Higher Open Predicted For Indonesia Stock Market

RTTNews | 842 hari yang lalu
Higher Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in back-to-back sessions, gathering almost 60 points or 0.9 percent along the way. The Jakarta Composite Index now sits just above the 6,640-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian market is upbeat on continued optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The JCI finished slightly higher on Friday following gains from the resource stocks, weakness from the cement companies and a mixed picture from the financials.

For the day, the index picked up 11.90 points or 0.18 percent to finish at 6,641.83.

Among the actives, Bank Danamon Indonesia sank 0.78 percent, while Bank CIMB Niaga fell 0.43 percent, Bank Negara Indonesia gained 0.87 percent, Bank Central Asia retreated 1.53 percent, Bank Mandiri dipped 0.27 percent, Bank Rakyat Indonesia slumped 0.44 percent, Indosat Ooredoo Hutchison strengthened 1.25 percent, Indocement slid 0.24 percent, Semen Indonesia tanked 2.70 percent, Indofood Suskes climbed 1.13 percent, United Tractors plunged 3.21 percent, Astra International jumped 1.87 percent, Energi Mega Persada increased 1.52 percent, Astra Agro Lestari shed 0.63 percent, Aneka Tambang advanced 0.94 percent, Vale Indonesia improved 1.37 percent, Timah added 0.42 percent and Bumi Resources rallied 1.41 percent.

The lead from Wall Street ends up positive as the major averages shook off early weakness on Friday, climbing into the green for good by the afternoon.

The Dow gained 112.61 points of 0.33 percent to finish at 34,302.61, while the NASDAQ jumped 78.06 points or 0.71 percent to end at 11,079.16 and the S&P 500 rose 15.92 points or 0.40 percent to close at 3,999.09.

For the week, the NASDAQ surged 4.8 percent, the S&P gained 2.7 percent and the Dow rose 2.0 percent.

The initial weakness on Wall Street came as traders looked to cash in on some the recent strength in the markets amid a negative reaction to earnings news from several big-name financial companies.

The recovery came as upbeat consumer sentiment and inflation expectations data helped offset the early negative sentiment.

Crude oil prices rose sharply Friday on optimism for less aggressive rate hikes in the United States after inflation slowed in December. West Texas Intermediate crude oil futures for February ended higher by $1.47 or 1.9 percent at $79.86 a barrel.

Closer to home, Indonesia will release December numbers for imports, exports and trade balance later today. Imports are expected to sink 7.58 percent on year after easing 1.89 percent in November. Exports are called higher by an annual 6.65 percent, up from 5.58 percent in the previous month. The trade surplus is pegged at $4.01 billion, down from $5.16 billion a month earlier.

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