Indonesia Stock Market Predicted To Open Under Pressure On Monday

(RTTNews) - The Indonesia stock market on Friday wrote a finish to the modest two-day winning streak in which it had collected more than 30 points or 0.4 percent. The Jakarta Composite Index now sits just above the 6,765-point plateau and it may extend its losses on Monday.

The global forecast for the Asian markets is broadly negative on concerns over the outlook for interest rates, while financial shares are especially likely to fall under pressure. The European and U.S. markets finished sharply lower and the Asian markets are tipped to open in similar fashion.

The JCI finished modestly lower on Friday as weakness from the financials was mitigated by support from the resource stocks.

For the day, the index shed 34.49 points or 0.51 percent to finish at 6,765.30.

Among the actives, Bank Danamon Indonesia tumbled 1.75 percent, while Bank CIMB Niaga dropped 0.81 percent, Bank Negara Indonesia slumped 1.37 percent, Bank Central Asia retreated 1.46 percent, Bank Mandiri shed 0.72 percent, Bank Rakyat Indonesia collected 0.21 percent, Semen Indonesia tanked 2.17 percent, Indofood Suskes fell 0.41 percent, United Tractors lost 0.74 percent, Astra International sank 0.83 percent, Astra Agro Lestari added 0.62 percent, Aneka Tambang rose 0.27 percent, Vale Indonesia advanced 0.79 percent, Timah skidded 0.87 percent, Bumi Resources rallied 2.38 percent and Indosat Ooredoo Hutchison, Indocement and Energi Mega Persada were unchanged.

The lead from Wall Street suggests consolidation as the major averages spent the morning session relatively unchanged but plummeted in the afternoon, finishing near session lows.

The Dow plummeted 345.26 points or 1.07 percent to finish at 31,909.64, while the NASDAQ tumbled 199.51 points or 1.76 percent to close at 11,138.89 and the S&P 500 slumped 56.73 points or 1.45 percent to end at 3,861.59.

The weakness on Wall Street came as concerns about the potential fallout from the implosions of Silicon Valley Bank (SVB) and Silvergate Capital triggered a sell-off in the financial sector.

Investors also digested the crucial non-farm payroll data for the month of February. The data showing an acceleration in U.S. job growth raised concerns the Fed will continue to remain aggressive with regard to interest rate hikes.

Crude oil prices climbed higher on Friday on Russia's decision to trim oil output by 500,000 barrels per day in March. West Texas Intermediate Crude oil futures for April ended higher by $0.96 or 1.3 percent at $76.68 a barrel, rebounding after three successive days of losses.