Indonesia Stock Market May Halt Losing Streak

(RTTNews) - The Indonesia stock market has finished lower in two straight sessions, slumping almost 35 points or 0.5 percent along the way. The Jakarta Composite Index now sits just above the 6,805-point plateau although it figures to stop the bleeding on Monday.

The global forecast for the Asian markets is upbeat on good inflation news and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished barely lower on Friday following mixed performances from the financial shares and resource stocks.

For the day, the index fell 3.67 points or 0.05 percent to finish at 6,805.28.

Among the actives, Bank Danamon Indonesia shed 0.69 percent, while Bank CIMB Niaga fell 0.39 percent, Bank Central Asia sank 0.95 percent, Bank Mandiri advanced 0.98 percent, Bank Rakyat Indonesia slumped0.42 percent, Indosat Ooredoo Hutchison slid 0.36 percent, Indocement tumbled 1.86 percent, Semen Indonesia skidded 1.18 percent, Indofood Suskes plunged 3.12 percent, United Tractors added 0.43 percent, Astra International jumped 1.69 percent, Energi Mega Persada plummeted 5.88 percent, Vale Indonesia rose 0.38 percent, Timah tumbled 1.90 percent, Bumi Resources improved 0.79 percent and Aneka Tambang, Astra Agro Lestari and Bank Negara Indonesia were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Friday and picked up steam as the day progressed, ending near session highs.

The Dow soared 415.15 points or 1.26 percent to finish at 33,274.15, while the NASDAQ jumped 208.41 points or 1.73 percent to end at 12,221.91 and the S&P 500 rallied 58.48 points or 1.44 percent to close at 4,109.31.

For the week, the S&P soared 3.5 percent, the NASDAQ accelerated 3.4 percent and the Dow climbed 3.2 percent.

The rally on Wall Street followed the release of a Commerce Department report showing an unexpected slowdown in the annual rate of core consumer price growth.

With this inflation reading said to be preferred by the Fed, the data led to some optimism the central bank will hold off on raising interest rates at its next meeting in early May.

Crude oil prices climbed higher Friday on falling supplies and optimism about the outlook for energy demand. West Texas Intermediate Crude oil futures for May ended higher by $1.30 or 1.8 percent at $75.67 a barrel. WTI crude futures gained 9.2 percent in the week but dropped 1.8 percent in March and 6 percent in Q1.

Closer to home, Indonesia will provide March figures for consumer prices later today. Overall inflation is expected to rise 0.29 percent on month and 5.20 percent on year after adding 0.16 percent on month and 5.47 percent on year in February. Core CPI is pegged at an annual 3.05 percent, easing from 3.09 percent in the previous month.