Win Streak May End For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, gathering more than 120 points or 1.7 percent along the way. The Jakarta Composite Index now rests just above the 7,210-point plateau, although the rally may stall on Monday.

The global forecast for the Asian markets is negative on renewed trade and tariff concerns. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Friday following gains from the cement, telecom and resource stocks, while the financial sector came in mixed.

For the day, the index gained 47.18 points or 0.66 percent to finish at 7,214.16 after trading between 7,177.25 and 7,223.25.

Among the actives, Bank CIMB Niaga fell 0.28 percent, while Bank Mandiri shed 0.46 percent, Bank Negara Indonesia collected 0.89 percent, Bank Central Asia rose 0.26 percent, Bank Rakyat Indonesia climbed 1.16 percent, Indosat Ooredoo Hutchison jumped 1.92 percent, Indocement accelerated 2.67 percent, Semen Indonesia strengthened 1.87 percent, Indofood Sukses Makmur lost 0.63 percent, United Tractors added 0.34 percent, Astra International spiked 2.38 percent, Energi Mega Persada advanced 0.91 percent, Astra Agro Lestari gained 0.41 percent, Aneka Tambang surged 5.74 percent, Vale Indonesia soared 4.12 percent, Timah slumped 1.26 percent, Bumi Resources rallied 1.72 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is weak as the major averages opened lower on Friday and remained in the red throughout the trading day.

The Dow dropped 256.02 points or 0.61 percent to finish at 41,603.07, while the NASDAQ tumbled 188.53 points or 1.00 percent to close at 18,737.21 and the S&P 500 sank 39.19 points or 0.67 percent to end at 5,802.82.

For the week, the S&P 500 gave up 2.6 percent, while the NASDAQ and the Dow both plunged 2.5 percent.

The initial slump on Wall Street came after President Donald Trump threatened to impose 50 percent tariffs on imports from the European Union beginning June 1, sparking renewed trade concerns.

On the U.S. economic front, the Commerce Department said new home sales in the U.S. spiked in April compared to a significantly downwardly revised level in March.

Crude oil prices ticked higher on Friday but still fell for the week amid reports of another production increase by OPEC for July. West Texas Intermediate crude for July delivery climbed $0.34 or 0.6 percent to $61.54 a barrel. For the week, crude fell 1.5 percent.