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Indonesia Shares May See Additional Support On Monday

(RTTNews) - The Indonesia stock market bounced higher again on Friday, one session after ending the three-day winning streak in which it had climbed almost 90 points or 1.6 percent. The Jakarta Composite Index now rests just above the 5,755-point plateau and it may add to its winnings on Monday.

The global forecast for the oversold Asian markets is positive, thanks to a jump in crude oil prices and with more bargain hunting expected. The European markets were down and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Friday following gains from the financial shares, cement stocks and resource plays.

For the day, the index added 53.67 points or 0.94 percent to finish at 5,756.49 after trading between 5,722.49 and 5,788.68. There were 244 gainers and 147 decliners, with 132 stocks finishing unchanged.

Among the actives, Lotte Chemical plummeted 7.37 percent, while Bukit Darmo Property spiked 4.92 percent, Voksel Electric jumped 2.98 percent, Bank Pan Indonesia tumbled 2.64 percent, Jasa Marga climbed 1.16 percent, SLJ Global advanced 1.05 percent, XL Axiata added 0.73 percent, Bank Danamon Indonesia perked 1.81 percent, Bank Central Asia gained 2.31 percent, Bank Mandiri was up 1.99 percent, Bank Negara Indonesia soared 2.97 percent, Bank Rakyat Indonesia collected 1.37 percent, Indosat rose 0.36 percent, Bumi Resources climbed 1.06 percent, Aneka Tambang picked up 1.27 percent, Indocement surged 2.58 percent and Semen Indonesia, Bank MNC Internasional and Vale Indonesia were unchanged.

The lead from Wall Street is firm as stocks fluctuated on Friday but finished the session with solid gains.

The Dow climbed 287.16 points or 1.15 percent to 25,339.99, while the NASDAQ spiked 167.83 points or 2.29 percent and the S&P jumped 38.76 points or 1.42 percent to 2,767.13. For the week, the Dow shed 4.2 percent, the NASDAQ dropped 3.7 percent and the S&P skidded 4.1 percent.

Bargain hunting contributed to the higher close on Wall Street, with the major averages bouncing off the multi-month closing lows set on Thursday.

In economic news, the Labor Department reported a bigger than expected increase in U.S. import prices in September, while export prices were unchanged. Also, the University of Michigan showed a drop in consumer sentiment in October.

Crude oil prices moved higher Friday, recovering from recent losses on easing concerns about economic and demand slowdown. Crude oil futures for November ended up $0.37, or 0.5 percent, at $71.34 a barrel. For the week, crude oil futures tumbled 4 percent after gains in four consecutive weeks.
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