Indonesia Stock Market Tipped To End Losing Streak

The Indonesia stock market has finished lower in back-to-back trading days, slipping almost40 points or 0.7 percent along the way. The Jakarta Composite Index now rests just above the 6,950-point plateau although it figures to stop the bleeding on Monday.

The global forecast for the Asian markets suggests a higher opening, although last week’s relief rally appears to be losing stream with tech and oil stocks figure to provide support. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The JCI finished slightly lower on Friday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index dipped 9.42 points or 0.14 percent to finish at 6,954.96 after trading between 6,926.41 and 7,000.59.

Among the actives, Bank Danamon Indonesia shed 0.43 percent, while Bank CIMB Niaga retreated 1.37 percent, Bank Negara Indonesia advanced 0.91 percent, Bank Central Asia dropped 1.25 percent, Bank Mandiri fell 0.31 percent, Bank Rakyat Indonesia slumped 1.51 percent, Indosat jumped 1.92 percent, Indocement strengthened 1.62 percent, Semen Indonesia stumbled 1.48 percent, Indofood Suskes surrendered 1.63 percent, United Tractors added 0.69 percent, Astra International dipped 0.39 percent, Energi Mega Persada tanked 2.48 percent, Bakrie Sumatera Plantations tumbled 1.65 percent, Astra Agro Lestari declined 1.23 percent, Aneka Tambang improved 1.70 percent, Vale Indonesia surged 4.04 percent, Timah rallied 1.83 percent and Bumi Resources plummeted 3.57 percent.

The lead from Wall Street is positive as the major average shook off early weakness on Friday to finish well into the green.

The Dow jumped 274.13 points or 0.80 percent to finish at 34,754.93, while the NASDAQ spiked 279.04 points or 2.05 percent to end at 13,893.84 and the S&P 500 climbed 51.45 points or 1.17 percent to close at 4,463.12. For the week, the NASDAQ surged 8.1 percent, the Dow spiked 5.4 percent and the S&P gained 5.5 percent.

The markets continued to benefit from recent upward momentum, with the major averages recovering from the sell-off sparked by Russia’s invasion of Ukraine, although ongoing peace talks have thus far failed to yield a breakthrough.

President Joe Biden spoke with Chinese President Xi Jinping about the conflict on Friday, with the White House saying Biden described the implications and consequences if China provides material support to Russia.

In U.S. economic news, the National Association of Realtors noted a sharp pullback in U.S. existing home sales in February. Also, the Conference Board’s U.S. leading economic index rose more than expected last month.

Crude oil futures settled sharply higher on Friday but still posted a weekly loss due to concerns about outlook for energy demand and recent data showing a jump in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $1.72 or 1.7 percent at $104.70 a barrel. WTI crude oil futures shed more than 3 percent in the week.