Rebound Predicted For Indonesia Stock Market – Nasdaq

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( – The Indonesia stock market headed south again on Friday, one session after it had ended the four-day losing streak in which it had surrendered more than 230 points or 3.5 percent. The Jakarta Composite Index now rests just beneath the 6,435-point plateau although it may find renewed support on Monday.

The global forecast for the Asian markets is broadly positive thanks to solid U.S. employment data and a spike in crude oil prices. The European and U.S. markets were higher and the Asian markets figure to follow suit.

The JCI finished slightly lower on Friday following mixed performances from the financial shares and food stocks.

For the day, the index lost 9.70 points or 0.15 percent to finish at 6,433.32 after trading between 6,382.89 and 6,459.03. There were 193 decliners and 172 gainers, with 115 stocks finishing unchanged.

Among the actives, Voksel Electric soared 5.31 percent, while Bank Pan Indonesia tumbled 3.24 percent, Tiga Pilar Sejahtera Food dropped 3.17 percent, Indofood surged 1.71 percent, Astra Graphia spiked 1.72 percent, XL Axiata jumped 1.10 percent, Lotte Chemical skidded 0.97 percent, Jasa Marga shed 0.48 percent, Vale Indonesia added 0.67 percent and Bumi Resources, Bank Mandiri, Bank Danamon Indonesia and Bank MNC Internasional were unchanged.

The lead from Wall Street is solid as stocks moved sharply higher on Friday, adding the gains in the previous session as the NASDAQ closed higher for the sixth straight session to a record closing high.

The Dow spiked 440.53 points or 1.77 percent to 25,335.74, while the NASDAQ jumped 132.86 points or 1,79 percent to 7,560.81 and the S&P climbed 47.60 points or 1.74 percent to 2,786.57. For the week, the NASDAQ soared 4.2 percent, the Dow jumped 3.3 percent and the S&P gained 3.5 percent.

The rally followed the Labor Department report showing stronger than expected job growth in February.

The markets also benefited from easing geopolitical concerns amid news President Donald Trump has agreed to meet with North Korean leader Kim Jong-Un.

Crude oil prices rallied Friday on data showing the U.S. rig count dropped for the first time in seven weeks. April WTI crude added $1.92 or 3.2 percent to $62.04 a barrel on the New York Mercantile Exchange. Prices were up 1.3 percent for the week.

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