Indonesian stock market expected to rebound
(RTTNews) – The Indonesian stock market ended a two-day winning streak on Friday in which it jumped nearly 110 points, or 1.8%. The Jakarta Composite Index now sits just above the 6,095 point plateau, although it is expected to rebound higher again on Monday.
Global forecasts for Asian markets are optimistic, with support from oil and tech stocks in particular. The European and US markets were up and Asian stock exchanges are expected to open similarly.
JCI ended slightly lower on Friday as losses in financials and cement were tempered by support from resource companies.
For the day, the index lost 12.04 points or 0.20% to end at 6,095.50 after trading between 6,084.24 and 6,134.88.
Among assets, Bank Danamon Indonesia slipped 1.29%, while Bank CIMB Niaga lost 0.52%, Bank Central Asia plunged 2.27%, Bank Mandiri climbed 1.21%, Bank Rakyat Indonesia 0.47%, Indosat fell 1.81%, Indocement fell 2.36%, Indofood Suskes rose 0.40%, United Tractors jumped 1.66%, Astra International fell 2.36% 2.31 percent, Energi Mega Persada soared 4.67 percent, Astra Agro Lestari fell 0.28 percent, Aneka Tambang rose 2.48 percent, Vale Indonesia grew 2.33 percent percent, Timah rose 0.95%, Bumi Resources jumped 5.00 percent, and Semen Indonesia and Bank Negara Indonesia remained unchanged.
Wall Street’s lead ended up being slightly positive as stocks opened higher on Friday, but quickly fell into the red before a late rally saw them end with a slight rise.
The Dow added 13.36 points or 0.04% to end at 34,479.60, while the NASDAQ gained 49.09 points or 0.35% to end at 14,069.42 and the S&P 500 rose by 8.26 points or 0.19% to close at 4,247.44. For the week, the NASDAQ jumped 1.8%, the Dow Jones fell 0.8% and the S&P gained 0.4%.
Traders were reluctant to take any significant action ahead of the Federal Reserve’s monetary policy meeting this week. The Fed is expected to leave its monetary policy unchanged, but traders will look for any hint that the central bank is considering reducing its asset purchases.
On the economic news side, the University of Michigan announced a larger-than-expected rebound in its consumer confidence index in June.
Crude oil prices rose on Friday amid rising expectations that global energy demand will pick up thanks to accelerating vaccination deployments. West Texas Intermediate crude oil futures for July stood at $ 70.91 a barrel, gaining $ 0.62 or 0.9%. For the week, WTI crude futures rose 1.9%, for a third straight week.
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