Indonesia Shares Likely To Open Under Water On Monday

(RTTNews) - The Indonesia stock market has moved higher in two straight sessions, collecting more than 90 points or 1.1 percent along the way. Now at a fresh record closing high, the Jakarta Composite Index sits just beneath the 8,260-point plateau although it's overdue for profit taking on Monday.

The global forecast for the Asian markets is bleak on concerns of an escalation in the trade war between U.S. and China. The European and U.S. markets were sharply lower and the Asian bourses are expected to follow that lead.

The JCI finished slightly higher on Friday following mixed performances from the telecom, food and resource stocks, while the financial shares were soft.

For the day, the index rose 6.92 points or 0.08 percent to finish at 8,257.86 after trading between 8,194.05 and 8,270.33.

Among the actives, Bank CIMB Niaga shed 0.58 percent, Bank Mandiri stumbled 3.19 percent, Bank Danamon Indonesia sank 0.84 percent, Bank Negara Indonesia tanked 3.17 percent, Bank Central Asia retreated 1.99 percent, Bank Rakyat Indonesia plunged 3.37 percent, Indosat Ooredoo Hutchison rallied 2.64 percent, Indocement tumbled 2.38 percent, Semen Indonesia rose 0.39 percent, Indofood Sukses Makmur added 0.70 percent, United Tractors dropped 0.97 percent, Astra International shed 0.42 percent, Aneka Tambang spiked 2.80 percent, Vale Indonesia jumped 2.25 percent, Bumi Resources slumped 2.82 percent and Energi Mega Persada, Astra Agro Lestari and Timah were unchanged.

The lead from Wall Street is broadly negative as the major averages opened roughly flat on Friday put plummeted in the late morning and finished deep in the red at session lows.

The Dow plunged 878.82 points or 1.90 percent to finish at 45,479.60, while the NASDAQ crashed 820.20 points or 3.56 percent to close at 22,204.43 and the S&P 500 stumbled 182.60 points or 2.71 percent to end at 6,552.51.

For the week, the Dow dove 2.7 percent, the NASDAQ slumped 2.5 percent and the S&P sank 2.4 percent.

The sell-off on Wall Street came after President Donald Trump threatened to retaliate against China's expansion of export controls on rare earths. Trump accused China of "becoming very hostile" in a post on social media platform Truth Social and threatened a "massive increase" in tariffs on Chinese products coming into the U.S.

In U.S. economic news, a report released by the University of Michigan said its reading on U.S. consumer sentiment was unchanged in October, while year-ahead inflation expectations ebbed to 4.6 percent from 4.7 percent in September.

Crude oil prices tumbled on Friday after Trump threatened to massively increases tariffs on China in retaliation for its expansion of export controls on rare earths. West Texas Intermediate crude for November delivery was down $2.69 or 4.37 percent at $58.82 per barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.