Steady Start Seen For Indonesia Stock Market

(RTTNews) - Ahead of the Good Friday holiday, the Indonesia stock market had turned lower again, one day after ending the four-day losing streak in which it had tumbled more than 240 points or 3.5 percent. The Jakarta Composite Index now sits just above the 7,025-point plateau and it may see a technical rebound on Monday.

The global forecast for the Asian markets is lean on catalysts as many of the markets around the world were closed for Good Friday. Stubbornly high oil prices and continued conflict in the Middle East deal the Asian markets a soft lead for Monday.

The JCI finished sharply lower on Thursday following losses from the resource and cement stocks, while the financial sector came in mixed.

For the day, the index tumbled 157.66 points or 2.19 percent to finish at 7,026.78 after trading between 7,019.23 and 7,161.80.

Among the actives, Bank CIMB Niaga collected 0.84 percent, while Bank Mandiri retreated 1.48 percent, Bank Danamon Indonesia sank 0.78 percent, Bank Negara Indonesia shed 0.54 percent, Bank Central Asia climbed 1.15 percent, Bank Rakyat Indonesia dropped 0.90 percent, Indosat Ooredoo Hutchison slumped 0.95 percent, Indocement tanked 3.76 percent, Semen Indonesia lost 0.81 percent, Indofood Sukses Makmur improved 0.76 percent, United Tractors fell 0.57 percent, Astra International tumbled 2.80 percent, Energi Mega Persada plunged 3.54 percent, Astra Agro Lestari retreated 1.89 percent, Aneka Tambang stumbled 1.89 percent, Vale Indonesia cratered 4.35 percent, Timah plummeted 6.37 percent and Bumi Resources crashed 4.20 percent.

There is no lead from Wall Street as the markets were shuttered for Good Friday.

Tensions remain high as the conflict in the Middle East wraps up its fifth week, with no end in sight. Reports of a U.S. jet downed in Iranian territory have compounded the chaos in the region.

The resulting surge in crude oil prices continues, with the commodity over $112 per barrel at last report as Iran maintains control of the Strait of Hormuz.

Limiting the downside, the Labor Department said on Friday that employment in the U.S. jumped more than expected in March, while the jobless rate eased to 4.3 percent from 4.4 percent.