Indonesia Stock Market May Add To Its Winnings
(RTTNews) - The Indonesia stock market on Friday wrote a finish to the two-day slide in which it had fallen more than 80 points or 1.3 percent. The Jakarta Composite Index now rests just shy of the 6,130-point plateau and it's looking at another green light for Monday's trade.
The global forecast for the Asian markets is firm on growing optimism for a resolution in the trade dispute between the United States and China. The European and U.S. markets were up on Friday and the Asian bourses are tipped to follow suit.
The JCI finished modestly higher on Friday following gains from the financial shares, resource stocks and cement companies.
For the day, the index climbed 29.40 points or 0.48 percent to finish at 6,128.35 after trading between 6,092.62 and 6,137.36.
Among the actives, Bank Danamon Indonesia dropped 0.98 percent, while Bank Mandiri climbed 1.09 percent, Bank Central Asia was up 0.08 percent, Bank Negara Indonesia accelerated 2.05 percent, Bank Rakyat Indonesia soared 3.81 percent, Indosat plunged 5.74 percent, Indocement jumped 1.40 percent, Semen Indonesia advanced 1.19 percent, Indofood Suskes perked 2.27 percent, Aneka Tambang added 1.23 percent, Timah rose 0.64 percent and Vale Indonesia and Bumi Resources were unchanged.
The lead from Wall Street is positive as stocks showed a strong upward move, sending the major averages to fresh record closing highs.
The Dow added 222.93 points or 0.93 percent to 28.004.89, while the NASDAQ gained 61.81 points or 0.73 percent to 8,540.83 and the S&P 500 rose 23.83 points or 0.77 percent to 3,120.46. For the week, the Dow jumped 1.2 percent, the NASDAQ climbed 0.8 percent and the S&P was up 0.9 percent.
The strength on Wall Street came amid renewed optimism about a U.S.-China trade deal following comments from White House officials. Also, China has lifted a nearly five-year ban on imports of U.S. poultry in a goodwill gesture that could lead to more than $1 billion in annual shipments to China.
In economic news, the Commerce Department said U.S. retail sales rebounded slightly more than expected in October, while the Federal Reserve noted a steep drop in industrial output last month.
Crude oil prices ended sharply higher Friday on renewed optimism about a potential U.S.-China trade deal and hopes the OPEC might decide to deepen its supply cuts. West Texas Intermediate Crude oil futures for December ended up $0.95 or 1.7 percent at $57.72 a barrel.
Closer to home, Indonesia will release October figures for imports, exports and trade balance later today. In September, imports were worth $14.26 billion and exports were at $14.10 billion for a trade deficit of $160.5 million.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.