Ahead of the long holiday weekend for Eid-ul-Fitr and the Ascension, the Indonesia stock market turned lower again - one session after ending the two-day slide in which it had fallen more than 45 points or 0.8 percent. The Jakarta Composite Index now sits just beneath the 5,940-point plateau and it's likely to be in for a wild ride on Monday as it catches up on missed sentiment.
The global forecast for the Asian is upbeat, with bargain hunting expected especially from the technology and oil stocks. The European and U.S. bourses were up and the Asian markets are tipped to open in similar fashion.
The JCI finished modestly lower on Tuesday following mixed performances from the financial shares and the resource stocks.
For the day, the index lost 37.44 points or 0.63 percent to finish at 5,938.35 after trading between 5,911.38 and 5,966.66.
Among the actives, Bank CIMB Niaga shed 0.50 percent, while Bank Negara Indonesia sank 0.90 percent, Bank Central Asia collected 0.93 percent, Bank Mandiri skidded 1.26 percent, Bank Rakyat Indonesia declined 1.48 percent, Indosat dropped 0.82 percent, Semen Indonesia fell 0.25 percent, United Tractors retreated 1.38 percent, Astra International plunged 2.79 percent, Astra Agro Lestari tanked 2.87 percent, Aneka Tambang shed 0.37 percent, Vale Indonesia climbed 1.37 percent, Timah eased 0.27 percent, Bumi Resources climbed 1.61 percent and Indocement, Indofood Suskes and Bank Danamon Indonesia were unchanged.
The lead from Wall Street is broadly positive as stocks opened well into the green on Friday and picked up steam as the day progressed.
The Dow jumped 360.73 points or 1.06 percent, while the NASDAQ surged 304.98 points or 2.32 percent to end at 13,429.98 and the S&P 500 spiked 61.35 points or 1.49 percent to close at 4,173.85. For the week, the Dow shed 1.1 percent, the NASDAQ sank 2.3 percent and the S&P fell 1.4 percent.
The strength on Wall Street came as traders continued to pick up stocks at reduced levels following the sell-off seen earlier in the week.
A Commerce Department report showing retail sales were virtually unchanged in April after soaring by an upwardly revised 10.7 percent in March may also have eased concerns about the Federal Reserve tightening monetary policy.
Also, the Federal Reserve said industrial output in the U.S. increased less than expected in April, while the University of Michigan released a report showing consumer sentiment in the U.S. unexpectedly decreased in May.
Crude oil prices moved higher on Friday, due largely to short covering after the setback in the previous session. West Texas Intermediate Crude oil futures ended up by $1.55 or 2.4 percent at $65.37 a barrel. WTI crude futures gained 0.7 percent for the week.
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