Indonesia Stock Market Due For Consolidation

(RTTNews) - The Indonesia stock market has moved higher in five straight sessions, gathering almost 180 points or 2.6 percent along the way. The Jakarta Composite Index now sits just beneath the 7,050-point plateau although it's expected to open under pressure on Monday.

The global forecast for the Asian markets is negative on lingering trade concerns. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The JCI finished modestly higher again on Friday following gains from the financial shares and cement companies, while the resource stocks were mixed.

For the day, the index added 42.07 points or 0.60 percent to finish at 7,047.44 after trading between 7,026.49 and 7,055.79.

Among the actives, Bank CIMB Niaga collected 0.59 percent, while Bank Mandiri soared 3.11 percent, Bank Negara Indonesia rallied 1.70 percent, Bank Central Asia rose 0.29 percent, Bank Rakyat Indonesia perked 0.26 percent, Indocement gained 0.92 percent, Semen Indonesia jumped 1.82 percent, Indofood Sukses Makmur improved 1.23 percent, United Tractors advanced 0.90 percent, Astra International added 0.64 percent, Energi Mega Persada shed 0.57 percent, Astra Agro Lestari climbed 1.28 percent, Vale Indonesia strengthened 1.49 percent and Timah, Bumi Resources, Aneka Tambang, Bank Danamon Indonesia and Indosat Ooredoo Hutchison were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained under water for almost the entire session.

The Dow dropped 279.09 points or 0.63 percent to finish at 44,371.51, while the NASDAQ sank 45.17 points or 0.22 percent to close at 20,585.53 and the S&P 500 lost 20.71 points or 0.33 percent to end at 6,259.75.

The weakness on Wall Street came amid renewed concerns about President Donald Trump's escalating trade battles.

Overall trading activity was somewhat subdued, however, amidst a lack of major economic data and ahead of earnings season this coming week.

Crude oil rose sharply on Friday after the International Energy Agency upwardly revised its oil supply forecast and also buoyed by lingering geopolitical risks in the Middle East. West Texas Intermediate crude for August delivery closed up $1.88 to settle at $68.45 per barrel.