Indonesia Stock Market May Spin Its Wheels On Monday

(RTTNews) - The Indonesia stock market bounced higher again on Friday, one session after ending the two-day winning streak in which it had gathered more than 45 points or 0.7 percent. The Jakarta Composite Index now rests just above the 7,175-point plateau although it may be stuck in neutral on Monday.

The global forecast for the Asian markets is mixed, with bargain hunting offset by ongoing concerns over the outlook for the global economy. The European markets were sharply higher and the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The JCI finished modestly higher on Friday following gains from the financials and mixed performances from the cement and resource stocks.

For the day, the index added 24.08 points or 0.34 percent to finish at 7,177.18.

Among the actives, Bank Negara Indonesia soared 2.05 percent, while Bank Central Asia advanced 0.92 percent, Bank Mandiri sank 0.84 percent, Bank Rakyat Indonesia collected 1.37 percent, Indosat Ooredoo Hutchison shed 0.70 percent, Indocement jumped 1.88 percent, Semen Indonesia fell 0.39 percent, Indofood Suskes spiked 1.99 percent, United Tractors rallied 1.88 percent, Energi Mega Persada accelerated 2.33 percent, Astra Agro Lestari lost 0.55 percent, Aneka Tambang tumbled 1.81 percent, Vale Indonesia plunged 3.35 percent, Timah improved 0.67 percent, Bumi Resources surged 5.33 percent and Astra International, Bank Danamon Indonesia and Bank CIMB Niaga were unchanged.

The lead from Wall Street is broadly negative as the major averages opened higher on Friday but tumbled in afternoon trade to finish deep in the red.

The Dow plummeted 337.98 points or 1.07 percent to finish at 31,318.44, while the NASDAQ tumbled 154.26 points or 1.31 percent to close at 11,630.86 and the S&P 500 sank 42.59 points or 1.07 percent to end at 3,924.26.

The volatility on Wall Street followed the release of a closely watched Labor Department report showing U.S. employment increased roughly in line with estimates in August.

Amid recent concerns about the outlook for interest rates, the jobs data was described as a goldilocks report by some economists, coming in neither too hot nor too cold.

A separate report from the Commerce Department unexpectedly showed a sharp pullback in new orders for U.S. manufactured goods in July.

Crude oil prices ticked higher Friday on rising prospects for a reduction in output from OPEC and allies. But prices were down for the week amid worries about outlook for energy demand due to concerns about slowing global growth. West Texas Intermediate Crude oil futures for September rose $0.26 or 0.3 percent at $86.87 a barrel; they were down 6.7 percent in the week.