Indonesia Stock Market Expected To Open Under Pressure

The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the six-day winning streak in which it had climbed more than 120 points or 1.9 percent. The Jakarta Composite Index now sits just above the 6,600-point plateau although it figures to head south again on Monday.

The global forecast for the Asian markets is soft on omicron coronavirus concerns and sinking oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished slightly higher on Friday following mixed performances from the financial shares and resource stocks.

For the day, the index rose 7.13 points or 0.11 percent to finish at 6,601.93 after trading between 6,559.30 and 6,609.04.

Among the actives, Bank Danamon Indonesia rallied 2.10 percent, while Bank CIMB Niaga shed 0.51 percent, Bank Central Asia collected 3.09 percent, Bank Mandiri retreated 1.38 percent, Bank Rakyat Indonesia lost 0.72 percent, Indosat sank 0.86 percent, Indocement tumbled 2.56 percent, Semen Indonesia surrendered 1.98 percent, Indofood Suskes gained 0.78 percent, United Tractors lost 0.46 percent, Energi Mega Persada dropped 0.93 percent, Jasa Marga surged 5.71 percent, Bakrie Sumatera Plantations soared 2.83 percent, Astra Agro Lestari advanced 0.77 percent, Aneka Tambang declined 1.75 percent, Vale Indonesia climbed 1.08 percent, Bumi Resources jumped 1.47 percent and Timah, Bank Negara Indonesia and Astra International were unchanged.

The lead from Wall Street is negative as the major averages opened lower on a volatile Friday. The NASDAQ peeked briefly into the green but the markets all still finished in the red.

The Dow plunged 532.16 points or 1.48 percent to finish at 35,365.44, while the NASDAQ dipped 10.72 points or 0.07 percent to close at 15,169.68 and the S&P 500 sank 48.03 points or 1.03 percent to end at 4,620.64. For the week, the NASDAQ plunged 2.9 percent, the Dow lost 1.7 percent and the S&P was down 1.9 percent.

The volatility on Wall Street came on a quadruple witching day, with stock options, index options, stock futures and index futures all expiring.

Concerns about the impact of the Omicron variant of the coronavirus also weighed on the markets along with worries about ongoing supply chain issues.

Crude oil prices tumbled Friday on concerns for energy demand due to a rapid surge in Omicron variant of the coronavirus and reimposition of restrictions. West Texas Intermediate Crude oil futures for January sank $1.52 or 2.1 percent at $70.86 a barrel. WTI crude futures shed 1.1 percent in the week.