Losses May Accelerate For Indonesia Stock Market

(RTTNews) - Ahead of the long holiday weekend for the Ascension, the Indonesia stock market had moved lower in two of three trading days since the end of the three-day winning streak in which it had climbed more than 120 points or 1.7 percent. The Jakarta Composite Index now rests just above the 7,175-point plateau and it's likely to open to the downside again on Monday.

The global forecast for the Asian markets is soft on continuous tariff concerns, while oil stocks are likely to be weak after OPEC+ announced another production hike over the weekend. The European and U.S. bourses were mostly down and the Asian markets figure to follow that lead.

The JCI finished modestly lower on Wednesday following losses from the telecoms and cement stocks, while the financials and resource companies were mixed.

For the day, the index lost 23.15 points or 0.32 percent to finish at 7,175.82 after trading between 7,166.68 and 7,237.34.

Among the actives, Bank CIMB Niaga and Vale Indonesia both slid 0.28 percent, while Bank Mandiri tumbled 1.85 percent, Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia and Indocement both dropped 0.88 percent, Bank Central Asia shed 0.53 percent, Bank Rakyat Indonesia jumped 1.83 percent, Indosat Ooredoo Hutchison plunged 2.79 percent, Semen Indonesia skidded 1.06 percent, United Tractors rallied 2.51 percent, Astra International soared 3.19 percent, Energi Mega Persada slumped 0.89 percent, Astra Agro Lestari strengthened 1.27 percent, Aneka Tambang accelerated 2.64 percent, Timah improved 0.85 percent, Bumi Resources sank 0.84 percent and Indofood Sukses Makmur was unchanged.

The lead from Wall Street is weak as the major averages shook off a sluggish start on Friday, posting a mild recovery midday to finish mixed and little changed.

The Dow rose 54.34 points or 0.13 percent to finish at 42,270.07, while the NASDAQ slipped 62.11 points or 0.32 percent to close at 19,113.77 and the S&P 500 eased 0.48 points or 0.01 percent to end at 5,911.69.

The early selling pressure on Wall Street came after President Donald Trump accused China of violating the trade agreement reached last month.

But bargain hunters fueled the mild recovery later in the day.

In U.S. economic news, a closely watched report release by the Commerce Department showed consumer prices in the U.S. crept slightly higher in April.

Crude suffered a weekly loss of more than 1 percent due to uncertainty over Trump's tariffs and their likely impact on global growth and fuel demand. West Texas Intermediate crude for July delivery eased $0.18 or 0.30 percent to $60.76 a barrel.

Closer to home, Indonesia will provide April numbers for imports, exports, trade balance and inflation later today. Imports are expected to rise 6.5 percent on year, up from 5.34 percent in March. Exports are called higher by an annual 5.75 percent, up from 3.16 percent in the previous month. The trade surplus is seen at $2.75 billion, down from $4.33 billion a month earlier.

Overall inflation is expected to eased 0.02 percent on month and climb 1.95 percent on year after rising 1.17 percent on month and 1.95 percent on year in March. Core CPI is seen steady at an annual 2.50 percent.