Soft Start Expected For Indonesia Stock Market – Nasdaq

This post was originally published on this site

Shutterstock photo


(RTTNews.com) – The Indonesia stock market on Friday snapped the two-day winning streak in which it had climbed almost 55 points or 1 percent. The Jakarta Composite Index now rests just below the 5,570-point plateau, and the market may extend its losses on Monday.

The global forecast for the Asian markets suggests mild consolidation on profit taking, although support from crude oil prices should limit the downside. The European markets were mixed on Friday and the U.S. bourses were slightly lower – and the Asian markets figure to split the difference.

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

Among the actives, Astra Agro Lestari shed 1.65 percent, while Aneka Tambang added 0.69 percent, Vale Indonesia spiked 3.91 percent, Bumi Resources advanced 1.22 percent, XL Axiata plunged 4.97 percent, Bank MNC Internasional climbed 1.52 percent, Bank Danamon Indonesia tumbled 4.08 percent, Bank Mandiri lost 0.64 percent and Indocement dipped 0.30 percent.

The lead from Wall Street is soft as stocks turned in a lackluster performance on Friday, eventually finishing in the red.

The Dow shed 65.27 points or 0.3 percent to 20,663.22, while the NASDAQ fell 2.61 points or 0.1 percent to 5,911.74 and the S&P lost 5.34 points or 0.2 percent to 2,362.72. For the week, the Dow rose 0.3 percent, the S&P added 0.8 percent and the NASDAQ rose 1.4 percent.

Buying interest has remained soft as the failure of the Republican healthcare bill has led to uncertainty about President Trump’s ability to achieve his policy goals.

In economic news, the Commerce Department said that personal income rose in line with economist estimates in February, although personal spending inched up less than expected.

Also, MNI Indicators said that Chicago-area business activity saw a faster rate of growth in March, while the University of Michigan noted an unexpected downward revision to its consumer sentiment index for March.

Crude oil futures edged higher Friday, despite a quarterly loss. May WTI oil was up 25 cents or 0.5 percent to $50.60/bbl. Prices were down 5.8 percent for the second quarter.

Closer to home, Indonesia will release March numbers for consumer prices later today. In February, overall inflation was up 0.23 percent on month and 3.83 percent on year, while core CPI was up 0.37 percent on month and 3.41 percent on year.

For comments and feedback: contact editorial@rttnews.com

http://www.rttnews.com