logo
  

Indonesia Stock Market Tipped To Open In The Red

The Indonesia stock market has finished higher in back-to-back sessions, collecting almost 70 points or 1.2 percent along the way. The Jakarta Composite Index now rests just beneath the 6,100-point plateau although it's likely to turn lower again on Monday.

The global forecast for the Asian markets is soft on ongoing coronavirus concerns. The European markets were mixed and little changed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished modestly higher on Friday following gains from the cement and resource stocks, while the financials came in mixed.

For the day, the index advanced 26.65 points or 0.44 percent to finish at 6,094.87 after trading between 6,047.61 and 6,102.83.

Among the actives, Bank Danamon Indonesia collected 0.80 percent, while Bank CIMB Niaga added 0.50 percent, Bank Negara Indonesia increased 0.93 percent, Bank Central Asia lost 0.76 percent, Bank Mandiri tanked 2.36 percent, Bank Rakyat Indonesia rose 1.34 percent, Indocement gained 0.47 percent, Semen Indonesia jumped 1.71 percent, Indofood Suskes sank 0.80 percent, United Tractors plunged 2.64 percent, Astra International fell 0.46 percent, Astra Agro Lestari dropped 0.87 percent, Aneka Tambang skyrocketed 6.15 percent, Vale Indonesia advanced 0.98 percent, Timah rallied 2.33 percent, Energi Mega Persada improved 0.83 percent, Bumi Resources tumbled 1.82 percent and Indosat and Jasa Marga were unchanged.

The lead from Wall Street is negative spent Friday's session bouncing back and forth across the unchanged line before finally ending in the red, extending recent losses.

The Dow shed 271.68 points or 0.78 percent to finish at 34,607.72, while the NASDAQ lost 132.81 points or 0.87 percent to end at 15,115.49 and the S&P 500 fell 34.70 points or 0.77 percent to close at 4,458.58. For the week, the Dow lost 2.2 percent, the NASDAQ sank 1.6 percent and the S&P fell 1.7 percent.

Some initial strength on Wall Street came on bargain hunting, but buying interest quickly waned as traders continued to express concerns about the economic impact of the delta variant.

Traders may also have been wary of buying stocks ahead of the Federal Reserve's next monetary policy meeting later this month. The Fed may provide an update on the plans for its asset purchase program, although recent signs of slowing economic momentum could lead the central bank to push back tapering.

In U.S. economic news, the Labor Department reported that producer prices increased by slightly more than expected in August.

Crude oil futures settled sharply higher Friday on signs of a drop in crude supply in the U.S. due to the impact of Hurricane Ida. West Texas Intermediate Crude oil futures for October ended up $1.58 or 2.3 percent at $69.72 a barrel. WTI crude futures gained 0.6 percent for the week.

For comments and feedback contact: editorial@rttnews.com

Follow RTT