Indonesia Bourse May See Profit Taking On Monday

(RTTNews) - The Indonesia stock market has moved higher in 10 straight sessions, gathering more than 440 points or 6.3 percent along the way. The Jakarta Composite Index now sits just above the 7,310-point plateau although it's overdue for consolidation on Monday.

The global forecast for the Asian markets is fairly directionless amidst a lack of catalysts, with oil and biotechnology stocks likely to fall under pressure. The European and U.S. markets were mixed and flat and the Asian bourses are expected to follow suit.

The JCI finished modestly higher on Friday following gains from the energy and telecoms companies, while the financials were mixed and the resource stocks were down.

For the day, the index added 24.90 point or 0.34 percent to finish at the daily low of 7,311.92 after trading as high as 7,401.58.

Among the actives, Bank Mandiri collected 0.42 percent, while Bank Danamon Indonesia lost 0.41 percent, Bank Negara Indonesia rose 0.24 percent, Bank Central Asia skidded 1.17 percent, Bank Rakyat Indonesia dropped 0.77 percent, Indosat Ooredoo Hutchison rallied 3.98 percent, Indocement slumped 0.49 percent, Semen Indonesia plunged 4.07 percent, United Tractors shed 0.55 percent, Astra International sank 0.84 percent, Energi Mega Persada surged 6.19 percent, Astra Agro Lestari fell 0.39 percent, Aneka Tambang stumbled 1.33 percent, Vale Indonesia tanked 2.63 percent, Timah declined 1.47 percent, Bumi Resources retreated 1.68 percent and Indofood Sukses Makmur and Bank CIMB Niaga were unchanged.

The lead from Wall Street is soft as the major averages opened slightly higher on Friday but quickly turned lower before ending mixed and little changed.

The Dow shed 142.31 points or 0.32 percent to finish at 44,342.19, while the NASDAQ rose 10.06 points or 0.05 percent to close at 20,895.66 and the S&P 500 dipped 0.57 points or 0.01 percent to end at 6,296.79.

For the week, the NASDAQ jumped 1.5 percent the S&P 500 rose 0.6 percent and the Dow dipped 0.1 percent.

The weakness that emerged on Wall Street came on profit taking after the NASDAQ and the S&P 500 reached new record intraday highs at the open.

The pullback came amid a slump by shares of Netflix (NFLX), after the company reported better than expected second quarter results but warned its operating margin in the second half will be lower than the first half.

Crude oil prices turned lower on Friday after OPEC's demand forecast prompted concerns of a production surplus. West Texas Intermediate crude for August delivery closed down by $0.20 at $67.34 per barrel.