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Win Streak May Continue For Indonesia Stock Market

2024-06-07MyfxbookMyfxbook
The Indonesia stock market has moved higher in two straight sessions, collecting more than 70 points or 1 percent along the way. The Jakarta Composite Index now sits just beneath the 7,160-point plateau and it's likely
Win Streak May Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in two straight sessions, collecting more than 70 points or 1 percent along the way. The Jakarta Composite Index now sits just beneath the 7,160-point plateau and it's likely to see additional support on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for inflation. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion on Monday.

The JCI finished modestly higher on Friday as gains from the resource stocks were capped by weakness from the financial sector.

For the day, the index added 24.98 points or 0.35 percent to finish at 7,159.60 after trading between 7,123.04 and 7,201.63.

Among the actives, Bank CIMB Niaga stumbled 2.07 percent, while Bank Mandiri dropped 0.87 percent, Bank Danamon Indonesia collected 0.72 percent, Bank Negara Indonesia plummeted 3.79 percent, Bank Central Asia sank 0.85 percent, Bank Rakyat Indonesia slumped 1.83 percent, Indosat Ooredoo Hutchison added 0.53 percent, Indocement retreated 1.57 percent, Indofood Suskes lost 0.78 percent, United Tractors spiked 2.76 percent, Energi Mega Persada tumbled 1.82 percent, Astra Agro Lestari rose 0.35 percent, Aneka Tambang surged 3.06 percent, Vale Indonesia climbed 1.16 percent, Timah tanked 2.29 percent and Bumi Resources, Astra International, Semen Indonesia and Perusahaan Gas Negara were unchanged.

The lead from Wall Street ends up positive as the major averages overcame early choppiness on Friday, moving solidly higher in afternoon trade to finish in the green.

The Dow rallied 130.47 points or 0.36 percent to finish at 36,247.87, while the NASDAQ gained 63.97 points or 0.45 percent to close at 14,403.97 and the S&P 500 added 18.78 points or 0.41 percent to end at 4,604.37. For the week, the Dow inched marginally higher, the S&P 500 rose 0.2 percent and the NASDAQ added 0.7 percent.

The early volatility on Wall Street followed the release of a highly anticipated Labor Department report showing stronger than expected job growth in November.

The data raised concerns that strength in the labor market could lead the Federal Reserve to delay cutting interest rates, with investors hoping the central bank would pivot to rate cuts as early as March 2024.

But buying interest was generated in reaction to a University of Michigan report showing a pullback in consumers' inflation expectations in December.

Oil spiked sharply on Friday after Saudi Arabia and Russia urged the members of OPEC to join an output cut agreement. West Texas Intermediate Crude oil futures for January ended higher by $1.89 or 2.7 percent at $71.23 a barrel, snapping a six-day losing streak.

Closer to home, Indonesia will provide October data for retail sales later today; in September, sales were up 1.5 percent on year.

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