Indonesia Bourse May Hand Back Friday's Gains

(RTTNews) - The Indonesia stock market on Friday snapped the two-day slide in which it had given up more than 85 points or 1.2 percent. The Jakarta Composite Index now sits just above the 6,175-point plateau although it may head south again on Monday.

The global forecast for the Asian markets is week after Iran closed down the Strait of Hormuz again over the weekend. The European markets were soft and the U.S. bourses were off and the Asian markets also figure to open in the red.

The JCI finished slightly higher on Friday as gains from the financial and telecom shares were capped by weakness from the resource and cement companies.

For the day, the index rose 4.80 points or 0.08 percent to finish at 6,177.14 after trading between 6,117.31 and 6,215.06.

Among the actives, Bank CIMB Niaga climbed 1.26 percent, while Bank Mandiri crashed 3.58 percent, Bank Danamon Indonesia collected 0.73 percent, Bank Negara Indonesia retreated 1.61 percent, Bank Central Asia soared 3.70 percent, Bank Rakyat Indonesia slumped 1.01 percent, Indosat Ooredoo Hutchison rose 0.29 percent, Indocement cratered 3.60 percent, Semen Indonesia plunged 4.00 percent, Indofood Sukses Makmur skidded 1.10 percent, United Tractors shed 0.55 percent, Astra International improved 0.84 percent, Energi Mega Persada stumbled 1.76 percent, Astra Agro Lestari fell 0.40 percent, Antam tanked 2.84 percent, Vale Indonesia dropped 0.98 percent, Timah plunged 3.86 percent and Bumi Resources tumbled 1.75 percent.

The markets on Wall Street were closed on Friday for the Juneteenth holiday, but the European bourses ended mostly under water.

The UK's FTSE 100 ended down 0.35 percent, while Germany's DAX drifted down 0.16 percent and France's CAC 40 lost 0.55percent and Switzerland's SMI edged up 0.06 percent.

The weakness that emerged was due to uncertainty about U.S. and Iran securing a lasting peace truce in the Middle East following the abrupt cancellation of talks between the two nations in Switzerland.

The cancellation happened following exchange of fresh attacks between Israel and Hezbollah, and Iran then accused the U.S. of breaking the agreement - since one of the main conditions was for Israel to also cease hostilities.

Crude oil prices tumbled last week on reports that the Strait of Hormuz was re-opened, falling more than 10 percent from the previous week's close to below $80. But Iran closed the strait again over the weekend, likely prompting a rebound in crude prices this week.