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Indonesia Shares Tipped To Open Under Pressure

(RTTNews) - The Indonesia stock market on Friday ended the two-day winning streak in which it had gathered more than 100 points or 1.6 percent. The Jakarta Composite Index now rests just beneath the 6,170 point plateau and the losses may accelerate on Monday.

The global forecast for the Asian markets is negative on falling oil prices and concerns over global economic growth. The European and U.S. markets were down and the Asian bourses are expected to follow on that path.

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

For the day, the index eased 7.88 points or 0.13 percent to finish at 6,169.84 after trading between 6,160.35 and 6,185.48.

Among the actives, Indocement shed 0.51 percent, while Semen Indonesia skidded 1.51 percent, United Tractors added 0.43 percent, Indofood Suskes spiked 2.54 percent, Unilever Indonesia was up 0.17 percent, Bumi Resources lost 0.77 percent, Aneka Tambang skidded 1.31 percent, Vale Indonesia tumbled 2.84 percent, Bank Danamon Indonesia dropped 1.01 percent, Bank Mandiri retreated 1.62 percent, Bank Negara Indonesia collected 0.58 percent, Indosat jumped 1.68 percent and Bank Central Asia and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is brutal as stocks moved sharply lower on Friday, with the Dow and the S&P 500 falling to their lowest closing levels in seven and eight months, respectively.

The Dow shed 496.87 points or 2.02 percent to 24,100.51, while the NASDAQ lost 159.67 points or 2.26 percent to 6,910.67 and the S&P fell 50.59 points or 1.91 percent to 2,599.95. For the week, the Dow lost 1.2 percent, the NASDAQ fell 0.8 percent and the S&P slid 1.3 percent.

The sell-off on Wall Street came amid renewed concerns about the outlook for global economic growth following soft Chinese data. A report showing eurozone private sector growth has ebbed to its slowest pace in four years in December added to the negative sentiment.

In economic news, the Commerce Department noted weaker than expected retail sales growth in November due to a steep drop in sales by gas stations. Also, the Federal Reserve showed a bigger than expected increase in industrial production in November, but manufacturing output was unchanged.

Crude oil prices fell sharply on Friday on worries about global economic growth. Crude oil futures for January ended down $1.38 or 2.6 percent at $51.20 a barrel. Crude oil futures shed 2.7 percent in the week.
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