Lower Open Likely For Indonesia Stock Market

RTTNews | Pred 983 dňami
Lower Open Likely For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in two of three trading days since the end of the four-day winning streak in which it had advanced more than 130 points or 1.9 percent. The Jakarta Composite Index now rests just shy of the 7,170-point plateau and it's tipped to open in the red again on Monday.

The global forecast for the Asian markets is soft on fears for the global economy and concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

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

For the day, the index sank 136.73 points or 1.87 percent to finish at 7,168.87.

Among the actives, Bank Danamon Indonesia surrendered 2.18 percent, while Bank CIMB Niaga dropped 0.88 percent, Bank Negara Indonesia lost 2.45 percent, Bank Central Asia plunged 3.43 percent, Bank Mandiri tanked 2.67 percent, Bank Rakyat Indonesia sank 2.39 percent, Indosat Ooredoo Hutchison skidded 1.74 percent, Indocement soared 3.39 percent, Semen Indonesia surged 3.77 percent, Indofood Suskes rallied 2.02 percent, United Tractors slumped 1.65 percent, Astra International tumbled 2.13 percent, Energi Mega Persada cratered 6.29 percent, Astra Agro Lestari declined 1.36 percent, Aneka Tambang retreated 1.45 percent, Vale Indonesia weakened 1.88 percent, Timah was down 2.02 percent and Bumi Resources plummeted 5.26 percent.

The lead from Wall Street is negative as the major averages opened firmly lower and stayed that was throughout the session.

The Dow slumped 139.38 points or 0.45 percent to finish at 30,822.42, while the NASDAQ dropped 104.00 points or 0.90 percent to close at 11,448.40 and the S&P 500 fell 28.02 points or 0.72 percent to end at 3,873.33.

For the week, the Dow tumbled 4.1 percent, the S&P 500 plunged 4.8 percent and the NASDAQ plummeted 5.5 percent.

A steep drop by shares of FedEx (FDX) fueled the weakness on Wall Street, with the delivery giant plunging 21.4 percent to a two-year closing low. The sell-off by FedEx came after the company reported weaker than expected preliminary fiscal Q1 results and withdrew its full-year guidance.

Concerns about the outlook for interest rates also continued to weigh on the markets ahead of the Federal Reserve's monetary policy decision this week. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100-point rate hike.

Crude oil futures settled roughly flat on Friday following the resumption of oil exports from Iraq's Basra oil terminal, where a spillage had forced disruptions. West Texas Intermediate Crude futures for October settled at $85.11 a barrel, up $0.01 from the previous close. WTI crude futures shed nearly 2 percent in the week.

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