JAKARTA: Indonesia stock market has alternated between positive and negative finishes through the last six trading days since the end of the three-day slide in which it had surrendered almost 100 points or 1.5 percent. The Jakarta Composite Index now rests just above the 6,580-point plateau although it’s expected to turn higher again on Monday.The global forecast for the Asian markets is mixed to higher, thanks to bargain hunting after heavy losses last week. The European markets were down, and the U.S. bourses were mostly higher – and the Asian markets figure to follow the latter lead.
The JCI finished modestly lower on Friday following losses from the food and resource stocks, while the financials were mixed.
For the day, the index dipped 23.74 points or 0.36 percent to finish at 6,582.32 after trading between 6,561.04 and 6,597.71. There were 229 decliners and 134 gainers, with 108 stocks finishing unchanged.
Among the actives, Tiga Pilar Sejahtera Food plummeted 3.68 percent, while Bank MNC Internasional tumbled 1.92 percent, XL Axiata skidded 1.73 percent, Bank Pan Indonesia dropped 1.53 percent, Jasa Marga retreated 1.38 percent, Lotte Chemical shed 0.50 percent, Bank Mandiri jumped 1.19 percent, Bumi Resources gave away 1.92 percent, Vale Indonesia plunged 4.55 percent, Indofood slid 0.96 percent and Voksel Electric and Bank Danamon Indonesia were unchanged.
The lead from Wall Street is cautiously optimistic as stocks showed a significant turnaround on Friday after opening lower. The major averages bounced well off their lows of the session, with the NASDAQ and the S&P 500 climbing into positive territory.
The Dow shed 70.92 points or 0.29 percent to 24,538.06, while the NASDAQ added 77.31 points or 1.08 percent to 7,257.87 and the S&P gained 13.58 points or 0.51 percent to 2,691.25. For the week, the Dow plunged 3 percent, the S&P tumbled 2 percent and the NASDAQ slumped 1.1 percent.
Bargain hunting may have contributed to the rebound on Wall Street as the early weakness followed the sharp pullback in the past three sessions. The drop came as traders expressed concerns about how President Donald Trump’s plans to impose new tariffs on steel and aluminum imports will affect global trade.
