Continued support expected for Indonesian stock market


(RTTNews) – The Indonesian stock market has finished higher in three consecutive sessions, rising more than 75 points or 1.2% along the way. The Jakarta Composite Index now sits just above the 6,645 plateau and is expected to extend its gains again on Monday.

The global outlook for Asian markets is upbeat, supported by optimism over quarterly earnings and crude oil prices. European markets were down and US stock markets were up and Asian markets should follow the latter lead.

JCI ended slightly higher on Friday after gains in financial stocks and cement companies, while resource stocks were mixed.

For the day, the index advanced 34.35 points or 0.52% to end at the daily high of 6,645.51 after falling to 6,603.49.

Among assets, Bank Danamon Indonesia rose 0.86%, while Bank CIMB Niaga rose 0.52%, Bank Negara Indonesia climbed 4.17%, Bank Central Asia fell 0.32%, Bank Mandiri climbed 1.32%, Indosat lost 0.43%, Indocement added 0.46%, Semen Indonesia improved 1.11%, Indofood Suskes fell 0.78%, Energi Mega Persada jumped 1.80%, Bakrie Sumatera Plantations fell 0.90%, Astra Agro Lestari fell 0.51%, Aneka Tambang rose 0.28%, Vale Indonesia fell 0, 84%, Timah gained 0.72%, Bumi Resources fell 5.00% and Bank Rakyat Indonesia, United Tractors, Astra International and Bakrieland Development remained unchanged.

Wall Street’s lead is solidly positive as major averages broke off a soft start on Friday and used a late-day rally to end sharply higher.

The Dow Jones jumped 564.67 points or 1.65% to end at 34,725.47, while the NASDAQ jumped 417.77 points or 3.13% to close at 13,770.57 and the S&P 500 jumped 105.34 points or 2.43% to end at 4,431.85. For the week, the Dow added 1.3%, the S&P added 0.8% and the NASDAQ rose 0.1%.

The rebound during the trading day reflected bargain hunting, with the NASDAQ and S&P 500 bouncing off multi-month closing lows. Tech giant Apple (AAPL) and credit card giant Visa (V) led the way with strong quarterly results.

Traders also digested a Commerce Department report showing core consumer price growth accelerated to a nearly 40-year high of 4.9% in December, while personal spending fell. by 0.6%.

Crude oil futures edged higher on Friday as prices climbed amid supply issues. Geopolitical issues and limited production increases from major crude producers amid surging fuel demand have contributed to higher oil prices.

West Texas Intermediate crude oil futures for March ended up $0.21 or 0.2% at $88.82 a barrel. WTI futures, which hit their highest level in more than seven years, gained around 2% during the week.

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


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