Lower Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Friday snapped the two-day winning streak in which it had risen almost 25 points or 0.3 percent. The Jakarta Composite Index now sits just beneath the 6,880-point plateau and the losses may accelerate on Monday.

The global forecast for the Asian markets suggests mild consolidation following uninspired data from the United States. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished slightly lower on Friday as losses from the financials were offset by support from the cement companies and a mixed bag from the resource stocks.

For the day, the index slipped 13.30 points or 0.19 percent to finish at 6,879.98.

Among the actives, Bank CIMB Niaga shed 0.56 percent, while Bank Mandiri dropped 0.84 percent, Bank Danamon Indonesia fell 0.33 percent, Bank Rakyat Indonesia declined 0.88 percent, Indosat Ooredoo Hutchison lost 0.54 percent, Indocement rose 0.23 percent, Semen Indonesia climbed 1.13 percent, Indofood Suskes dipped 0.35 percent, United Tractors tumbled 1.81 percent, Astra Agro Lestari sank 0.64 percent, Vale Indonesia slumped 0.78 percent, Timah added 0.56 percent, Bumi Resources improved 0.76 percent and Bank Central Asia, Aneka Tambang, Astra International, Energi Mega Persada and Bank Negara Indonesia were unchanged.

The lead from Wall Street ends up mixed as the major averages opened lower on Friday and wound up on opposite sides of the unchanged line after a day of volatility.

The Dow gained 105.30 points or 0.30 percent to finish at 35,281.40, while the NASDAQ slumped 93.15 points or 0.68 percent to close at 13,644.85 and the S&P 500 fell 4.78 points or 0.11 percent to end at 4,464.05. For the week, the Dow added 0.6 percent, the NASDAQ tumbled 1.9 percent and the S&P eased 0.3 percent.

The mixed performance on Wall Street came following the release of a Labor Department report showing producer prices climbed slightly more than expected in July.

While the larger than increase by the headline index led to renewed interest rate concerns among some investors, analysts noted the more important index excluding food, energy, and trade services rose in line with estimates.

A separate report released by the University of Michigan showed a slight pullback in consumer sentiment in August.

Crude oil futures settled higher on Friday after a report from the International Energy Agency forecast strong demand for oil and tightening supplies in the market. West Texas Intermediate Crude oil futures for September ended higher by $0.37 at $83.19 a barrel.