Indonesia Bourse Tipped To Open To The Upside

2024-07-03 1080
(fxcue news) - The Indonesia stock market has moved higher in three straight sessions, gathering almost 130 points or 1.8 percent along the way. The Jakarta Composite Index now rests just above the 7,250-point plateau and it's got a green light again for Monday's trade. The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference. The JCI finished modestly higher on Friday following gains from the financial shares and resource stocks. For the day, the index added 32.48 points or 0.45 percent to finish at 7,253.37 after trading between 7,213.39 and 7,275.94. Among the actives, Bank CIMB Niaga collected 1.13 percent, while Bank Mandiri accelerated 2.80 percent, Bank Danamon Indonesia climbed 1.17 percent, Bank Negara Indonesia dipped 0.21 percent, Bank Central Asia improved 1.27 percent, Bank Rakyat Indonesia perked 0.21 percent, Semen Indonesia rose 0.25 percent, Indofood Sukses Makmur advanced 0.83 percent, United Tractors gained 0.42 percent, Astra International added 0.66 percent, Energi Mega Persada increased 0.94 percent, Astra Agro Lestari retreated 1.36 percent, Aneka Tambang skidded 1.13 percent, Timah surged 4.17 percent, Bumi Resources rallied 1.20 percent and Indosat Ooredoo Hutchison, Indocement and Vale Indonesia were unchanged. The lead from Wall Street is solid as the major averages opened flat but generally moved higher throughout the trading day, ending near session highs. The Dow added 67.87 points or 0.17 percent to finish at 39,375.87, while the NASDAQ rallied 164.46 points or 0.90 percent to close at a record 18,352.76 and the S&P 500 gained 30.17 points or 0.54 percent to end at 5,567.19 - also a record. For the holiday-interrupted week, the NASDAQ spiked 3.5 percent, the S&P 500 surged 2.0 percent and the Dow advanced 0.7 percent. The strength on Wall Street came as the Labor Department's closely watched monthly jobs report for June generated optimism about the outlook for interest rates. While employment jumped by more than expected in June, the report also showed downward revisions to job growth in April and May as well as another unexpected uptick by the unemployment rate. Treasury yields moved lower after the release of the report amid optimism the continued increase by the jobless rate will convince the Federal Reserve to lower interest rates in the near future. Oil futures slipped on Friday, but still posted their fourth straight weekly gain amid optimism about the outlook for demand. West Texas Intermediate Crude oil futures for August ended down by $0.72 or 0.86 percent at $83.16 a barrel. WTI crude futures gained about 2 percent in the week.
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