Indonesia Bourse Poised To End Losing Streak

(RTTNews) - Ahead of the long weekend for Pancasila and Vesak Day, the Indonesia stock market had moved lower in five straight sessions, stumbling more than 110 points or 1.8 percent along the way. The Jakarta Composite Index now rests just beneath the 6,635-point plateau although it's likely to stop the bleeding on Monday.

The global forecast for the Asian markets is broadly positive on solid U.S. employment data and easing fears of recession. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The JCI finished barely lower on Wednesday following losses from the resource and cement stocks, while the financials came in mixed.

For the day, the index dipped 3.16 points or 0.05 percent to finish at 6,633.26 after trading between 6,562.96 and 6,657.65.

Among the actives, Bank CIMB Niaga skidded 1.03 percent, while Bank Mandiri stumbled 1.94 percent, Bank Danamon Indonesia fell 0.36 percent, Bank Negara Indonesia rose 0.28 percent, Bank Central Asia surrendered 2.16 percent, Bank Rakyat Indonesia collected 1/36 percent, Indosat Ooredoo Hutchison jumped 1.22 percent, Indocement plunged 3.41 percent, Semen Indonesia retreated 1.69 percent, Indofood Suskes lost 0.70 percent, United Tractors declined 1.22 percent, Astra International sank 0.77 percent, Energi Mega Persada surged 5.88 percent, Astra Agro Lestari plummeted 4.41 percent, Aneka Tambang tanked 2.32 percent, Vale Indonesia tumbled 3.45 percent, Timah rallied 2.20 percent and Bumi Resources crashed 4.00 percent.

The lead from Wall Street is solid as the major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.

The Dow surged 701.16 points or 2.12 percent to finish at 33,762.76, while the NASDAQ jumped 139.77 points or 1,07 percent to end at 13,240.77 and the S&P 500 spiked 61.35 points or 1.45 percent to close at 4,282.37. For the week, the Dow and NASDAQ both jumped 2.0 percent and the S&P climbed 1.8 percent.

The extended rally on Wall Street followed the release of a closely watched Labor Department report showing U.S. employment surged by much more than expected in the month of May.

Positive sentiment was also generated in reaction to news the Senate voted to pass the bill raising the U.S. debt ceiling late Thursday night, and President Joe Biden has since made it official with his signature.

The passage of the bill eliminated the threat of a potentially disastrous default by the U.S. government, which had been hanging over the markets in recent weeks.

Oil prices rallied on Friday, extending gains from the previous session following the passage of the debt ceiling bill and amid speculation OPEC may announce a cut in production. West Texas Intermediate Crude oil futures for July ended higher by $1.64 or 2.3 percent at $71.74 a barrel.

Closer to home, Indonesia will provide May figures for consumer prices later today, with overall inflation expected to rise 0.30 percent on month and 4.23 percent on year, easing from 0.33 percent on month and 4.33 percent on year in April. Core CPI is called higher by an annual 2.80 percent, down from 2.83 percent in the previous month.