Indonesia Stock Market Due For Consolidation On Monday

(RTTNews) - The Indonesia stock market has finished higher in five straight sessions, rising more than 130 points or 2 percent along the way. The Jakarta Composite Index now sits just above the 7,080-point plateau although it's likely to open under pressure on Monday.

The global forecast for the Asian markets suggests consolidation, with weakness expected from the technology and oil sectors. The European markets were down and the U.S. bourses were mixed and little changed and the Asian bourses figure to split the difference.

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

For the day, the index added 27.30 points or 0.39 percent to finish at 7,084.65.

Among the actives, Bank Danamon Indonesia collected 0.79 percent, while Bank CIMB Niaga spiked 2.84 percent, Bank Negara Indonesia accelerated 3.12 percent, Bank Central Asia advanced 0.96 percent, Indosat Ooredoo gained 0.70 percent, Indocement improved 0.78 percent, Semen Indonesia added 0.74 percent, Indofood Suskes lost 0.38 percent, United Tractors tumbled 2.11 percent, Astra International rose 0.38 percent, Energi Mega Persada gathered 0.76 percent, Astra Agro Lestari fell 0.27 percent, Aneka Tambang rallied 2.54 percent, Timah climbed 1.03 percent, Bumi Resources surged 5.94 percent and Bank Mandiri, Vale Indonesia and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is mixed to lower as the major averages opened deep in the red on Friday and recovered somewhat, although only the Dow peeked up into positive territory.

The Dow added 76.67 points or 0.23 percent to finish at 32,803.47, while the NASDAQ sank 63.04 points or 0.50 percent to end at 12,657.55 and the S&P 500 dipped 6.75 points or 0.16 percent to close at 4,145.19.

For the week, the NASDAQ surged 2.2 percent, the S&P rose 0.4 percent and the Dow eased 0.1 percent.

The volatility on Wall Street came as traders reacted to the Labor Department's closely watched monthly jobs report - which showed employment in the U.S. jumped by much more than expected in July, leading to concerns about the outlook for interest rates.

While the data paints a positive picture of the labor market, the report may also give the Federal Reserve confidence they can continue aggressively raising interest rates without causing a recession.

Crude oil prices climbed higher Friday, lifted by the strong jobs report, but still posted a weekly loss amid concerns about demand due to economic slowdown. West Texas Intermediate Crude oil futures for September ended higher by $0.47 or 0.5 percent at $89.01 a barrel.

Closer to home, Indonesia will see July results for its consumer confidence index later today; in June, the index score was 128.2.