Renewed Consolidation Likely For Indonesia Shares

(RTTNews) - The Indonesia stock market on Friday snapped the tw0-day slide in which it had fallen almost 50 points or 0.8 percent. The Jakarta Composite Index now rests just above the 6,700-point plateau although it figures to head south again on Monday.

The global forecast for the Asian markets is uncertain amidst debt ceiling negotiations in the United States. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The JCI finished modestly higher on Friday following gains from the financials, weakness from the resource stocks and a mixed picture from the cement companies.

For the day, the index improved 37.45 points or 0.56 percent to finish at 6,700.56.

Among the actives, Bank CIMB Niaga collected 1.40 percent, while Bank Mandiri strengthened 1.50 percent, Bank Danamon Indonesia improved 1.46 percent, Bank Negara Indonesia advanced 086 percent, Bank Central Asia spiked 2.56 percent, Bank Rakyat Indonesia surged 3.85 percent, Indosat Ooredoo Hutchison soared 2.63 percent, Indocement stumbled 1.69 percent, Indofood Suskes jumped 2.21 percent, United Tractors plunged 3.02 percent, Astra International rallied 2.37 percent, Energi Mega Persada crashed 4.67 percent, Astra Agro Lestari rose 0.34 percent, Aneka Tambang climbed 1.03 percent, Vale Indonesia declined 1.54 percent, Timah retreated 2.58 percent, Bumi Resources plummeted 4.13 percent and Semen Indonesia was unchanged.

The lead from Wall Street is slightly soft as the major averages opened higher on Friday but slipped into the shortly thereafter and finished the same way.

The Dow dropped 109.27 points or 0.33 percent to finish at 33,426.63, while the NASDAQ sank 30.90 points or 0.24 percent to close at 12,657.90 and the S&P 500 fell 6.07 points or 0.14 percent to end at 4,191.98. For the week, the NASDAQ surged 3.0 percent, the S&P 500 jumped 1.7 percent and the Dow rose 0.4 percent.

The downturn on Wall Street came as Republican negotiators walked out of a meeting over raising the U.S. debt ceiling, offsetting recent optimism about an impending deal.

Selling pressure remained relatively subdued, however, as traders still expect lawmakers to eventually reach a debt ceiling deal.

Comments from Federal Reserve Chair Jerome Powell reinforcing expectations the central bank will leave interest rates unchanged next month also helped limit the downside.

Crude oil futures pared early gains and settled lower on Friday, weighed down by the ambiguity regarding the U.S. debt ceiling talks. West Texas Intermediate Crude oil futures for June slipped $0.31 or 0.4 percent to $71.55 a barrel; WTI crude futures gained 2.2 percent in the week.