Mild Downside Seen For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Friday ended the three-day losing streak in which it had stumbled almost 85 points or 1.4 percent. The Jakarta Composite Index now rests just beneath the 6,890-point plateau although the outlook for Monday is murky.

The global forecast for the Asian markets is murky, with solid market leads offset by the violent conflict between Israel and Hamas that erupted over the weekend. The European and U.S. markets were up and the Asian markets may follow suit.

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

For the day, the index improved 13.69 points or 0.20 percent to finish at 6,888.52.

Among the actives, Bank CIMB Niaga declined 1.20 percent, while Bank Mandiri retreated 1.63 percent, Bank Danamon Indonesia skidded 1.07 percent, Bank Negara Indonesia rose 0.24 percent, Bank Central Asia shed 0.55 percent, Indosat Ooredoo Hutchison tumbled 1.92 percent, Indocement dropped 0.99 percent, Semen Indonesia rallied 1.60 percent, United Tractors advanced 0.96 percent, Astra International improved 0.83 percent, Energi Mega Persada spiked 2.50 percent, Aneka Tambang added 0.59 percent, Vale Indonesia soared 3.27 percent, Bumi Resources slumped 1.59 percent and Astra Agro Lestari, Indofood Suskes, Timah and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Friday, quickly moved higher and finished well in the green.

The Dow surged 287.98 points or 0.87 percent to finish at 33,407.58, while the NASDAQ soared 211.54 points or 1.60 percent to end at 13,431.34 and the S&P 500 rallied 50.31 points or 1.18 percent to close at 4,308.50.

For the week, the NASDAQ jumped 1.6 percent, the S&P added 0.5 percent and the Dow dipped 0.3 percent.

The early weakness on Wall Street followed the release of a Labor Department report showing employment in the U.S. surged much more than expected in September.

The report triggered a spike by treasury yields amid renewed concerns about the outlook for interest rates, with yields once again soaring to their highest levels in over 16 years. But treasury yields pulled back as the day progressed, fueling the subsequent rebound on Wall Street.

Crude oil prices climbed higher Friday following recent losses, after data showed stronger than expected growth in U.S. non-farm payroll employment in September. West Texas Intermediate Crude oil futures for November added $0.48 or 0.6 percent at $82.79 a barrel. But WTI crude futures shed 9 percent in the week.