Indonesia Stock Market Due For Support On Monday

(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, sinking almost 75 points or 1 percent along the way. The Jakarta Composite Index now sits just above the 7,350-point plateau although it's tipped to open in the green on Monday.

The global forecast for the Asian markets is murky as investors try to balance upbeat economic data against its consequences for interest rates. The European markets were down on Friday and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The JCI finished slightly lower on Friday as losses from the cement and resource companies were offset by support from the financial sector.

For the day, the index dipped 9.14 points or 0.12 percent to finish at the daily low of 7,350.62 after peaking at 7,403.58.

Among the actives, Bank CIMB Niaga rose 0.29 percent, while Bank Mandiri climbed 1.18 percent, Bank Danamon Indonesia collected 0.35 percent, Bank Negara Indonesia fell 0.45 percent, Bank Central Asia improved 1.06 percent, Bank Rakyat Indonesia advanced 0.88 percent, Indosat Ooredoo Hutchison declined 1.59 percent, Indocement skidded 1.07 percent, Semen Indonesia slumped 1.54 percent, United Tractors eased 0.11 percent, Astra International retreated 1.32 percent, Energi Mega Persada jumped 1.63 percent, Astra Agro Lestari sank 0.70 percent, Aneka Tambang shed 0.59 percent, Vale Indonesia tumbled 1.82 percent, Timah dropped 0.78 percent and Bumi Resources and Indofood Suskes were unchanged.

The lead from Wall Street offers little clarity as the major averages saw considerable volatility on Friday before ending with slight gains.

The Dow added 25.81 points or 0.07 percent to finish at 37,466.11, while the NASDAQ rose 13.77 points or 0.09 percent to close at 14,524.07 and the S&P 500 perked 8.56 points or 0.18 percent to end at 4,697.24.

For the week, the major averages were down for the first time in 10 weeks as the NASDAQ plunged 3.3 percent, the S&P 500 slumped 1.5 percent and the Dow slid 0.6 percent.

The volatility came as traders reacted to key U.S. economic data, including a closely watched Labor Department report showing stronger than expected job growth in December.

While the data initially raised concerns about the outlook for interest rates, positive sentiment prevailed as traders digested the details of the report, which also showed notable downward revisions to job growth in October and November.

Crude oil showed a strong move to the upside on Friday, reflected ongoing fears of an escalation of the Israel-Hamas war into a broader regional conflict. West Texas Intermediate for February delivery surged $1.62 or 2.2 percent to $73.81 a barrel.