Indonesia Stock Market Due For Consolidation On Monday

The Indonesia stock market has finished higher in four straight sessions, jumping more than 320 points or 4.9 percent along the way. The Jakarta Composite Index now rests just beneath the 6,920-point plateau although investors may cash in on Monday.

The global forecast for the Asian markets is flat to slightly higher, with support from oil stocks capped by weakness from tech shares. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished sharply higher on Friday following gains from the cement and resource stocks, while the financials were mixed.

For the day, the index climbed 94.81 points or 1.39 percent to finish at 6,918.14 after trading between 6,804.91 and 6,965.11.

Among the actives, Bank Danamon Indonesia collected 0.43 percent, while Bank Negara Indonesia added 1.15 percent, Bank Central Asia shed 0.67 percent, Bank Mandiri climbed 1.27 percent, Bank Rakyat Indonesia fell 0.23 percent, Indosat jumped 1.80 percent, Indocement gained 0.76 percent, Semen Indonesia rallied 2.01 percent, United Tractors dipped 0.25 percent, Astra International was up 179 percent, Energi Mega Persada tumbled 1.79 percent, Bakrie Sumatera Plantations spiked 2.59 percent, Astra Agro Lestari surged 5.94 percent, Aneka Tambang advanced 1.22 percent, Vale Indonesia soared 4.59 percent, Timah strengthened 2.05 percent, Bumi Resources accelerated 1.85 percent and Bank CIMB Niaga and Indofood Suskes were unchanged.

Wall Street offers little guidance as the major averages opened higher on Friday, quickly plummeted into the red before rallying to finish mixed and little changed.

The Dow added 8.77 points or 0.03 percent to finish at 31,261.90, while the NASDAQ fell 33.88 points or 0.30 percent to close at 11,354.62 and the S&P 500 rose 0.57 points or 0.01 percent to end at 3,901.36.

For the week, the NASDAQ dove 3.8 percent, the S&P sank 3 percent and the Dow lost 2.9 percent.

The extended volatility on Wall Street came as traders continued to debate when the markets will reach a bottom following recent weakness.

The S&P 500 was down more than 20 percent from January’s record closing high, which is seen as signaling a bear market.

Crude oil futures settled higher on Friday, lifted by the proposed ban on Russian oil by the EU and the relaxation of Covid lockdowns in China. West Texas Intermediate Crude oil futures for July added $0.39 or 0.4 percent at $110.28 a barrel.