Indonesia Bourse Predicted To Open In The Green

(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day slide in which it had retreated almost 200 points or 2.9 percent. The Jakarta Composite Index now rests just above the 6,935-point plateau although it's expected to rebound again on Monday.

The global forecast for the Asian markets is murky, with support expected from the technology stocks and weakness from oil companies amid recession fears. The European and U.S. markets were mixed and the Asian bourses are tipped to follow suit on Monday.

The JCI finished sharply lower on Friday following losses from the financial shares and resource stocks.

For the day, the index plunged 113.36 points or 1.61 percent to finish at 6,936.97 after trading between 6,882.64 and 6,999.54.

Among the actives, Bank Danamon Indonesia declined 1.26 percent, while Bank CIMB Niaga dropped 0.98 percent, Bank Negara Indonesia sank 0.91 percent, Bank Central Asia lost 0.99 percent, Bank Mandiri tumbled 3.58 percent, Bank Rakyat Indonesia was down 1.35 percent, Indosat plummeted 6.91 percent, Indocement added 0.54 percent, Semen Indonesia skidded 1.09 percent, Indofood Suskes rose 0.37 percent, United Tractors tanked 4.00 percent, Astra International jumped 1.46 percent, Energi Mega Persada stumbled 3.45 percent, Bakrie Sumatera Plantations surged 5.08 percent, Astra Agro Lestari retreated 1.23 percent, Aneka Tambang retreated 1.86 percent, Vale Indonesia slumped 2.82 percent, Timah plunged 3.01 percent and Bumi Resources skyrocketed 8.33 percent

The lead from Wall Street is mixed as the major averages opened higher on Friday, although the Dow was unable to hold its gains.

The Dow shed 38.29 points or 0.13 percent to finish at 29,888.78, while the NASDAQ surged 152.25 points or 1.43 percent to end at 10,798.35 and the S&P 500 rose 8.07 points or 0.22 percent to close at 3,674.84. For the week, the Dow and NASDAQ both plunged 3.8 percent and the S&P tumbled 5.8 percent.

The volatility on Wall Street came amid a quadruple witching day, which refers to the expiration of stock index futures, single-stock futures, stock options and stock index options.

Traders may also have been expressing some uncertainty about the near-term outlook for the markets following Thursday's sell-off, which reflected concerns about the economic impact of aggressive monetary policy tightening.

In economic news, the Federal Reserve said industrial production increased less than expected in May, while the Conference Board showed a continued decrease by its reading on leading U.S. economic indicators last month.

Crude oil prices fell sharply Friday on mounting fears about a possible global economic recession following severe tightening of policies by several central banks. West Texas Intermediate Crude oil futures for July ended lower by $8.03 or 6.8 percent at $109.56 a barrel.