Indonesia Bourse May Extend Friday's Gains

(RTTNews) - The Indonesia stock market on Friday wrote a finish to the five-day losing streak in which it had surrendered more than 190 points or 3.2 percent along the way. The Jakarta Composite Index now rests just above the 6,060-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is broadly positive on renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are predicted to open in similar fashion.

The JCI finished modestly higher on Friday as gains from the cement companies and financial shares were capped by profit taking among the resource stocks.

For the day, the index added 22.72 points or 0.38 percent to finish at 6,061.25 after trading between 6,046.13 and 6,076.56.

Among the actives, Bank Danamon Indonesia collected 0.43 percent, while Bank Central Asia was up 0.08 percent, Bank Negara Indonesia shed 0.36 percent, Bank Rakyat Indonesia spiked 3.67 percent, Indosat soared 4.07 percent, Indocement surged 5.49 percent, Semen Indonesia skyrocketed 6.47 percent, Indofood Suskes accelerated 2.28 percent, Bumi Resources skidded 1.16 percent, Aneka Tambang fell 0.52 percent, Vale Indonesia rose 1.11 percent, Timah plummeted 3.19 percent and Bank Mandiri was unchanged.

The lead from Wall Street is upbeat as stocks moved higher again on Friday, extending gains from the previous session.

The Dow jumped 372.68 points or 1.42 percent to 26,573.72, while the NASDAQ rose 110.21 points or 1.40 percent to 7,982.47 and the S&P climbed 41.38 points or 1.42 percent to 2,952.01. For the week, the Dow shed 0.9 percent, the NASDAQ rose 0.5 percent and the S&P fell 0.3 percent.

The rally on Wall Street followed Friday's Labor Department report that showed weaker than expected job growth but an unexpected drop in the unemployment rate to a nearly 50-year low. The mixed data served the dual purpose of reinforcing expectations the Federal Reserve will continue cutting interest rates while at the same offsetting concerns about a potential recession.

Stocks saw further upside in afternoon trading after Fed Chairman Jerome Powell described the U.S. economy as "in a good place" and said it is the central bank's job to "keep it there as long as possible."

Crude oil prices moved higher Friday and snapped an eight-session losing streak after decent jobs data from the U.S. Labor Department eased concerns about growth in the U.S. economy and the outlook for energy demand. West Texas Intermediate Crude oil futures for November ended up $0.36 or 0.7 percent at $52.81 a barrel.
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