Win Streak May End For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, collecting almost 160 points or 1.2 percent along the way. The Jakarta Composite Index now sits just beneath the 8,400-point plateau although the rally may stall on Monday.

The global forecast for the Asian markets is mixed to lower on continuing concerns about an artificial intelligence bubble. The European markets were down and the U.S. bourse were mixed and flat and the Asian markets figure to split the difference.

The JCI finished modestly higher on Friday following gains from the telecom, food and cement sectors, while the finance and technology stocks were mixed.

For the day, the index added 57.53 points or 0.69 percent to finish at 8,394.59 after trading between 8,332.60 and 8,398.76.

Among the actives, Bank CIMB Niaga fell 0.29 percent, while Bank Negara Indonesia collected 1.35 percent, Bank Central Asia strengthened 1.46 percent, Bank Rakyat Indonesia shed 0.50 percent, Indosat Ooredoo Hutchison skyrocketed 8.86 percent, Indocement rallied 3.09 percent, Semen Indonesia slipped 0.35 percent, Indofood Sukses Makmur improved 1.42 percent, United Tractors added 0.46 percent, Astra International jumped 1.58 percent, Energi Mega Persada slumped 1.14 percent, Aneka Tambang skidded 1.02 percent, Vale Indonesia dropped 0.88 percent, Timah soared 3.91 percent and Bumi Resources, Astra Agro Lestari, Bank Mandiri and Bank Danamon Indonesia were unchanged.

The lead from Wall Street is cloudy as the major averages spent most of Friday under water before a late push salvaged a mixed close.

The Dow added 74.80 points or 0.16 percent to finish at 46,987.10, while the NASDAQ sank 49.46 points or 0.21 percent to close at 23,004.54 and the S&P 500 rose 8.48 points or 0.13 percent to end at 6,728.80.

For the week, the tech-heavy NASDAQ plunged 3.0 percent, while the S&P 500 tumbled 1.7 percent and the Dow slumped 1.2 percent.

The recovery in afternoon trading reflected optimism about an end to the prolonged government shutdown following an offer from top Senate Democrat Chuck Schumer - although Republicans turned the offer down later in the day.

Negative sentiment was also generated by a report from the University of Michigan showing consumer sentiment in the U.S. has deteriorated much more than anticipated in November; consumers are now expressing worries about potential negative economic consequences of the shutdown as the stalemate exceeds one month.

Crude oil prices saw modest gains on Friday as a weakening dollar was offset by reports of oversupply and low demand. West Texas Intermediate crude for December delivery was up $0.38 or 0.64 percent at $59.81 per barrel.

Closer to home, Indonesia will see October results for its consumer confidence index later today; in September, the index score was 115.9.