Indonesia Bourse Poised To End Losing Streak

(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, slumping almost 140 points or 2 percent in that span. The Jakarta Composite Index now sits just above the 7,035-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is positive on upbeat inflation data and support from the oil and technology companies. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The JCI finished sharply lower on Friday with losses across the board, especially among the financials, resource stocks and cement companies.

For the day, the index tumbled 119.22 points or 1.67 percent to finish at the daily low of 7,036.08 after peaking at 7,149.25.

Among the actives, Bank CIMB Niaga plunged 3.49 percent, while Bank Mandiri tanked 2.88 percent, Bank Danamon Indonesia stumbled 1.46 percent, Bank Negara Indonesia sank 2.83 percent, Bank Central Asia declined 1.53 percent, Bank Rakyat Indonesia skidded 6.21 percent, Indosat Ooredoo Hutchison dropped 0.89 percent, Indocement fell 0.33 percent, Semen Indonesia plummeted 4.58 percent, Indofood Sukses Makmur tumbled 2.42 percent, United Tractors shed 0.41 percent, Astra International retreated 1.41 percent, Energi Mega Persada climbed1.00 percent, Astra Agro Lestari slumped 1.52 percent, Aneka Tambang added 0.31 percent, Vale Indonesia slid 0.24 percent, Timah surrendered 2.38 percent and Bumi Resources crashed 5.83 percent.

The lead from Wall Street is solid as the major averages opened higher on Friday and remained in the green throughout the trading day.

The Dow climbed 153.86 points or 0.40 percent to finish at 38,239.66, while the NASDAQ surged 316.10 points or 2.02 percent to end at 15,927.90 and the S&P 500 rallied 51.54 points or 1.02 percent to close at 5.099.96.

For the week, the NASDAQ spiked 4.2 percent, the S&P 500 jumped 2.7 percent and the Dow added 0.7 percent.

The rally on Wall Street came amid a positive reaction to some of the latest earnings news from big-name tech companies such as Alphabet (GOOGL), software giant Microsoft (MSFT) and Snap (SNAP).

Traders also reacted positively to closely watched readings on inflation released by the Commerce Department showing consumer prices in the U.S. increased in line with estimates in March.

Treasury yields moved lower following the release of the report, which may have helped mitigate any negative response to the data.

Oil prices edged higher on Friday on optimism about the outlook for oil demand and concerns about supply. West Texas Intermediate Crude oil futures for June ended higher by $0.28 or 0.34 percent at $83.85 a barrel. WTI crude futures gained 0.85 percent in the week.