Rally Expected To Stall For Indonesia Stock Market
(RTTNews.com) - The Indonesia stock market has finished higher in back-to-back trading days, soaring almost 170 points or 2.9 percent along the way. The Jakarta Composite Index now rests just above the 5,850-point plateau although it's expected to run out of steam on Monday.
The global forecast for the Asian markets is soft on ongoing trade war concerns and a drop in crude 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 sharply higher on Friday following gains from the cement and financial shares, although the resource stocks lagged.
For the day, the index s urged 75.37 points or 1.30 percent to finish at the daily high of 5,851.46 after moving as low as 5,769.25. There were 245 gainers and 121 decliners, with 127 stocks finishing unchanged.
Among the actives, Indocement surged 6.99 percent, while Holcim Indonesia climbed 6.78 percent, Semen Indonesia jumped 1.13 percent, XL Axiata soared 4.24 percent, Bukit Darmo Property plunged 3.33 percent, Jasa Marga spiked 2.74 percent, Lotte Chemical jumped 1.44 percent, SLJ Global shed 0.88 percent, Bank Danamon Indonesia dipped 0.38 percent, Bank Central Asia collected 0.61 percent, Bank Mandiri climbed 1.15 percent, Bank Negara Indonesia advanced 1.03 percent, Bank Rakyat Indonesia perked 2.36 percent, Indosat skidded 1.32 percent, Bumi Resources lost 0.94 percent, Aneka Tambang fell 0.63 percent, Vale Indonesia was down 0.92 percent and Bank MNC Internasional and Bank Pan Indonesia were unchanged.
The lead from Wall Street is negative as stocks fluctuated on Friday before ending modestly lower. With the drop, the NASDAQ and the S&P extended recent losses.
The Dow fell 79.33 points or 0.31 percent to 25,916.54, the NASDAQ dipped 20.18 points or 0.25 percent to 7,902.54 and the S&P 500 slipped 6.37 points or 0.22 percent to 2,871.68. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1 percent and the Dow lost 0.2 percent.
The lower close came amid ongoing trade concerns after President Donald Trump suggested he may impose tariffs on another $267 billion worth of Chinese goods. China'sCommerce Ministry has said it will roll out retaliatory measures if the U.S. imposes any new tariffs.
In economic news, the Labor Department noted stronger than expected job growth in August. The report also said the annual rate of average hourly employee earnings growth accelerated. The data painted a positive picture of the economy but reinforced expectations the Federal Reserve will raise intere st rates later this month.
Crude oil prices eased Friday, as concerns about a drop in demand due to trade war tensions slightly outweighed data showing a fall in stockpiles. Crude oil futures for October delivery settled at $67.75 a barrel, down 2 cents. For the week, crude oil future lost 2.9 percent.
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This article appears in: World Markets , Banking and Loans , US Markets , Oil , StocksSource: Google News Indonesia | Netizen 24 Indonesia