Lower Open Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had added more than 80 points or 1.2 percent. The Jakarta Composite Index now rests just beneath the 6,640-point plateau and it's likely to open under pressure again on Monday.

The global forecast for the Asian markets suggests consolidation on renewed concerns over the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Friday following losses from the healthcare and cement sectors.

For the day, the index shed 31.42 points or 0.47 percent to finish at 6,636.48 after trading between 6,633.92 and 6,704.12.

The lead from Wall Street is weak as the major averages opened lower on Friday and spent the whole day firmly under water, finishing near session lows.

The Dow dropped 271.85 points or 0.51 percent to finish at 53,414.25, while the NASDAQ sank 77.11 points or 0.29 percent to close at 26,506.99 and the S&P 500 fell 29.11 points or 0.38 percent to end at 77,18.60. For the week, the Dow dipped 0.5 percent, the NASDAQ rose 0.4 percent and the S&P perked 0.1 percent.

The pullback on Wall Street came amid renewed concerns about the outlook for interest rates following the release of much stronger-than-expected U.S. jobs data for August.

Treasury yields jumped in reaction to the report, as the strong data could make the Federal Reserve more comfortable about raising interest rates later this month in an effort to fight sticky inflation.

According to CME Group's FedWatch Tool, the chances the Fed will raise rates by a quarter point have bounced back to 58.4 percent after falling below 50 percent last week.

Crude oil prices eased on Friday, reversing gains from the two previous sessions as the U.S. and Iran refrained from any military attacks. West Texas Intermediate crude for October delivery dipped $0.15 or 0.16 percent at $91.15 per barrel.