Indonesia Bourse Poised To Snap Losing Streak

(RTTNews) - The Indonesia stock market has moved lower in three straight sessions, shedding almost 80 points or 0.9 percent along the way. The Jakarta Composite Index now sits just beneath the 8,610-point plateau although it's due for support on Monday.

The global forecast for the Asian markets is positive, with technology and oil stocks expected to lead the markets higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished slightly lower on Friday as losses from the financial shares and resource stocks were mitigated by support from the cement and telecom sectors.

For the day, the index dipped 8.64 points or 0.10 percent to finish at 8,609.55 after trading between 8,562.89 and 8,671.77.

Among the actives, Bank CIMB Niaga fell 0.28 percent, while Bank Mandiri collected 0.49 percent, Bank Danamon Indonesia sank 0.81 percent, Bank Negara Indonesia dropped 0.91 percent, Bank Central Asia retreated 1.53 percent, Bank Rakyat Indonesia slipped 0.26 percent, Indosat Ooredoo Hutchison jumped 1.67 percent, Indocement spiked 3.73 percent, Semen Indonesia and Astra International both added 0.38 percent, Indofood Sukses Makmur tumbled 1.82 percent, United Tractors rallied 2.85 percent, Energi Mega Persada vaulted 1.40 percent, Astra Agro Lestari skidded 1.01 percent, Aneka Tambang slumped 1.29 percent, Vale Indonesia plummeted 5.73 percent, Timah tanked 2.42 percent and Bumi Resources climbed 1.18 percent.

The lead from Wall Street is solid as the major averages opened firmly higher on Friday and remained in the green throughout the trading day.

The Dow jumped 183.04 points or 0.38 percent to finish at 48,134.89, while the NASDAQ rallied 301.26 points or 1.31 percent to end at 23,307.62 and the S&P 500 gained 59.74 points or 0.88 percent to close at 6,834.50.

For the week, the Dow slid 0.7 percent, the NASDAQ added 0.5 percent and the S&P 500 rose 0.1 percent.

The continued strength on Wall Street came amid sharp gains from the technology shares thanks to solid earnings news and easing concerns of a tech bubble.

In U.S. economic news, the National Association of Realtors reported a modest increase by existing home sales in the U.S. in November. Also, the University of Michigan said consumer sentiment in the U.S. rebounded less than expected in December.

Crude oil increased on Friday amid concerns of a supply side disruption due to brewing U.S.-Venezuela tensions. West Texas Intermediate crude for January delivery was up by $0.47 or 0.84 percent at $56.62 per barrel.