with optimism for economic recovery tempered by renewed coronavirus concerns. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

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

For the day, the index fell 18.79 points or 0.37 percent to finish at 5,079.58 after trading between 5,073.56 and 5,110.43.

Among the actives, Bank Danamon Indonesia tumbled 1.79 percent, while Bank Mandiri retreated 1.90 percent, Bank Central Asia dropped 0.97 percent, Bank Negara Indonesia shed 0.64 percent, Indosat jumped 1.59 percent, Indocement spiked 1.67 percent, Semen Indonesia lost 0.53 percent, Indofood Suskes sank 1.13 percent, Aneka Tambang rallied 1.59 percent, Vale Indonesia rose 0.31 percent and Timah and Bumi Resources were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before closing mixed.

The Dow shed 62.76 points or 0.23 percent to finish at 26,671.95, while the NASDAQ added 29.36 points or 0.28 percent to end at 10,503.19 and the S&P 500 rose 9.16 points or 0.28 percent to close at 3,224.73. For the week, the Dow added 2.3 percent, the NASDAQ sank 1.1 percent and the S&P rose 1.2 percent.

The U.S. saw a record 77,255 new coronavirus cases on Thursday, according to data compiled by Johns Hopkins University. Reflecting the widespread resurgence of the coronavirus, the University of Michigan reported an unexpected deterioration in U.S. consumer sentiment in July.

A steep drop by shares of Netflix (NFLX) also weighed on the markets, with the video streaming giant plunging by 6.5 percent after reporting Q2 earnings that missed estimates and forecast weaker than expected subscriber growth.

Crude oil prices edged lower Friday, weighed by concerns about the outlook for near-term energy demand due to the surge in new coronavirus cases. West Texas Intermediate Crude oil futures for August ended down $0.16 or 0.4 percent at $40.59 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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