Indonesia Stock Market Due For Support On Monday

(RTTNews) - The Indonesia stock market headed south again on Friday, one session after ending the two-day losing streak in which it had fallen more than 60 points or 1 percent. The Jakarta Composite Index now sits just above the 6,660-point plateau although it's expected to open higher again on Monday.

The global forecast for the Asian markets is positive thanks to better than expected inflation data. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.

The JCI finished slightly lower on Friday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index fell 2.79 points or 0.04 percent to finish at 6,661.88.

Among the actives, Bank CIMB Niaga advanced 0.96 percent, while Bank Mandiri strengthened 1.46 percent, Bank Danamon Indonesia skidded 1.01 percent, Bank Negara Indonesia perked 0.27 percent, Bank Central Asia collected 0.83 percent, Bank Rakyat Indonesia sank 0.46 percent, Indosat Ooredoo Hutchison tumbled 1.71 percent, Indocement jumped 1.79 percent, Semen Indonesia retreated 1.22 percent, Indofood Suskes gained 0.34 percent, Astra International fell 0.37 percent, Timah slumped 1.67 percent, Bumi Resources rallied 1.77 percent and Aneka Tambang, Astra Agro Lestari, United Tractors, Energi Mega Persada, Vale Indonesia and Perusahaan Gas all were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the day, closing near session highs.

The Dow jumped 285.20 points or 0.84 percent to finish at 34,407.60, while the NASDAQ rallied 196.62 points or 1.45 percent to end at 13,787.92 and the S&P 500 climbed 53.94 points or 1.23 percent to close at 4,450.38.

For the week, the S&P 500 spiked 2.4 percent, the NASDAQ shot up 2.2 percent and the Dow leapt 2.0 percent. The NASDAQ and the S&P 500 also posted substantial gains for the first half of 2023.

The rally on Wall Street followed the release of a Commerce Department report showing an unexpected slowdown in the annual rate of consumer price growth in May.

While economists generally still expect the Federal Reserve to raise interest rates by another quarter point this month, the data added to optimism the central bank will not follow through with additional rate hikes.

Crude oil prices climbed higher Friday, extending recent gains, as a drop in U.S. crude inventories continued to support the commodity. West Texas Intermediate Crude oil futures for August ended higher by $0.78 or 1.1 percent at $70.64 a barrel. However, WTI Crude futures shed about 12 percent in H1 and more than 6 percent in Q2.

Closer to home, Indonesia will release June figures for consumer prices later today, with forecasts suggesting an increase of 0.24 percent on month and 3.64 percent on year after adding 009 percent on month and 4.00 percent on year in May. Core CPI is expected to add 2.64 percent on year, easing from 2.66 percent a month earlier.