The Indonesia stock market has moved higher in two straight sessions, gathering almost 50 points or 0.7 percent along the way. The Jakarta Composite Index now sits just beneath the 6,790-point plateau and it’s looking at continued strength again on Monday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly higher on Friday following gains from the financial shares and resource stocks.
For the day, the index added 37.46 points or 0.55 percent to finish at 6,788.85 after trading between 6,764.68 and 6,826.62.
Among the actives, Bank CIMB Niaga advanced 0.87 percent, while Bank Mandiri retreated 1.72 percent, Bank Danamon Indonesia climbed 1.10 percent, Bank Negara Indonesia was up 0.41 percent, Bank Central Asia collected 0.56 percent, Bank Rakyat Indonesia soared 2.00 percent, Indosat Ooredoo Hutchison improved 1.09 percent, Indocement gained 0.54 percent, Semen Indonesia sank 0.80 percent, Indofood Suskes declined 1.54 percent, United Tractors perked 0.21 percent, Astra International jumped 1.72 percent, Energi Mega Persada gathered 0.83 percent, Astra Agro Lestari added 0.35 percent, Aneka Tambang rose 0.30 percent, Vale Indonesia rallied 1.65 percent, Timah increased 0.76 percent and Bumi Resources surged 2.78 percent.
The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained in the green throughout the session.
The Dow surged 222.22 points or 0.66 percent to finish at 34,061.32, while the NASDAQ jumped 184.08 points or 1.38 percent to end at 13,478.28 and the S&P 600 gained 40.56 points or 0.95 percent to close at 4,358.34.
For the week, the NASDAQ skyrocketed 6.6 percent, the S&P 500 soared 5.9 percent and the Dow spiked 5.1 percent.
The continued strength on Wall Street reflected a positive reaction to a Labor Department report showing U.S. employment rose less than expected in October.
The data added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings last week.
Treasury yields also extended a recent slump following the release of the report, adding to the buying interest on Wall Street.
Crude oil moved sharply lower on Friday on worries about the outlook for energy demand. West Texas Intermediate for December delivery tumbled $1.95 or 2.4 percent to $80.51 a barrel.
Closer to home, Indonesia will provide Q3 figures for gross domestic product later today, with forecasts suggesting an increase of 1.71 percent on quarter and 5.05 percent on year – easing from 3.86 percent on quarter and 5.17 percent on year in the three months prior.
Market Analysis
Indonesia Bourse May Crack 6,800-Point Barrier
2023-11-06 01:30:10
