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Indonesia Shares Due For Support On Monday

The Indonesia stock market has finished lower in four straight sessions, dropping almost 130 points or 3 percent along the way. The Jakarta Composite Index now sits just above the 4,505-point plateau although it's looking at a green light for Monday's trade.

The global forecast for the Asian markets suggests mild upside on optimism that some countries are taking steps to reopen following the Covid-19 pandemic. The European and U.S. markets were up on Friday amid considerable volatility and the Asian bourses are tipped to follow suit.

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

For the day, the index dipped 6.22 points or 0.14 percent to finish at 4,507.61 after trading between 4,460.27 and 4,540.42.

Among the actives, Bank Mandiri tanked 4.81 percent, while Bank Central Asia retreated 2.74 percent, Bank Negara Indonesia plunged 5.65 percent, Indosat soared 3.59 percent, Indocement surrendered 1.39 percent, Semen Indonesia shed 0.58 percent, Aneka Tambang advanced 0.97 percent, Vale Indonesia plummeted 3.34 percent, Timah tumbled 1.70 percent and Indofood Suskes, Bank Danamon Indonesia and Bumi Resources were unchanged.

The lead from Wall Street is cautiously optimistic as stocks saw considerable volatility Friday after coming under pressure early in the session. The major averages bounced back and forth across the unchanged line before eventually ending higher.

The Dow added 60.08 points or 0.25 percent to 23,685.42, while the NASDAQ climbed 70.84 points or 0.79 percent to 9,014.56 and the S&P 500 rose 11.20 points or 0.39 percent to 2,863.70. For the week, the Dow shed 2.7 percent, the S&P fell 2.3 percent and the NASDAQ lost 1.2 percent.

The higher close on Wall Street came as traders shrugged off some dismal U.S. economic data, including reports showing record decreases in retail sales and industrial production in April.

Concerns about the economy were offset by a University of Michigan report showing an unexpected improvement in consumer sentiment in May, as well as ongoing plans for states and countries to reopen.

Crude oil futures ended sharply higher on Friday, extending recent gains amid hopes for some gains in energy demand, and on hopes the output cuts from major producers will support prices. West Texas Intermediate Crude oil futures for June ended up $1.87 or 6.8 percent at $29.43 a barrel.

Closer to home, Indonesia will see Q1 data for its business confidence index later today; in the previous three months, the index score was 104.82.

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