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Indonesia Stock Market Due For Support On Monday

The Indonesia stock market has moved lower in two straight sessions, retreating nearly 120 points or 1.9 percent along the way. The Jakarta Composite Index now sits just shy of the 6,260-point plateau although it's looking at a higher open on Monday.

The global forecast for the Asian markets is upbeat on solid economic data, easing bond yields and support from crude oil prices. The European markets were down and the U.S. markets were up and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Friday following losses from the resource stocks and a mixed performance from the financial sector.

For the day, the index lost 32.05 points or 0.51 percent to finish at 6,258.75 after trading between 6,245.31 and 6,307.68.

Among the actives, Bank Danamon Indonesia retreated 1.57 percent, while Bank CIMB Niaga tanked 2.67 percent, Bank Central Asia climbed 1.19 percent, Bank Mandiri skidded 1.15 percent, Bank Rakyat Indonesia collected 0.21 percent, Indosat sank 2.17 percent, Telkom Indonesia fell 1.19 percent, Indocement declined 0.93 percent, Indofood Suskes surrendered 1.21 percent, United Tractors tumbled 2.46 percent, Astra International was down 1.35 percent, Astra Agro Lestari dropped 0.91 percent, Aneka Tambang plunged 4.97 percent, Vale Indonesia plummeted 6.79 percent, Bumi Resources lost 1.64 percent and Bank Negara Indonesia, Semen Indonesia, Timah and Energi Mega Persada all were unchanged.

The lead from Wall Street ends up positive as stocks opened higher on Friday, fell into the red but then spiked to close firmly in the green.

The Dow surged 572.16 points or 1.85 percent to finish at 31,496.30, while the NASDAQ jumped 196.68 points or 1.55 percent to end at 12,920.15 and the S&P 500 climbed 73.47 points or 1.95 percent to close at 3,841.94. For the week, the Dow added 1.8 percent, the NASDAQ sank 2.1 percent and the S&P rose 0.8 percent.

The wild ride on Wall Street came as traders kept a close eye on the bond markets following the recent increase in yields - which spiked early in the session after the release of upbeat jobs data.

However, bond yields eased to end nearly flat, which inspired traders to pick up stocks at relatively reduced levels following the weakness seen in recent sessions.

The volatility in the markets followed the release of the Labor Department's monthly jobs report, which showed much stronger than expected job growth in February. The report also said the jobless rate fell to 6.2 percent, the lowest in a year.

Crude oil prices rose sharply on Friday, extending gains after OPEC decided to maintain its output reduction agreement through April. West Texas Intermediate Crude oil futures for April ended higher by $2.26 or 3.5 percent at $66.09 a barrel, the highest settlement since June 2019. WTI futures gained more than 7 percent in the week.

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