Indonesia Stock Market Tipped To Open In The Green

(RTTNews) - The Indonesia stock market bounced higher again on Friday, one day after ending the three-day winning streak in which it had advanced more than 70 points or 1 percent. The Jakarta Composite Index now sits just beneath the 7,240-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is upbeat following strong U.S. employment data, even though it dims the possibility of an interest rate hike next month. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Friday as gains from the financial shares were offset by weakness from the resource stocks.

For the day, the index added 37.09 points or 0.52 percent to finish at the daily high of 7,238.79 after moving as low as 7,180.36.

Among the actives, Bank Mandiri jumped 1.91 percent, while Bank Danamon Indonesia strengthened 1.44 percent, Bank Negara Indonesia collected 0.87 percent, Bank Rakyat Indonesia climbed 1.74 percent, Indosat Ooredoo Hutchison added 0.52 percent, Indofood Suskes improved 0.79 percent, United Tractors rose 0.22 percent, Astra International rallied 3.90 percent, Energi Mega Persada tumbled 1.94 percent, Aneka Tambang shed 0.65 percent, Vale Indonesia skidded 1.02 percent, Timah tanked 2.59 percent, Bumi Resources plummeted 3.37 percent and Bank Central Asia, Bank CIMB Niaga, Astra Agro Lestari, Indocement and Semen Indonesia were unchanged.

The lead from Wall Street is strong as the major averages opened mixed on Friday but consistently trended upward and finished well into the green, with the Dow and the S&P 500 reaching new record closing highs.

The Dow climbed 134.62 points or 0.35 percent to finish at 38,654.42, while the NASDAQ surged 267.35 points or 1.74 percent to end at 15,628.95 and the S&P 500 jumped 52.42 points or 1.07 percent to close at 4,958.61. For the week, the NASDAQ shot up 1.1 percent, while the Dow and the S&P 500 both jumped 1.4 percent.

The extended rally on Wall Street came amid a positive reaction to earnings news from Facebook parent Meta Platforms (META) and online retail giant Amazon (AMZN).

Traders were also reacting to the closely watched report from the Labor Department showing much stronger than expected job growth in January.

The data further reduces the chances of an interest rate cut in March, but a strong jobs market is viewed as a good thing for the stock market and the economy.

Oil prices fell sharply on Friday as hopes of an early rate cut by the Federal Reserve faded after data showed a bigger than expected increase in U.S. non-farm payroll employment in January. The dollar's sharp uptick after the jobs data also weighed on oil prices. West Texas Intermediate Crude oil futures for March ended down $1.54 or about 2.1 percent at $72.28 a barrel. The contract shed more than 7 percent in the week.

Closer to home, Indonesia will release Q4 figures for gross domestic product later today, with forecasts suggesting an increase of 0.41 percent on quarter and 5.00 percent on year; that follows the 1.60 quarterly increase and the 4.94 percent yearly gain in Q3.