Indonesia Bourse May Reclaim 6,700-Point Level

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, rising almost 80 points or 1.2 percent along the way. The Jakarta Composite Index now rests just beneath the 6,700-point plateau and it's expected to open in the green again on Monday.

The global forecast for the Asian markets is cautiously optimistic ahead of this week's Federal Reserve's meeting. The European markets were slightly lower and the U.S. markets were slightly higher and the Asian bourses are tipped to follow the latter lead.

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

For the day, the index collected 27.69 points or 0.42 percent to finish at 6,694.02.

Among the actives, Bank CIMB Niaga fell 0.34 percent, while Bank Mandiri jumped 1.99 percent, Bank Danamon Indonesia sank 0.70 percent, Bank Negara Indonesia collected 0.27 percent, Bank Central Asia slid 0.27 percent, Bank Rakyat Indonesia dropped 0.91 percent, Indocement added 0.52 percent, Semen Indonesia advanced 0.85 percent, United Tractors skidded 1.07 percent, Astra International rose 0.37 percent, Energi Mega Persada plunged 3.60 percent, Astra Agro Lestari climbed 1.03 percent, Aneka Tambang shed 0.50 percent, Vale Indonesia tumbled 1.93 percent, Bumi Resources spiked 1.80 percent and Indosat Ooredoo Hutchison, Indofood Suskes, Timah and Perusahaan Gas Negara were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened firmly higher on Friday, slumped midday but ticked back into the green to end slightly higher.

The Dow added 43.18 points or 0.13 percent to finish at 33,876.78, while the NASDAQ rose 20.64 points or 0.16 percent to close at 13,259.14 and the S&P 500 perked 4.93 points or 0.11 percent to end at 4,298.86.

For the week, the S&P rose 0.4 percent, the Dow gained 0.3 percent and the NASDAQ perked 0.1 percent.

The lackluster performance on Wall Street came as traders continued to look ahead to the Federal Reserve's monetary policy announcement on Wednesday.

Thursday's report showing initial jobless claims jumped to their highest level since October 2021 last week added to the optimism about the Fed pausing its interest rate hikes.

Crude oil prices slumped again on Friday, extending losses from the previous session on concerns about the outlook for demand ahead of several key central bank meetings this week. West Texas Intermediate for July delivery fell $1.12 or 1.6 percent to $70.17 a barrel.

Closer to home, Indonesia will see May results for its consumer confidence index later today; in April, the index score was 126.1.