Lower opening forecast for the Indonesian stock market
(RTTNews) – The Indonesian stock market rebounded on Friday, a day after ending the three-day winning streak in which it climbed nearly 270 points or 2.4%. The Jakarta Composite Index now sits just above the 7,180 plateau, although it is expected to come back down on Monday.
The global forecast for Asian markets is moderated by pessimism about the outlook for interest rates following a stronger than expected US jobs report. European and American markets were down and Asian exchanges are expected to open similarly.
JCI ended slightly higher on Friday as gains in financials were offset by weakness in cement and resource companies.
For the day, the index gained 34.24 points or 0.48% to end at 7,182.96 after trading between 7,170.69 and 7,234.00.
Among assets, Bank Danamon Indonesia fell 0.78%, while Bank Negara Indonesia climbed 1.13%, Bank Central Asia collected 0.33%, Bank Rakyat Indonesia rose 0.89%, Indosat added 0.43%, Indocement lost 0.51%, Semen Indonesia slipped 1.05%, Indofood Suskes fell 0.37%, United Tractors climbed 3.08%, Astra International fell 0.34%, Aneka Tambang lost 0.40%, Vale Indonesia fell 3.15%, Timah fell 0.50%, Bumi Resources fell 1.71% and Bank CIMB Niaga, Bank Mandiri, Astra Agro The plantations of Lestari, Energi Mega Persada and Bakrie Sumatera remained unchanged.
Wall Street’s advance is broadly negative as major averages opened deep in the red on Friday and remained that way throughout the session.
The Dow Jones fell 348.60 points or 1.05% to end at 32,899.70, while the NASDAQ plunged 304.17 points or 2.47% to close at 12,012.73 and the S&P 500 fell 68.28 points or 1.63% to end at 4,108.54.
For the week, the Dow Jones slid 0.9%, the NASDAQ lost 1% and the S&P fell 1.2%.
The weakness that emerged on Wall Street came as traders cashed in after a stronger-than-expected jobs report offset dim hopes the Federal Reserve might slow its planned pace of interest rate hikes.
In other economic news, the Institute for Supply Management said growth in U.S. service sector activity slowed slightly more than expected in May.
Crude oil prices rose on Friday on expectations of increased demand even as OPEC moved to increase production. Stronger than expected non-farm payroll employment in the United States in May also provided support. West Texas Intermediate crude oil futures for July ended up $2.00 or 1.7% at $118.87 a barrel.
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