The Indonesia stock market has moved lower in two of three trading days since the end of the four-day winning streak in which it had climbed more than 125 points or 1.8 percent. The Jakarta Composite Index now sits just beneath the 7,060-point plateau and it may tick higher again on Monday.
The global forecast for the Asian markets is positive on growing optimism over the outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.
The JCI finished modestly lower on Friday following losses from the resource stocks and mixed performances from the financials and cement companies.
For the day, the index fell 29.84 points or 0.29 percent to finish at 7,059.91 after trading between 7,022.77 and 7,083.86.
Among the actives, Bank Mandiri collected 0.85 percent, while Bank Danamon Indonesia shed 0.35 percent, Bank Negara Indonesia lost 0.47 percent, Bank Central Asia fell 0.28 percent, Bank Rakyat Indonesia rallied 1.42 percent, Indosat Ooredoo Hutchison added 0.52 percent, Indocement plummeted 6.37 percent, Semen Indonesia improved 0.77 percent, Indofood Suskes declined 1.56 percent, United Tractors climbed 1.14 percent, Astra International skyrocketed 6.48 percent, Energi Mega Persada tanked 2.61 percent, Astra Agro Lestari retreated 1.64 percent, Aneka Tambang and Timah both tumbled 2.01 percent, Vale Indonesia slumped 2.22 percent, Bumi Resources plunged 2.94 percent and Bank CIMB Niaga was unchanged.
The lead from Wall Street is upbeat as the major averages shook off early weakness on Friday, quickly moving firmly into the green and staying that way for the remainder of the session.
The Dow spiked 294.61 points or 0.82 percent to finish at 36,245.50, while the NASDAQ rallied 78.83 points or 0.55 percent to close at 14,305.03 and the S&P 500 added 26.83 points or 0.59 percent to end at 4,594.63.
For the week, the Dow surged 2.4 percent, the S&P 500 increased 0.8 percent and the NASDAQ rose 0.4 percent.
The strength on Wall Street reflected ongoing optimism about the outlook for interest rates following a report from the Institute for Supply Management showing continued contraction in U.S. manufacturing activity last month.
Some analysts suggested that the weaker-than-expected ISM survey may spur expectations that the Fed’s next move is an interest rate cut.
Crude oil prices fell sharply on Friday, extending losses from the previous session amid mounting skepticism over OPEC output cuts. West Texas Intermediate Crude oil futures for January ended lower by $1.89 or 2.5 percent at $74.07 a barrel. Oil prices have now fallen in six straight weeks.
Market Analysis
Indonesia Stock Market Likely To Remain Rangebound
2023-12-04 01:30:14
