Indonesia Stock Market Has Firm Lead For Monday's Trade

(RTTNews) - The Indonesia stock market rebounded on Friday, one session after ending the two-day winning streak in which it had fallen almost 85 points or 1.2 percent. The Jakarta Composite Index now rests just above the 7,045-point plateau and it's expected to extend its gains on Monday.

The global forecast for the Asian markets is upbeat following stronger than expected employment data from the United States. The European and U.S. markets were solidly higher and the Asian bourses are tipped to follow suit.

The JCI finished slightly higher on Friday following gains from the cement companies and mixed performances from the financials and resource stocks.

For the day, the index perked 10.96 points or 0.16 percent to finish at 7,045.53.

Among the actives, Bank Danamon Indonesia plunged 2.87 percent, while Bank Negara Indonesia eased 0.27 percent, Bank Central Asia fell 0.28 percent, Bank Mandiri dipped 0.25 percent, Indosat Ooredoo Hutchison tumbled 1.83 percent, Indocement rallied 3.71 percent, Semen Indonesia spiked 2.80 percent, Indofood Suskes climbed 1.18 percent, United Tractors advanced 0.89 percent, Astra International improved 0.78 percent, Energi Mega Persada plunged 4.06 percent, Astra Agro Lestari sank 0.86 percent, Aneka Tambang soared 4.64 percent, Vale Indonesia jumped 1.89 percent, Timah strengthened 1.49 percent, Bumi Resources plummeted 3.89 percent and Bank CIMB Niaga, Jasa Marga and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Friday, faded midday but bounced higher again late in the session.

The Dow surged 402.02 points or 1.26 percent to finish at 32,403.22, while the NASDAQ jumped 132.35 points or 1.28 percent to close at 10,475.25 and the S&P 500 climbed 50.66 points or 1.36 percent to end at 3,770.55.

For the week, the NASDAQ plummeted 5.7 percent, the S&P tumbled 3.4 percent and the Dow dropped 1.4 percent.

The volatility followed the release of the Labor Department's closely watched monthly employment report for October.

The report showed non-farm payroll employment jumped by 261,000 jobs in October after surging by an upwardly revised 315,000 jobs in September.

The report generated a mixed reaction among traders, creating uncertainty about the outlook for future interest rate hikes.

Crude oil prices climbed higher Friday amid easing concerns about the outlook for energy demand. A weak dollar and fears of a ban by the European Union on Russian oil also supported crude oil prices. West Texas Intermediate Crude oil futures for December ended higher by $4.44 or 5 percent at $92.61 a barrel.

Closer to home, Indonesia will provide Q3 numbers for gross domestic product later today, with forecasts suggesting an increase of 1.62 percent on quarter and 5.89 percent on year. That follows the 3.72 percent quarterly increase and the 5.44 percent yearly gain in the three months prior.