Stock Market

Higher Open Tipped For Indonesia Stock Market

(RTTNews) – The Indonesia stock market has alternated between positive finished through the last four trading days since the end of the three-day winning streak in which it had advanced more than 85 points or 1.2 percent. The Jakarta Composite Index now sits just beneath the 7,090-point plateau and it may see additional support on Monday.

The global forecast for the Asian markets remains upbeat on optimism for the outlook of interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The JCI finished sharply higher on Friday following gains from the financials and resource stocks.

For the day, the index jumped 122.37 points or 1.76 percent to finish at 7,089.21.

Among the actives, Bank Danamon Indonesia advanced 1.00 percent, while Bank CIMB Niaga spiked 3.06 percent, Bank Negara Indonesia rose 0.27 percent, Bank Central Asia collected 0.57 percent, Bank Mandiri rallied 3.22 percent, Bank Rakyat Indonesia gained 2.65 percent, Indosat Ooredoo Hutchison jumped 1.89 percent, Indocement tumbled 2.15 percent, Semen Indonesia strengthened 1.88 percent, Indofood Suskes declined 1.16 percent, United Tractors retreated 1.36 percent, Astra International skidded 1.15 percent, Energi Mega Persada plummeted 6.67 percent, Astra Agro Lestari improved 2.13 percent, Aneka Tambang surged 6.00 percent, Vale Indonesia soared 4.58 percent, Timah accelerated 2.84 percent, Bumi Resources slumped 1.07 percent and Jasa Marga was unchanged.

The lead from Wall Street ends up positive as the major averages opened mixed on Friday, with the Dow spending most of the session in negative territory before breaking into the green late in the day.

The Dow rose 32.49 points or 0.10 percent to finish at 33,747.86, while the NASDAQ surged 209.18 points or 1.88 percent to close at 11,323.33 and the S&P 500 advanced 36.56 points or 0.92 percent to end at 3,992.93.

For the week, the NASDAQ skyrocketed 8.1 percent, the S&P 500 soared 5.9 percent and the Dow jumped 4.2 percent.

The extended rally on Wall Street came as stocks continued to benefit from optimism about the Federal Reserve slowing the pace of interest rate hikes following Thursday’s tamer than expected inflation data.

On the heels of the inflation data, CME Group’s FedWatch Tool is currently indicating an 80.6 percent chance the Fed will raise rates by 50 basis points next month compared to the recent 75 basis point rate hikes.

Crude oil prices spiked on Friday, supported by a weak dollar and reports about China cutting quarantine restrictions. West Texas Intermediate Crude oil futures for December ended higher by $2.49 or 2.9 percent at $88.96 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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