Plus   Neg

Rally May Stall For Indonesia Stock Market

The Indonesia stock market has finished higher in three straight sessions, advancing more than 160 points or 2.4 percent along the way. The Jakarta Composite Index now rests just above the 6,280-point plateau although investors may cash in on Monday.

The global forecast for the Asian markets is negative on perpetual trade concerns between the United States and China. The European and U.S. markets were down on Friday and the Asian bourses are expected to open in similar fashion.

The JCI finished slightly higher on Friday following gains from the resource stocks and mixed performances from the financial shares and cement companies.

For the day, the index added 7.46 points or 0.12 percent to finish at 6,282.13
6,280.67 and 6,319.44

Among the actives, Bank Danamon Indonesia jumped 1.63 percent, while Bank Mandiri shed 0.67 percent, Bank Central Asia climbed 1.00 percent, Bank Negara Indonesia plunged 2.46 percent, Bank Rakyat Indonesia collected 0.93 percent, Indosat added 0.60 percent, Indocement rose 0.35 percent, Semen Indonesia dropped 0.78 percent, Indofood Suskes gained 0.67 percent, Aneka Tambang soared 4.41 percent, Vale Indonesia surged 4.50 percent and Timah and Bumi Resources were unchanged.

The lead from Wall Street is soft as stocks opened lower Friday, made back some ground as the day progressed but still ended in the red.

The Dow shed 90.76 points or 0.34 percent to finish at 26,287.44, while the NASDAQ lost 80.02 points or 1.00 percent to 7,959.14 and the S&P 500 fell 19.44 points or 0.66 percent to 2,918.65. For the week, the Dow shed 0.7 percent, the NASDAQ lost 0.6 percent and the S&P fell 0.5 percent.

The weakness on Wall Street came after President Donald Trump told reporters the U.S. is not going to do business with Chinese tech giant Huawei. Trump also indicated he is not ready to make a trade deal with China, suggesting the U.S. could skip the next round of trade talks in September.

In U.S. economic news, the Labor Department noted a modest increase in producer prices in July.

Crude oil prices rose sharply on Friday, extending recent gains on reports Saudi Arabia will cut crude exports next month. West Texas Intermediate Crude oil futures for September ended up $1.96 or 3.7 percent at $54.50 a barrel.

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