Bumi ResourcesPrivate▲ Positive
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Resource and energy stocks gained, with Bumi Resources skyrocketing 12.96% on Friday, but the overall market is expected to turn lower.
The Indonesia stock market is expected to turn lower on Monday, handing back Friday's modest gains, after strong U.S. employment data weighed heavily on the outlook for interest rates. The Jakarta Composite Index added 24.28 points or 0.34 percent to finish at 7,088.97 on Friday, snapping a two-day slide, but global markets sold off sharply following the U.S. jobs report. On Wall Street, the Dow plummeted 696.75 points or 1.63 percent, the NASDAQ tumbled 317.27 points or 1.63 percent, and the S&P 500 dropped 91.21 points or 1.54 percent. The sell-off was triggered by buoyant non-farm payroll data that raised concerns the Federal Reserve will hold interest rates at current levels or slow the pace of reductions. In Jakarta, gains in resource and energy stocks were capped by weakness in financials, with Bank Mandiri tanking 2.61 percent and Bumi Resources skyrocketing 12.96 percent.
Resource and energy stocks gained, with Bumi Resources skyrocketing 12.96% on Friday, but the overall market is expected to turn lower.