Indonesia Bourse: Support Expected At 7,500 Points

(RTTNews) - The Indonesia stock market headed south again on Friday, one day after snapping the six-day losing streak in which it had stumbled more than 230 points or 3 percent. The Jakarta Composite Index now rests just above the 7,500-point plateau although it's expected to bounce higher again on Monday.

The global forecast for the Asian markets is positive on solid earnings news and renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The JCI finished modestly lower on Friday following losses from the food, finance, telecom, cement and resource sectors.

For the day, the index dropped 68.76 points or 0.91 percent to finish at 7,505.26 after trading between 7,485.46 and 7,583.69.

Among the actives, Bank CIMB Niaga tanked 2.41 percent, while Bank Mandiri sank 0.75 percent, Bank Danamon Indonesia retreated 1.56 percent, Bank Negara Indonesia dropped 0.95 percent, Bank Central Asia jumped 1.71 percent, Bank Rakyat Indonesia tumbled 2.08 percent, Indosat Ooredoo Hutchison surrendered 2.80 percent, Semen Indonesia plunged 3.54 percent, Indofood Sukses Makmur plummeted 3.95 percent, United Tractors shed 0.73 percent, Astra International fell 0.49 percent, Energi Mega Persada declined 1.41 percent, Astra Agro Lestari lost 0.74 percent, Aneka Tambang crashed 5.00 percent, Jasa Marga skidded 1.44 percent, Vale Indonesia slid 0.52 percent, Timah stumbled 3.07 percent, Bumi Resources slumped 2.88 percent and Bank Maybank Indonesia and Indocement were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the trading day.

The Dow jumped 288.73 points or 0.69 percent to finish at 42,052.19, while the NASDAQ added 144.77 points of 0.80 percent to end at 18,239.92 and the S&P 500 rose 23.35 points or 0.41 percent to close at 5,728.80.

For the week, the Dow eased 0.2 percent, the S&P slumped 1.4 percent and the NASDAQ stumbled 1.5 percent.

The strength on Wall Street reflected a positive reaction to upbeat earnings news from big-name companies like Intel (INTC) and Amazon (AMZN).

Traders also digested the Labor Department's closely watched jobs report, which showed weaker than expected job growth in October. The data raised some concerns about the strength of the economy, but the report also led to renewed optimism about the outlook for interest rates.

Oil futures settled modestly higher on Friday amid concerns about tensions in the Middle East after a report said Iran is planning further attacks on Israel. West Texas Intermediate Crude oil futures for December ended higher by $0.23 or 0.33 percent at $69.49 a barrel.