(RTTNews) – The Indonesia stock market has finished higher in four straight sessions, improving more than 275 points or 4 percent in that span. The Jakarta Composite Index now rests just above the 7,100-point plateau and it’s expected to extend its gains again on Monday.
The global forecast for the Asian markets is upbeat on optimism over the outlooks for tariffs and trade. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The JCI finished modestly higher again on Friday following gains from the financial shares, cement stocks and food sectors, while the resource companies were mixed.
For the day, the index jumped 66.37 points or 0.94 percent to finish at the daily high of 7,106.53 after moving as low as 7,009.85.
Among the actives, Bank CIMB Niaga collected 0.56 percent, while Bank Mandiri spiked 2.82 percent, Bank Danamon Indonesia rose 0.41 percent, Bank Central Asia perked 0.27 percent, Bank Rakyat Indonesia shed 0.47 percent, Indosat Ooredoo Hutchison rallied 3.06 percent, Indocement accelerated 2.88 percent, Semen Indonesia jumped 1.98 percent, Indofood Sukses Makmur surged 4.32 percent, United Tractors strengthened 1.27 percent, Astra International climbed 1.24 percent, Energi Mega Persada stumbled 2.63 percent, Aneka Tambang soared 3.53 percent, Vale Indonesia expanded 3.87 percent, Timah skyrocketed 4.91 percent, Bumi Resources plummeted 4.72 percent and Bank Negara Indonesia and Astra Agro Lestari were unchanged.
The lead from Wall Street is positive as the major averages shook off a soft start on Friday and continued to trend higher throughout the day, ending at session highs.
The Dow rallied 331.94 points or 0.78 percent to finish at 42,654.74, while the NASDAQ added 98.80 points or 0.52 percent to close at 19,211.10 and the S&P 500 gained 41.45 points or 0.70 percent to end at 5,958.38.
For the week, the NASDAQ surged 7.2 percent, the S&P spiked 5.3 percent and the Dow soared 3.4 percent.
News of the U.S.-China trade deal generated considerable buying interest that carried over for much of the week. While uncertainty remains about the U.S. and its trade partners reaching deals that permanently lower tariffs, traders have continued to express optimism.
Meanwhile, traders largely shrugged off data from the University of Michigan showing consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May.
Crude oil futures showed a strong move to the upside on Friday amid optimism about U.S. trade policies. West Texas Intermediate crude for June delivery jumped $0.87 or 1.4 percent to $62.49 a barrel. For the week, the price of crude oil surged 2.4 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
