World Markets

Indonesia Stock Market May Add To Its Winnings

( - The Indonesia stock market has climbed higher in three straight sessions, advancing more than 100 points or 1.5 percent along the way. The Jakarta Composite Index now rests just beneath the 6,540-point plateau and it may inch slightly higher again on Monday.

The global forecast for the Asian markets suggests little movement and mild upside following a bump in crude oil prices. The European and U.S. markets were slightly higher and the Asian bourses are expected to follow suit.

The JCI finished slightly higher on Friday as gains from the financial shares were offset by weakness from the resource stocks.

For the day, the index picked up 5.67 points or 0.09 percent to finish at 6,538.64 after trading between 6,516.44 and 6,581.73.

Among the actives, Bank Danamon Indonesia collected 0.55 percent, while Bank Mandiri jumped 2.01 percent, Bank Negara Indonesia advanced 1.93 percent, Bank Rakyat Indonesia accelerated 1.72 percent, Indocement spiked 3.25 percent, Semen Indonesia added 0.39 percent, United Tractors climbed 1.46 percent, Indofood Suskes gained 0.32 percent, Holcim Indonesia shed 0.25 percent, Indosat surged 6.57 percent, Bumi Resources plummeted 3.57 percent, Vale Indonesia tumbled 1.82 percent, Aneka Tambang fell 0.52 percent and Unilever Indonesia and Bank Central Asia were unchanged.

The lead from Wall Street is cautiously optimistic as stock fluctuated Friday before finishing mixed as the NASDAQ was hit by profit taking.

The Dow added 64.22 points or 0.26 percent to 25,063, while the NASDAQ fell 17.87 points or 0.25 percent to 7,263.87 and the S&P 500 rose 2.43 points or 0.09 percent to 2,706.53. For the week, the Dow added 1.3 percent, the NASDAQ rose 1.4 percent and the S&P gained 1.6 percent.

The Dow benefited from strong gains by Merck (MRK), Exxon Mobil (XOM), and Chevron (CVX), which moved higher after reporting better than expected fourth quarter earnings.

Traders also digested a Labor Department report showing stronger than expected job growth in January but also an uptick in the jobless rate. Also, the Institute for Supply Management said growth in the manufacturing sector unexpectedly accelerated in January.

Oil service stocks showed a significant move to the upside Friday, driving the Philadelphia Oil Service Index up by 1.6 percent as crude oil for March delivery jumped $1.47 to $55.26 a barrel.

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