The Indonesia stock market on Friday snapped the three-day winning streak in which it had surged more than 210 points or 3.7 percent. The Jakarta Composite Index now rests just above the 5,810-point plateau although it may rebound on Monday.
The global forecast for the Asian markets is positive on optimism for economic stimulus and a coronavirus vaccine. The European and U.S. markets were up and the Asian bourses figure to at least open in similar fashion.
The JCI finished modestly lower on Friday following losses from the cement and resource stocks and mixed performances from the financials.
For the day, the index dipped 12.46 points or 0.21 percent to finish at 5,810.48 after trading between 5,775.57 and 5,823.32.
Among the actives, Bank Danamon Indonesia shed 0.29 percent, Bank Mandiri collected 0.38 percent, Bank Rakyat Indonesia plunged 2.27 percent, Bank Central Asia retreated 1.08 percent, Indosat rallied 4.03 percent, Indocement tumbled 1.72 percent, Semen Indonesia sank 2.71 percent, United Tractors jumped 1.53 percent, Indofood Suskes fell 0.35 percent, Astra Agro Lestari tanked 3.51 percent, Aneka Tambang dropped 0.80 percent, Timah lost 0.41 percent, Bumi Resources plummeted 4.23 percent and Bank Negara Indonesia, Bank CIMB Niaga and Vale Indonesia were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the session, closing at fresh record highs.
The Dow jumped 248.74 points or 0.83 percent to finish at 30,218.26, while the NASDAQ gained 87.05 points or 0.70 percent to end at 12,464.23 and the S&P 500 rose 32.40 points or 0.88 percent to close at 3,699.12. For the week, the Dow added 1 percent, the NASDAQ jumped 2.1 percent and the S&P was up 1.7 percent.
The strength on Wall Street came despite the Labor Department report showing much weaker than expected job growth in November - but it underscored the need for stimulus from the government.
Traders are also hoping that the weaker than expected job growth will spur lawmakers in Washington to finally pass a new fiscal stimulus bill, although it remains to be seen if they can reach an agreement after months of stagnation.
Continued optimism about coronavirus vaccines also helped traders shrug off the disappointing jobs data, even as the virus surges and may force additional lockdown measures.
Oil prices moved higher on Friday as OPEC and Russia agreed to increase output beginning next month at a much slower pace to overcome coronavirus-induced demand concerns. West Texas Intermediate crude futures climbed $0.62 or 1.4 percent to $46.26 a barrel.
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