Indonesia Stock Market May Reverse Friday's Losses

(RTTNews) - The Indonesia stock market on Friday snapped the modest two-day winning streak in which it had collected more than 40 points or 0.6 percent. The Jakarta Composite Index now rests just beneath the 6,475-point plateau although it's expected to bounce higher again on Monday.

The global forecast for the Asian markets is upbeat on solid economic data and trade optimism. The European and U.S. markets were higher on Friday and the Asian bourses are tipped to follow suit.

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

For the day, the index slid 20.61 points or 0.32 percent to finish at 2,474.02 after trading between 6,473.96 and 6,506.80.

Among the actives, Bank Danamon Indonesia tumbled 1.83 percent, while Bank Mandiri skidded 1.63 percent, Bank Central Asia shed 0.72 percent, Bank Negara Indonesia lost 0.77 percent, Bank Rakyat Indonesia collected 0.95 percent, Indosat surged 6.94 percent, Indocement plunged 2.09 percent, Semen Indonesia dropped 1.44 percent, Indofood Suskes advanced 0.78 percent, Bumi Resources plummeted 3.42 percent, Aneka Tambang lost 1.09 percent, Vale Indonesia fell 0.58 percent, Timah advanced 0.73 percent and Unilever Indonesia was unchanged.

The lead from Wall Street is positive as stocks opened modestly higher on Friday and remained in the green throughout the session.

The Dow added 40.36 points or 0.15 percent to 26,424.99, while the NASDAQ gained 46.91 points or 0.59 percent to 7,938.69 and the S&P 500 rose 13.35 points or 0.46 percent to 2,892.74. For the week, the Dow added 1.9 percent, the NASDAQ jumped 2.7 percent and the S&P rose 2.1 percent.

The initial strength on Wall Street came in reaction to the Labor Department report showing a significant jump in the pace of U.S. job growth in March.

The markets maintained a positive bias amid continued indications of progress in U.S.-China trade talks after the latest round of high-level negotiations.

Crude oil futures ended higher on Friday, supported by OPEC-led supply cuts. West Texas Intermediate crude oil futures for May ended up $0.98 or 1.6 percent at $63.08 a barrel.
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