Indonesia Stock Market May Spin Its Wheels On Monday

(RTTNews) - The Indonesia stock market headed south again on Friday, one day after ending the three-day losing streak in which it had plunged almost 300 points or 4.9 percent. The Jakarta Composite Index now sits just beneath the 5,900-point plateau and it's likely to hover around that area again on Monday.

The global forecast for the Asian markets is flat to lower on concerns over the situation in the Middle East and on the outlook for interest rates. The European markets were down and the U.S. bourses were barely in the red and the Asian markets figure to follow the latter lead.

The JCI finished sharply lower on Friday following losses from the financial shares, resource stocks, telecoms and cement companies.

For the day, the index tumbled 102.91 points or 1.72 percent to finish at 5,896.13 after trading between 5,830.14 and 6,045.26.

Among the actives, Bank CIMB Niaga dropped 0.95 percent, while Bank Mandiri dipped 0.25 percent, Bank Danamon Indonesia sank 0.75 percent, Bank Negara Indonesia contracted 0.90 percent, Bank Central Asia rallied 2.49 percent, Bank Rakyat Indonesia collected 0.70 percent, Indosat Ooredoo Hutchison shed 0.85 percent, Indocement eased 0.24 percent, Semen Indonesia retreated 1.35 percent, United Tractors added 0.44 percent, Astra International tumbled 3.25 percent, Energi Mega Persada cratered 10.73 percent, Astra Agro Lestari tanked 2.89 percent, Antam skidded 1.09 percent, Vale Indonesia stumbled 1.77 percent, Timah plunged 5.22 percent, Bumi Resources plummeted 4.73 percent and Indofood Sukses Makmur was unchanged.

The lead from Wall Street is weak as the major averages opened lower on Friday, peeked back above the unchanged line by midday but slumped again heading into the close.

The Dow shed 44.51 points or 0.09 percent to finish at 51,876.11, while the NASDAQ sank 60.99 points or 0.24 percent to close at 25,297.62 and the S&P 500 eased 3.47 points or 0.05 percent to end at 7,354.02.

The weakness that emerged on Wall Street came un the ambiguity surrounding the peace process in the U.S.-Iran conflict, while the earlier positive bounce was the result of sliding crude oil prices.

Crude oil prices tumbled on Friday as optimism increases on resumption of oil flow from the Arab region. West Texas Intermediate crude for August delivery was down $2.60 or 3.62 percent at $69.32 per barrel.

In economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. rebounded slightly more than estimated in June. The University of Michigan said its consumer sentiment index for June was upwardly revised to 49.5 from the previously reported 48.9.