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Lower Open Called For Indonesia Stock Market

The Indonesia stock market on Friday snapped the four-day losing streak in which it had stumbled more than 800 points or 18.5 percent. The Jakarta Composite Index now rests just beneath the 4,200-point plateau although it may move lower again on Monday.

The global forecast for the Asian markets suggests continued consolidation as the coronavirus continues to hammer away at world economies. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished sharply higher on Friday following large gains from the cement companies and resource stocks, while the financials were mixed in volatile fashion.

For the day, the index advanced 89.52 points or 2.18 percent to finish at 4,194.94 after trading between 3,918.34 and 4,238.26.

Among the actives, Bank Danamon Indonesia climbed 1.15 percent, while Bank Mandiri plummeted 6.89 percent, Bank Central Asia collected 1.83 percent, Bank Negara Indonesia plunged 6.91 percent, Bank Rakyat Indonesia sank 4.10 percent, Indosat soared 7.84 percent, Indocement and Semen Indonesia both skyrocketed by the 20 percent daily limit, Indofood Suskes jumped 1.77 percent, Aneka Tambang advanced 3.31 percent, Vale Indonesia spiked 4.86 percent, Timah surged 7.95 percent and Bumi Resources was unchanged.

The lead from Wall Street is negative as stocks shook off a higher open on Friday and sank into the red as the day progressed, offsetting gains from the previous session.

The Dow shed 913.21 points or 4.55 percent to finish at 19,173.98, while the NASDAQ sank 271.06 points or 3.79 percent to 6,879.52 and the S&P 500 lost 104.47 points or 4.34 percent to end at 2,304.92.

The early strength on Wall Street came on optimism that the relief and support packages announced by global central banks and several governments will help limit the impact of the virus outbreak.

But stocks turned lower in afternoon trade as the virus numbers and economic backlash continued to be worrisome.

Crude oil prices tanked on Friday despite several countries and central banks announcing relief packages to help limit the economic impact of the coronavirus pandemic. West Texas Intermediate Crude oil futures for April ended down $2.69 or 11 percent at $22.53 a barrel on expiration day.

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