Indonesia Shares May Find Traction On Monday

(RTTNews) - The Indonesia stock market has moved lower in consecutive trading days, sliding more than 25 points or 0.4 percent. The Jakarta Composite Index now rests just above the 6,520-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is mixed and flat, with trade concerns offset by bargain hunting. The European markets were down and the U.S. bourses were little changed and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Friday following losses from the cement and resource stocks, while the financials were mixed.

For the day, the index sank 14.79 points or 0.23 percent to finish at 6,521.66 after trading between 6,498.96 and 6,526.87.

Among the actives, Indocement tumbled 2.06 percent, while Semen Indonesia skidded 2.34 percent, United Tractors retreated 2.92 percent, Indofood Suskes jumped 1.32 percent, Unilever Indonesia added 0.20 percent, Holcim Indonesia rose 0.25 percent, Bank Danamon Indonesia collected 0.27 percent, Bank Central Asia eased 0.18 percent, Bank Mandiri gained 0.33 percent, Bank Negara Indonesia dropped 1.10 percent, Bank Rakyat Indonesia sank 1.02 percent, Indosat lost 0.86 percent, Bumi Resources fell 2.53 percent, Aneka Tambang plummeted 3.30 percent and Vale Indonesia plunged 3.11 percent.

The lead from Wall Street offers little clarity as stocks fell under pressure early on Friday but recovered later in the day to end mixed and little changed.

The Dow shed 63.20 points or 0.25 percent to 25,106.33, while the NASDAQ added 9.85 points or 0.14 percent to 7,298.20 and the S&P 500 rose 1.83 points or 0.07 percent to 2,707.88. For the week, the Dow added 0.2 percent, and the NASDAQ and S&P both gained 0.1 percent.

The early weakness on Wall Street came amid lingering concerns about a potential trade deal between the U.S. and China. Adding to worries, reports suggested the U.S. and China don't even have a draft that specifies where they disagree.

Bargain hunting triggered the recovery later in the session as investors scooped up some of the oversold shares.

Crude oil prices settled slightly higher on Friday, despite concerns about possible drop in energy demand in the near term due to global economic slowdown. West Texas Intermediate crude oil futures for March ended up $0.08 or 0.2 percent at $52.72 a barrel.
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