Indonesia Shares Expected To Open In The Green

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Indonesia Shares Expected To Open In The Green

(RTTNews) - The Indonesia stock market bounced higher again on Friday, one day after ending the two-day winning streak in which it had jumped almost 200 points or 2.9 percent. The Jakarta Composite Index now sits just above the 7,130-point plateau and it's got a solid lead for Monday's trade.

The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. bourses finished solidly higher and the Asian markets are expected to open in similar fashion.

The JCI finished slightly higher on Friday following mixed performances from the financials shares and resource stocks, while the cement and telecom sectors were soft.

For the day, the index added 17.30 points or 0.24 percent to finish at 7,134.72 after trading between 7,094.62 and 7,165.10.

Among the actives, Bank CIMB Niaga tumbled 2.40 percent, while Bank Mandiri tanked 2.77 percent, Bank Danamon Indonesia collected 0.75 percent, Bank Central Asia accelerated 3.14 percent, Bank Rakyat Indonesia sank 0.21 percent, Indosat Ooredoo Hutchison surrendered 2.52 percent, Indocement fell 0.35 percent, Semen Indonesia stumbled 2.32 percent, United Tractors slumped 1.44 percent, Astra International advanced 0.97 percent, Energi Mega Persada climbed 0.98 percent, Astra Agro Lestari gained 0.64 percent, Aneka Tambang retreated 1.32 percent, Vale Indonesia declined 1.21 percent, Timah rallied 1.16 percent, Bumi Resources soared 2.04 percent and Indofood Sukses Makmur, Kalbe Farma and Bank Negara Indonesia were unchanged.

The lead from Wall Street is strong as the major averages opened sharply higher on Friday and remained in the green throughout the session.

The Dow surged 449.98 points or 1.18 percent to finish at 38,675.68, while the NASDAQ rallied 315.33 points or 1.99 percent to close at 16,156.33 and the S&P 500 advanced 63.59 points or 1.26 percent to end at 5,127.79. For the week, the S&P 500 climbed 0.6 percent, the Dow added 1.1 percent and the NASDAQ jumped 1.4 percent.

The rally on Wall Street followed the release of a closely watched Labor Department showing employment in the U.S. increased less than expected in April. The data helped generate optimism about the outlook for interest rates following the Federal Reserve's monetary policy meeting earlier in the week.

Also, a separate report released by the Institute for Supply Management showed U.S. service sector activity unexpectedly contracted in April.

Oil prices fell on Friday, pushing the most active futures contract to their biggest weekly decline in about three months on concerns about the outlook for global oil demand. West Texas Intermediate Crude oil futures for June ended down by $0.84 or 1.06 percent at $78.11 a barrel.

Closer to home, Indonesia will release Q1 figures for gross domestic product later today; in the previous three months, GDP was up 0.45 percent on quarter and 5.04 percent on year.

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