Indonesia Shares May Bounce Higher Again On Monday

(RTTNews) - The Indonesia stock market on Friday ended the two-day winning streak in which it had gained almost 60 points or 0.78 percent. The Jakarta Composite Index now sits just beneath the 8,415-point plateau although it may see renewed support om Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished slightly lower on Friday following losses from the financials, telecoms and resource stocks.

For the day, the index dipped 5.57 points or 0.07 percent to finish at 8,414.35 after trading between 8,361.27 and 8,432.60.

Among the actives, Bank CIMB Niaga shed 0.56 percent, while Bank Mandiri rose 0.20 percent, Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia retreated 1.57 percent, Bank Central Asia fell 0.30 percent, Bank Rakyat Indonesia sank 0.75 percent, Indosat Ooredoo Hutchison tanked 3.74 percent, Indocement stumbled 2.16 percent, Semen Indonesia jumped 1.89 percent, Indofood Sukses Makmur added 0.71 percent, United Tractors perked 0.09 percent, Astra Agro Lestari dropped 0.95 percent, Aneka Tambang tumbled 2.35 percent, Vale Indonesia rallied 3.41 percent, Timah retreated 1.94 percent, Bumi Resources plunged 2.65 percent and Astra International and Energi Mega Persada were unchanged.

The lead from Wall Street is positive as the major averages opened flat on Friday but rallied in the afternoon, finishing near daily highs.

The Dow jumped 493.15 points or 1.08 percent to finish at 46,245.41, while the NASDAQ rallied 195.03 points or 0.88 percent to end at 22,273.08 and the S&P 500 gained 64.23 points or 0.98 percent to close at 6,602.99.

For the week, the NASDAQ plunged 2.7 percent, the S&P 500 tumbled 2.0 percent and the Dow slumped 1.9 percent.

The strength that emerged on Wall Street reflected renewed optimism about the Federal Reserve lowering interest rates at its next monetary policy meeting in December following dovish remarks by New York Federal Reserve President John Williams.

Potentially adding to the optimism about the outlook for interest rates, the University of Michigan released a report showing decreases by both year-ahead inflation and long-run inflation expectations in November.

Crude oil prices slumped Friday on oversupply concerns after Ukraine expressed support for the U.S. peace plan to stop the Russia-Ukraine war. West Texas Intermediate crude for January delivery was down by $0.86 or 1.46 percent at $58.14 per barrel.