No Help Yet For Indonesia Stock Market

(RTTNews) - Ahead of the long holiday weekend for Ascension Day, the Indonesia stock market had moved lower in four straight sessions, sinking almost 460 points or 6.3 percent in that span. The Jakarta Composite Index now rests just above the 6,720-point plateau and it's got another weak lead for Monday's trade.

The global forecast for the Asian markets is negative on surging oil prices, ambiguity about the conflict in the Middle East and concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The JCI finished sharply lower on Wednesday following losses from the financial, cement, food and resource sectors.

For the day, the index tumbled 135.58 points or 1.98 percent to finish at 6,723.32 after trading between 6,705.43 and 6,787.35.

Among the actives, Bank CIMB Niaga collected 0.90 percent, while Bank Mandiri dropped 0.94 percent, Bank Danamon Indonesia rose 0.23 percent, Bank Negara Indonesia skidded 1.02 percent, Bank Central Asia shed 0.41 percent, Bank Rakyat Indonesia tanked 3.11 percent, Indosat Ooredoo Hutchison advanced 0.85 percent, Indocement tumbled 2.40 percent, Semen Indonesia slumped 0.96 percent, Indofood Sukses Makmur surrendered 2.15 percent, United Tractors contracted 1.01 percent, Astra International stumbled 1.71 percent, Energi Mega Persada rallied 2.22 percent, Astra Agro Lestari plunged 5.88 percent, Antam cratered 1.96 percent, Vale Indonesia crashed 3.29 percent, Timah gained 0.82 percent and Bumi Resources climbed 0.94 percent.

The lead from Wall Street is bleak as the major averages opened lower on Friday and remained in the red throughout the trading day, ending ta session lows.

The Dow tumbled 537.33 points or 1.07 percent to finish at 49,526.17, while the NASDAQ plunged 410.05 points or 1.54 percent to close at 26,225.14 and the S&P 500 sank 92.74 points or 1.24 percent to end at 7,408.50.

For the week, the S&P perked 0.1 percent, while the NASDAQ eased 0.1 percent and the Dow slipped 0.2 percent.

The sell-off on Wall Street reflected profit taking following recent strength in the markets, which lifted the NASDAQ and S&P 500 to record highs, with technology shares leading the markets lower.

A sharp increase in treasury yields also weighed on the markets, with the yield on the benchmark 10-year note surging to its highest levels in almost a year after recent data has shown significant accelerations in the pace of consumer and producer price inflation, leading to concerns about the outlook for interest rates.

Crude oil prices surged on Friday after the U.S.-China summit ended with no announcement of Chinese intervention to end the gulf war, leaving the Strait of Hormuz blockade in place. West Texas Intermediate crude for June was up $4.18 or 4.13 percent at $105.35 per barrel.