Renewed Consolidation Predicted For Indonesia Shares

The Indonesia stock market on Friday halted the six-day losing streak in which it had tumbled more than 200 points or 3.3 percent. The Jakarta Composite Index now rests just above the 6,010-point plateau although it’s likely to head south again on Monday.

The global forecast for the Asian markets is negative thanks to unrest in Hong Kong and how it may delay any resolution in the trade spat between the United States and China. The European and U.S. markets were down on Friday and the Asian bourses are tipped to open in similar fashion.

The JCI finished sharply higher on Friday, bucking the rest of the region on gains from the financial shares and mixed performances from the cement and resource stocks.

For the day, the index climbed 58.77 points or 0.99 percent to finish at 6,011.83 after trading between 5,939.40 and 6,015.70.

Among the actives, Bank Danamon Indonesia tumbled 1.87 percent, while Bank Mandiri spiked 2.95 percent, Bank Central Asia collected 0.48 percent, Bank Negara Indonesia climbed 1.35 percent, Bank Rakyat Indonesia advanced 0.99 percent, Indosat shed 0.35 percent, Indocement added 0.39 percent, Semen Indonesia skidded 1.29 percent, Indofood Suskes rose 0.32 percent, Bumi Resources soared 3.17 percent, Vale Indonesia fell 0.33 percent, Timah plunged 3.42 percent and Aneka Tambang was unchanged.

The lead from Wall Street is soft as stocks gave ground in Friday’s shortened session retreating from Wednesday’s record closing highs.

The Dow shed 112.59 points or 0.40 percent to 28,051.41, while the NASDAQ lost 39.70 points or 0.46 percent to 8,665.47 and the S&P 500 fell 12.65 points or 0.40 percent to 3,140.98. For the week, the NASDAQ surged 1.7 percent, the S&P jumped 1 percent and the Dow rose 0.6 percent.

The weakness on Wall Street came as traders cashed in on recent gains

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