Indonesia Shares May Run Out Of Steam On Monday

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, collecting more than 70 points or 1.1 percent along the way. The Jakarta Composite Index now rests just above the 6,910-point plateau although it's likely to see profit taking on Monday.

The global forecast for the Asian markets is mixed to lower on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished modestly higher on Friday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index rose 21.16 points or 0.31 percent to finish at 6,911.73.

Among the actives, Bank Danamon Indonesia shed 0.72 percent, while Bank CIMB Niaga retreated 1.64 percent, Bank Negara Indonesia collected 2.20 percent, Bank Central Asia spiked 2.96 percent, Bank Mandiri rallied 2.06 percent, Bank Rakyat Indonesia improved 3.26 percent, Indosat Ooredoo Hutchison jumped 2.11 percent, Indocement soared 2.42 percent, Semen Indonesia lost 0.68 percent, Indofood Suskes strengthened 1.52 percent, United Tractors fell 0.41 percent, Astra International dropped 0.84 percent, Energi Mega Persada surged 4.76 percent, Astra Agro Lestari declined 1.21 percent, Aneka Tambang sank 0.85 percent, Vale Indonesia weakened 0.67 percent, Timah slumped 0.79 percent and Bumi Resources plummeted 5.16 percent.

The lead from Wall Street is negative as the major averages opened lower on Friday, rallied midday but sank into the red by the close.

The Dow tumbled 127.89 points or 0.38 percent to finish at 33,926.01, while the NASDAQ plunged 193.84 points or 1.59 percent to close at 12,006.96 and the S&P 500 sank 43.28 points or 1.04 percent to end at 4,136.48.

For the week, the NASDAQ surged 3.3 percent, the S&P 500 climbed 1.6 percent and the Dow dipped 0.2 percent.

The weakness on Wall Street reflected renewed concerns about the outlook for interest rates following the release of much stronger than expected jobs data.

While the report points to continued strength in the labor market, the data has led to concerns the Federal Reserve will raise interest rates higher than currently anticipated.

Crude oil prices fell sharply Friday amid concerns about the outlook for fuel demand, with investors weighing the prospects of a recession - while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for March ended lower by $2.49 or 3.3 percent at $73.39 a barrel.

Closer to home, Indonesia will provide Q4 figures for gross domestic product later today, with forecasts suggesting an increase of 0.33 percent on quarter and 4.84 percent on year - slowing from 1.81 percent on quarter and 5.72 percent on year in the three months prior.