Indonesia Stock Market Tipped To Open Higher

(RTTNews) - The Indonesia stock market rebounded on Friday, one session after snapping the five-day winning streak in which hit had jumped more than 120 points or 1.8 percent. The Jakarta Composite Index now sits just above the 6,900-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat on easing inflation concerns and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The JCI finished barely higher on Friday following mixed performances from the financial shares and the resource stocks.

For the day, the index perked 3.57 points or 0.05 percent to finish at 6,900.23.

Among the actives, Bank Mandiri improved 1.33 percent, while Bank Danamon Indonesia retreated 1.25 percent, Bank Negara Indonesia dipped 0.28 percent, Bank Central Asia skidded 1.08 percent, Bank Rakyat Indonesia gained 0.88 percent, Indosat Ooredoo Hutchison rallied 2.29 percent, Indocement jumped 1.96 percent, Semen Indonesia increased 1.12 percent, Indofood Suskes advanced 1.03 percent, United Tractors climbed 1.04 percent, Astra International strengthened 1.53 percent, Energi Mega Persada tumbled 1.74 percent, Astra Agro Lestari plunged 3.75 percent, Aneka Tambang shed 0.51 percent, Vale Indonesia soared 2.63 percent, Timah lost 0.53 percent, Bumi Resources declined 1.46 percent and Bank CIMB Niaga was unchanged.

The lead from Wall Street is solid as the major averages opened higher on Friday and remained in the green throughout the trading day.

The Dow jumped 176.59 points or 0.50 percent to finish at 35,459.29, while the NASDAQ surged 266.56 points or 1.90 percent to end at 14,316.66 and the S&P 500 advanced 44.82 points or 0.99 percent to close at 4,582.23.

The strength on Wall Street was the result of encouraging earnings updates from top tech firms and data showing a slowdown in the annual rate of growth in consumer prices in June.

Easing worries about interest rates following the Federal Reserve hinting at a pause in hikes as early as September helped as well.

The slowdown in the annual rate of consumer price growth may ease concerns about the outlook for interest rates following Thursday's better-than-expected economic data.

Oil prices climbed higher on Friday, and the most active futures contract posted gains for the fifth straight week amid easing U.S. recession fears and on optimism over increased demand. West Texas Intermediate Crude futures for September added $0.49 or 0.6 percent at $80.58 a barrel. WTI crude futures gained 4.6 percent in the week.