FX.co ★ Indonesia Bourse Poised To End Losing Streak

The Indonesian stock market has experienced losses over the two consecutive sessions, plummeting nearly 140 points or approximately 2 percent. Currently, the Jakarta Composite Index stands just over 7,035 points, however, there are expectations of a halt in this decline on Monday.

The global anticipation for Asian markets is optimistic, fueled by positive inflation data and support from oil and technology sectors. Both European and U.S. markets had a strong performance and Asian markets are expected to follow suit.

On Friday, the Jakarta Composite Index (JCI) reported significant losses across all sectors with the financials, resource stocks and cement companies bearing the largest blow. On that day, the index fell by 119.22 points or 1.67 percent, beginning at its daily peak of 7,149.25 and ending at its daily low of 7,036.08.

Among some active entities, Bank CIMB Niaga dipped 3.49 percent, Bank Mandiri lost 2.88 percent, Bank Danamon Indonesia was down 1.46 percent, Bank Negara Indonesia decreased 2.83 percent, Bank Central Asia was down 1.53 percent, Bank Rakyat Indonesia fell 6.21 percent. Other notable decliners include Indosat Ooredoo Hutchison, Indocement, Semen Indonesia, Indofood Sukses Makmur, United Tractors, Astra International, and Astra Agro Lestari. However, a few companies like Energi Mega Persada, Aneka Tambang, and Vale Indonesia made gains.

Wall Street made a strong showing with major averages experiencing an upward trajectory throughout Friday. The Dow increased by 153.86 points or 0.40 percent and closed at 38,239.66, while NASDAQ spiked 316.10 points or 2.02 percent to end at 15,927.90 and the S&P 500 rose by 51.54 points or 1.02 percent to close at 5,099.96.

For the week, NASDAQ rose 4.2 percent, the S&P 500 surged 2.7 percent and Dow increased by 0.7 percent. Positive reaction to the latest earnings news from major tech companies such as Alphabet, Microsoft, and Snap boosted the rally on Wall Street.

Furthermore, data released by the Commerce Department indicated that U.S. consumer prices have increased as per the estimates in March. This news was received positively by traders. Following the release of the report, treasury yields moved lower, which curbed any negative reaction to the data.

Lastly, oil prices saw an upward trend on Friday, driven by optimism about the outlook for oil demand and concerns about supply. The price of West Texas Intermediate Crude oil for June ended higher by $0.28 or 0.34 percent at $83.85 a barrel, resulting in a gain of 0.85 percent for the week.