Indonesia Stock Market May Add To Its Winnings

 Indonesia Stock Market May Add To Its Winnings

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(RTTNews) – Ahead of the Lunar New Year holiday, the Indonesia stock market had tracked higher in two straight sessions, collecting more than 40 points or 0.7 percent along the way. The Jakarta Composite Index now rests just above the 6,200-point plateau and it’s looking at a green light again on Monday.

The global forecast for the Asian markets suggests mild upside in light trade as several bourses remain closed for the Lunar New Year. The European and U.S. markets were modestly higher on Friday and the Asian markets are tipped to open in similar fashion.

The JCI finished modestly higher on Thursday following gains from the financials, weakness from the cement companies and a mixed bag from the resource stocks.

For the day, the index gained 20.69 points or 0.33 percent to finish at 6,222.52 after trading between 6,194.01 and 6,232.85,

Among the actives, Bank Danamon Indonesia collected 0.30 percent, while Indosat spiked 2.59 percent, Bank Rakyat Indonesia gained 0.65 percent, Indocement shed 0.72 percent, Semen Indonesia dropped 0.90 percent, Indofood Suskes soared 2.86 percent, United Tractors rose 0.11 percent, Astra International declined 0.85 percent, Astra Agro Lestari skidded 1.09 percent, Aneka Tambang tanked 2.05 percent, Vale Indonesia surged 5.81 percent, Perusahaan Gas jumped 1.07 percent, Timah retreated 0.95 percent, Bumi Resources tumbled 1.52 percent and Bank Mandiri, Bank CIMB Niaga, Bank Negara Indonesia and Telkom Indonesia were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages shook off a lower open on Friday to finish slightly in the green and at fresh record closing highs.

The Dow added 27.70 points or 0.09 percent to finish at 31,458.40, while the NASDAQ gained 69.70 points or 0.50 percent to end at 14,095.47 and the S&P 500 rose 18.45 points or 0.47 percent to close at 3,934.83. For the week, the Dow jumped 1 percent, the NASDAQ spiked 1.7 percent and the S&P rose 1.2 percent.

Profit taking contributed to modest weakness early in the trading session, although selling pressure remained subdued. The markets have largely maintained their upward momentum amid optimism about more fiscal stimulus and an easing of the coronavirus crisis.

Traders largely shrugged off a preliminary report from the University of Michigan showing an unexpected deterioration in U.S. consumer sentiment in February.

Traders have recently looked at weak economic data as a positive for the markets amid the assumption that it will put pressure on lawmakers to provide more stimulus.

Crude oil prices moved higher on Friday as tensions in the Middle East raised the possibility of disruptions in crude supplies. West Texas Intermediate Crude oil futures for March ended up $1.23 or 2.1 percent at $59.47 a barrel.

Closer to home, Indonesia will release January data for imports, exports and trade balance later today. Imports are expected to sink 2.77 percent on year after easing 0.47 percent in December. Exports are called higher by an annual 13.59 percent after gaining 14.63 percent in the previous month. The trade surplus is pegged at $1.68 billion, down from $2.1 billion a month earlier.

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