Rally May Stall For Indonesia Stock Market
(RTTNews.com) - The Indonesia stock market has climbed higher in three straight sessions, rising almost 100 points or 1.6 percent along the way. The Jakarta Composite Index now rests just above the 6,360-point plateau although it may run out of steam on Monday.
The global forecast for the Asian markets suggests mild consolidation on profit taking and a drop in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The JCI finished modestly higher on Friday as the financial shares, resource stocks and cement companies were mostly in the green.
For the day, the index picked up 32.75 points or 0.52 percent to finish at the daily high of 6,361.46 after trading as low as 6,337.55.
Among the actives, Indocement soared 5.25 percent, while Bumi Resources surged 4.11 percent, Semen Indonesia tumbled 2.94 percent, Holcim Indonesia climbed 1.08 percent, United Tractors skidded 1.51 percent, Indofood Suskes added 0.34 percent, Unilever gained 0.26 percent, Bank Danamon Indonesia collected 0.61 percent, Bank Central Asia eased 0.10 percent, Bank Negara Indonesia advanced 0.85 percent, Bank Rakyat Indonesia fell 0.53 percent, Indosat jumped 1.54 percent and Bank Mandiri, Aneka Tambang and Vale Indonesia were unchanged.
The lead from Wall Street is slightly soft as stocks opened lower on Friday, staged a recovery in the afternoon but still finished barely in the red.
The Dow shed 5.97 points or 0.02 percent to 23,995.95, while the NASDAQ lost 14.59 points or 0.21 percent to 6,971.48 and the S&P 500 fell 0.38 points or 0.01 percent to 2,596.26. For the week, the Dow added 2.4 percent, the NASDAQ added 3.5 percent and the S&P rose 2.5 percent.
The early weakness on Wall Street was due to profit taking, with traders cashing in on gains from the five-day winning streak. Concerns about the ongoing government shutdown and skepticism about a potential trade deal between the U.S. and China also weighed.
In economic news, the Labor Department noted a slight drop in consumer prices in December, while core consumer priced ticked slightly higher.
Crude oil futures ended lower Friday, snapping a nine-day winning streak as profit taking and worries about the slowing Chinese economy weighed on the commodity. Crude oil futures ended down $1.00 or 1.9 percent at $51.59 a barrel.
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