Indonesia Stock Market Draws Flat Lead


The Indonesia stock market has moved higher in back-to-back trading days, collecting more than 180 points or 2.8 percent along the way. The Jakarta Composite Index now rests just above the 5,955-point plateau although it may spin its wheels on Monday.

The global forecast for the Asian markets is inconclusive after a fall in crude oil prices. The European and U.S. markets were mixed and flat, and the Asian bourses figure to follow suit.

The JCI finished modestly higher on Friday following gains from the financial shares and resource stocks.

For the day, the index gained 48.89 points or 0.83 percent to finish at 5,956.83 after trading between 5,921.19 and 6,023.04.

Among the actives, XL Axiata surged 4.50 percent, while Vale Indonesia soared 3.21 percent, Bank Pan Indonesia jumped 1.69 percent, SLJ Global climbed 1.56 percent, Bukit Darmo Property skidded 1.32 percent, Jasa Marga added 0.98 percent, Tiga Pilar Sejahtera Food lost 0.92 percent, Lotte Chemical gained 0.59 percent, Bank Danamon Indonesia dropped 1.20 percent, Bank Mandiri collected 0.35 percent, Bumi Resources spiked 2.48 percent, Indofood advanced 1.96 percent and Bank MNC Internasional and Voksel Electric were unchanged.

The lead from Wall Street is cautiously optimistic as stocks were lackluster on Friday, bouncing back and forth across the unchanged line before ending mostly higher.

The Dow climbed 91.64 points or 0.37 percent to 24,831.17, the NASDAQ fell 2.09 points or 0.03 percent to 7,402.88 and the S&P 500 rose 4.65 points or 0.17 percent to 2,727.72. For the week, the NASDAQ surged 2.7 percent, Dow jumped 2.3 percent and the S&P 500 spiked 2.4 percent.

The markets initially benefited from the upward momentum in the two previous sessions, but buying interest waned as the day progressed.

Traders also digested President Donald Trump's outline of his plan to reduce high drug prices, which he has previously described as a top priority for his administration.

In economic news, the Labor Department said import prices increased less than expected in April, while export prices gained more than expected. Also, the University of Michigan said consumer sentiment held steady in early May.

Crude oil futures fell Friday amid signs that U.S. production will remain robust. June WTI oil fell 66 cents or 0.9 percent to settle at $70.70/bbl. Prices were up 1.4 percent for the week.