No Help Yet For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in five straight sessions, sliding almost 300 points or 5 percent in that span. The Jakarta Composite Index now rests just above the 5,825-point plateau and it's expected to open under pressure again on Monday.

The global forecast for the Asian markets is soft on sliding crude oil prices and concerns over global trade. The European and U.S. markets ended lower on Friday and the Asian markets are tipped to open in similar fashion on Monday.

The JCI finished sharply lower on Friday following losses form the financial shares, cement companies and resource stocks.

For the day, the index dropped 68.87 points or 1.17 percent to finish at the daily low of 5,826.87 after moving as high as 5,936.97.

Among the actives, Bank Danamon Indonesia shed 0.82 percent, while Bank Mandiri tumbled 3.74 percent, Bank Central Asia skidded 1.89 percent, Bank Negara Indonesia lost 0.92 percent, Bank Rakyat Indonesia dropped 1.81 percent, Indosat added 0.29 percent, Indofood Suskes retreated 1.64 percent, Unilever dipped 0.48 percent, Indocement plunged 4.69 percent, Semen Indonesia declined 1.40 percent, United Tractors eased 0.10 percent, Bumi Resources sank 1.75 percent, Vale Indonesia plummeted 3.14 percent, Aneka Tambang fell 2.19 percent and Timah jumped 2.94 percent.

The lead from Wall Street suggests volatile negativity as stocks saw wild swings on Friday, finally ending firmly in the red.

The Dow shed 98.68 points or 0.38 percent to finish at 25,764.00, while the NASDAQ lost 81.76 points or 1.04 percent to 7,816.28 and the S&P 500 fell 16.79 points or 0.58 percent to 2,859.53. For the week, the Dow shed 0.7 percent, the NASDAQ lost 1.3 percent and the S&P fell 0.8 percent.

Reflecting recent market sensitivity to trade-related news, Wall Street's late-day pullback followed reports that negotiations between the U.S. and China have stalled.

In economic news, the University of Michigan noted a substantial jump in consumer sentiment in May, although the data was recorded mostly before trade negotiations with China collapsed.

Crude oil futures settled modestly lower on Friday amid prospects of supply disruptions due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended down $0.11 or 0.17 percent at $62.76 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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