Losses May Accelerate For Indonesia Stock Market

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(RTTNews) – The Indonesia stock market on Friday ended the two-day winning streak in which it had advanced more than 50 points or 0.8 percent. The Jakarta Composite Index now sits just beneath the 6,000-point plateau and it’s looking at another soft start again on Monday.

The global forecast for the Asian markets suggests consolidation on sliding crude oil prices and another local surge in coronavirus cases. The European markets were mixed and the U.S. bourses were down and the Asian markets are also tipped to open in the red.

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

For the day, the index fell 17.34 points or 0.29 percent to finish at 5,995.62 after trading between 5,985.02 and 6,033.90.

Among the actives, Bank Negara Indonesia plummeted 2.98 percent, while Bank Central Asia eased 0.08 percent, Bank Mandiri sank 0.80 percent, Bank Rakyat Indonesia plunged 2.64 percent, Indosat added 0.38 percent, Indocement tanked 2.10 percent, Semen Indonesia skidded 1.18 percent, United Tractors dropped 0.94 percent, Astra International advanced 1.38 percent, Energi Mega Persada surged 3.70 percent, Astra Agro Lestari gained 0.54 percent, Aneka Tambang lost 0.80 percent, Vale Indonesia retreated 0.86 percent, Timah declined 1.14 percent, Bumi Resources jumped 1.61 percent and Bank Danamon Indonesia, Bank CIMB Niaga and Indofood Suskes were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained in the red throughout the trading day.

The Dow dropped 185.51 points or 0.54 percent to finish at 33,874.85, while the NASDAQ sank 119.86 points or 0.85 percent to end at 13,962.68 and the S&P 500 lost 30.30 points or 0.72 percent to close at 4,181.17.

For the week, the S&P 500 was nearly flat, while the Dow and the NASDAQ fell 0.5 percent and 0.4 percent, respectively. For the month, the NASDAQ spiked 5.4 percent, the S&P jumped 5.2 percent and the Dow climbed 2.7 percent.

The pullback on Friday reflected profit taking and a reaction to mixed earnings news from the likes of Twitter (TWTR),