(RTTNews.com) - The Indonesia stock market has climbed higher in four straight sessions, rising more than 60 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 5,830-point plateau and it may add to its winnings again on Monday.
The global forecast for the Asian markets is firm, thanks to the extended rebound in crude oil prices and renewed optimism about the outlook for interest rates. The European markets were down on Friday and the U.S. markets were up - and the Asian bourses figure to follow the latter lead.
The JCI finished slightly higher on Friday following mixed performances from the financials and resource stocks.
Among the actives, Bumi Resources surged 5.49 percent, while Astra Agro Lestari added 0.17 percent, Bank Mandiri climbed 1.12 percent, Tiga Pilar Sejahtera Food plunged 3.33 percent, Bank Pan Indonesia dropped 1.33 percent, Lotte Chemical Titan tumbled 1.25 percent and Vale Indonesia, Bank Danamon, Bank MNC Internasional and XL Axiata all were unchanged.
The lead from Wall Street is positive as stocks moved higher on Friday, extending their recent upward trend.
The Dow rose 84.65 points or 0.4 percent to 21,637.74, while the NASDAQ advanced 38.03 points or 0.6 percent to 6,312.47 and the S&P gained 11.44 points or 0.5 percent to 2,459.27. For the week, the NASDAQ surged 2.6 percent, while the Dow jumped 1 percent and the S&P climbed 1.4 percent.
The strength followed several key economic reports, with the data suggesting that the Federal Reserve will not hurry to raise interest rates.
The Commerce Department said retail sales fell for the second straight month in June, while the Labor Department said consumer prices were unchanged in June. Also, the Federal Reserve said industrial production increased more than expected in June.
The rally in crude oil prices continued Friday on a weaker dollar and the outlook for interest rates. August West Texas Intermediate crude rose 46 cents or 1 percent to $46.54 a barrel on the New York Mercantile Exchange for the session. Prices surged 5.2 percent last week.
Closer to home, Indonesia will release June figures for imports, exports and trade balance later today. In May, imports were worth 13.82 billion and exports were at $14.29 billion for a trade surplus of $0.47 million.
For comments and feedback: contact firstname.lastname@example.org