Win Streak May Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished higher in three straight sessions, improving more than 350 points or 5.4 percent along the way. The Jakarta Composite Index now sits just above the 6,635-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat on bargain hunting and an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher again on Friday following gains from the cement companies and mixed performances from the financial and resource sectors.

For the day, the index gained 18.15 points or 0.27 percent to finish at 6,636.00.

Among the actives, Bank CIMB Niaga collected 0.60 percent, while Bank Mandiri shed 0.62 percent, Bank Danamon Indonesia improved 0.83 percent, Bank Negara Indonesia skidded 1.09 percent, Bank Central Asia lost 0.56 percent, Bank Rakyat Indonesia surrendered 3.54 percent, Bank Maybank Indonesia added 0.51 percent, Indocement advanced 0.88 percent, Semen Indonesia strengthened 1.29 percent, Indofood Sukses Makmur sank 0.68 percent, United Tractors plunged 3.51 percent, Astra International gained 0.61 percent, Energi Mega Persada fell 0.57 percent, Astra Agro Lestari slid 0.43 percent, Aneka Tambang rose 0.31 percent, Jasa Marga rallied 1.31 percent, Vale Indonesia skyrocketed 9.15 percent, Timah surged 5.18 percent, Bumi Resources slumped 2.08 percent and Indosat Ooredoo Hutchison was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday, dipped midday but rebounded into the green by the close.

The Dow climbed 222.62 points or 0.52 percent to finish at 42,801.72, while the NASDAQ rallied 126.92 points or 0.70 percent to close at 18,196.22 and the S&P 500 gained 31.68 points or 0.55 percent to end at 5,770.20. For the week, the NASDAQ plunged 3.5 percent, the S&P 500 sank 3.1 percent and the Dow slumped 2.4 percent.

The volatility on Wall followed the release of the closely watched Labor Department report showing employment in the U.S. increased less than expected in February.

While the report added to recent concerns about the strength for the economy, the data may also have generated some optimism about the outlook for interest rates.

Bargain hunting contributed to the afternoon recovery, which came even though Federal Reserve Chair Jerome Powell reiterated the central bank does not "need to be in a hurry" to adjusted interest rates amid uncertainty about the effects of President Donald Trump's policies.

Crude oil prices faded after an early surge but still remained notably higher on Friday, adding to the modest gain posted in the previous session. West Texas Intermediate for April delivery climbed $0.68 cents or 1.0 percent to $67.04 a barrel.