Markets

Rebound Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Friday ended the two-day winning streak in which it had jumped almost 110 points or 1.8 percent. The Jakarta Composite Index now sits just above the 6,095-point plateau although it's expected to bounce higher again on Monday.

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

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

For the day, the index fell 12.04 points or 0.20 percent to finish at 6,095.50 after trading between 6,084.24 and 6,134.88.

Among the actives, Bank Danamon Indonesia skidded 1.29 percent, while Bank CIMB Niaga shed 0.52 percent, Bank Central Asia plunged 2.27 percent, Bank Mandiri climbed 1.21 percent, Bank Rakyat Indonesia shed 0.47 percent, Indosat tumbled 1.81 percent, Indocement tanked 2.36 percent, Indofood Suskes added 0.40 percent, United Tractors jumped 1.66 percent, Astra International plummeted 2.31 percent, Energi Mega Persada soared 4.67 percent, Astra Agro Lestari fell 0.28 percent, Aneka Tambang spiked 2.48 percent, Vale Indonesia rallied 2.33 percent, Timah advanced 0.95 percent, Bumi Resources surged 5.00 percent and Semen Indonesia and Bank Negara Indonesia were unchanged.

The lead from Wall Street ends up being mildly positive as stocks opened higher on Friday but quickly dropped into the red before a late recovery saw them finish with mild upside.

The Dow added 13.36 points or 0.04 percent to finish at 34,479.60, while the NASDAQ gained 49.09 points or 0.35 percent to end at 14,069.42 and the S&P 500 rose 8.26 points or 0.19 percent to close at 4,247.44. For the week, the NASDAQ jumped 1.8 percent, the Dow fell 0.8 percent and the S&P gained 0.4 percent.

Traders were reluctant to make significant moves ahead of this week's Federal Reserve's monetary policy meeting. The Fed is widely expected to leave its monetary policy unchanged, but traders will be looking for any clues the central bank is considering tapering its asset purchases.

In economic news, the University of Michigan reported a bigger than expected rebound in its consumer sentiment index in June.

Crude oil prices moved higher Friday on rising expectations that global energy demand will pick up thanks to accelerating in vaccination rollouts. West Texas Intermediate Crude oil futures for July settled at $70.91 a barrel, gaining $0.62 or 0.9 percent. For the week, WTI Crude futures rose 1.9 percent, rising for a third straight week.

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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