(RTTNews) – The Indonesia stock market has moved higher in five straight sessions, advancing almost 130 points or 2.6 percent along the way. The Jakarta Composite Index now sits just above the 5,050-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets is cautiously optimistic, with optimism for stimulus tempered by weakness from the oil markets. The European and U.S. bourses were up and the Asian markets are tipped to open in similar fashion.
The JCI finished modestly higher on Friday as gains from the resource stocks were capped by weakness from the cement companies and a mixed picture from the financials.
For the day, the index rose 14.52 points or 0.29 percent to finish at 5,053.66 after trading between 5,029.15 and 5,057.84.
Among the actives, Bank Danamon Indonesia jumped 1.79 percent, while Bank Mandiri accelerated 1.83 percent, Bank CIMB Niaga spiked 2.03 percent, Bank Negara Indonesia lost 0.64 percent, Bank Central Asia eased 0.09 percent, Astra International fell 0,.21 percent, Indocement dropped 0.92 percent, Semen Indonesia tanked 2.85 percent, United Tractors dropped 0.88 percent, Astra Agro Lestari rallied 2.34 percent, Aneka Tambang skyrocketed 6.25 percent, Vale Indonesia surged 5.43 percent, Timah soared 3.52 percent and Bank Rakyat Indonesia, Bumi Resources, Indosat and Indofood Suskes were unchanged.
The lead from Wall Street is solid as stocks opened higher on Friday and remained in the green throughout the session to finish higher for the third straight day.
The Dow climbed 161.40 points or 0.57 percent to finish at 28,586.90, while the NASDAQ spiked 158.94 points or 1.39 percent to end at 11,579.94 and the S&P 500 jumped 30.30 points or 0.88 percent to close at 3,477.13. For the week, the Dow surged 3.8 percent, the NASDAQ spiked 4.6 percent and the S&P gained 3.3 percent.
Continued optimism about a new stimulus bill contributed to the strength on Wall Street, as traders kept a close eye on the latest developments in Washington. The major averages spiked after President Donald Trump suggested he was once again in favor of a broad relief package.
Trump’s comments came amid reports that the White House was planning to offer a $1.8 trillion package, which is up from the administration’s previous $1.6 trillion proposal but still below the $2.2 trillion bill passed by House Democrats.
House Speaker Nancy Pelosi’s deputy chief of staff Drew Hammill later said Treasury Secretary Steven Mnuchin had “returned to the table with a proposal that attempted to address some of the concerns Democrats have.”
Crude oil prices drifted lower on Friday as traders made largely cautious moves, weighing demand and supply positions in the market. West Texas Intermediate Crude oil futures for November were lower by $0.59 or 1.4 percent at $40.60 a barrel.
A Global Asset Management Seoul Korea Magazine