Indonesia Stock Market Tipped Top Open In The Green

(RTTNews) - The Indonesia stock market headed south again on Friday, one session after snapping the two-day slide in which it had slipped almost 10 points or 0.15 percent. The Jakarta Composite Index now rests just above the 7,055-point plateau although it's expected to bounce higher again on Monday.

The global forecast for the Asian markets is upbeat, fueled by solid earnings news among technology shares. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are also tipped to open in the green.

The JCI finished modestly lower on Friday following losses from the resource stocks, gains from the cement companies and a mixed picture from the financials.

For the day, the index lost 35.72 points or 0.50 percent to finish at 7,056.04.

Among the actives, Bank Danamon Indonesia plummeted 6.76 percent, while Bank Negara Indonesia and Aneka Tambang both dipped 0.27 percent, Bank Central Asia collected 0.57 percent, Bank Rakyat Indonesia gained 0.65 percent, Indosat Ooredoo Hutchison fell 0.39 percent, Indocement advanced 0.82 percent, Semen Indonesia climbed 0.98 percent, Indofood Suskes strengthened 1.19 percent, United Tractors slumped 1.53 percent, Astra International retreated 1.50 percent, Energi Mega Persada plunged 4.17 percent, Astra Agro Lestari declined 1.74 percent, Vale Indonesia and Bumi Resources both tanked 3.70 percent, Timah skidded 1.09 percent and Bank Mandiri and Bank CIMB Niaga were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Friday but accelerated throughout the day, ending near session highs.

The Dow surged 828.50 points or 2.59 percent to finish at 32,861.80, while the NASDAQ soared 309.75 points or 2.87 percent to end at 11,102.45 and the S&P 500 jumped 93.76 points or 2.46 percent to close at 3,901.06.

For the week, the Dow spiked 5.7 percent, the S&P 500 jumped 4.0 percent and the NASDAQ rallied 2.2 percent.

Traders reacted positively to strong earnings news from the likes of semiconductor giant Intel (INTC), Apple (AAPL) and energy giant Exxon Mobil (XOM).

Buying interest may also have been generated by a Commerce Department report showing core consumer price growth accelerated less than expected in September - which may encourage the Federal Reserve to slow the pace of its interest rate hikes.

Oil prices drifted lower on Friday as worries about the outlook for energy demand resurfaced due to increased Covid-19 restrictions in parts of China. West Texas Intermediate Crude oil futures for December slumped $1.18 or 1.3 percent at $87.90 a barrel. WTI crude futures gained more than 3 percent in the week.