Indonesia Stock Market Overdue For Support On Monday

(RTTNews) - The Indonesia stock market has finished lower in five straight sessions, slipping more than 250 points or 3.7 percent along the way. The Jakarta Composite Index now rests just beneath the 6,800-point plateau although it's finally expected to open higher on Monday.

The global forecast for the Asian markets is upbeat, with bargain hunting expected after heavy selling last week, especially among the oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets figure to split the difference.

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

For the day, the index tumbled 117.25 points or 1.70 percent to finish at 6,794.33.

Among the actives, Bank CIMB Niaga dropped 0.99 percent, while Bank Mandiri tanked 4.10 percent, Bank Rakyat Indonesia eased 0.24 percent, Indosat retreated 3.44 percent, Indocement sank 0.79 percent, Semen Indonesia surrendered 3.51 percent, Indofood Suskes dipped 0.35 percent, United Tractors plunged 6.69 percent, Astra International slumped 1.51 percent, Astra Agro Lestari skidded 1.53 percent, Aneka Tambang declined 2.78 percent, Vale Indonesia plummeted 5.31 percent, Timah cratered 4.48 percent, Bumi Resources declined 2.99 percent and Bank Danamon Indonesia, Energi Mega Persada, Bakrie Sumatera Plantations, Bank Negara Indonesia and Bank Central Asia were unchanged.

The lead from Wall Street is positive as stocks shook off early listlessness on Friday, accelerating in the second half to finish near session highs.

The Dow spiked 321.86 points or 1.05 percent to finish at 31,097.26, while the NASDAQ jumped 99.14 points or 0.90 percent to close at 11,127.84 and the S&P 500 soared 39.95 points or 1.06 percent to end at 3,825.33.

For the week, the NASDAQ plunged 4.1 percent, the S&P sank 2.2 percent and the Dow dropped 1.3 percent.

The higher close on Wall Street came as traders went bargain hunting following early session selling. Concerns about the possibility of tighter monetary policy triggering a global recession also weigh on the markets in early trading.

Stocks fell under pressure following a report from the Institute for Supply Management showing U.S. manufacturing activity slowed more than expected in June, while a separate report from the Commerce Department showed U.S. construction spending unexpectedly edged lower in May.

Crude oil prices moved higher Friday on concerns about supply outages in Libya and shutdowns in Norway caused by striking workers. West Texas Intermediate Crude oil futures for August ended higher by $2.67 or 2.5 percent at $108.43 a barrel. WTI crude oil futures rose 1 percent in the week.