Indonesia Bourse May Reclaim 7,300-Point Level

(RTTNews) - The Indonesia stock market on Friday ended the two-day slide in which it had plunged almost 250 points or 3.3 percent. The Jakarta Composite Index now rests just beneath the 7,290-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is mixed as countries weigh the results of the U.S. elections. The European markets were down 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 energy companies and mixed performances from the financial, cement and resource stocks.

For the day, the index added 43.33 points or 0.60 percent to finish at 7,287.19 after trading between 7,265.58 and 7,350.36.

Among the actives, Bank CIMB Niaga sank 0.83 percent, while Bank Mandiri retreated 1.56 percent, Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia dropped 0.90 percent, Bank Central Asia slumped 0.98 percent, Bank Rakyat Indonesia shed 0.66 percent, Indosat Ooredoo Hutchison plunged 4.80 percent, Indocement climbed 1.11 percent, Semen Indonesia lost 0.82 percent, Indofood Sukses Makmur tanked 2.53 percent, United Tractors and Energi Mega Persada both advanced 0.83 percent, Astra International skidded 0.80 percent, Astra Agro Lestari slid 0.38 percent, Aneka Tambang added 0.63 percent, Jasa Marga rose 0.42 percent, Vale Indonesia rallied 2.41 percent, Timah spiked 2.07 percent, Bumi Resources stumbled 2.31 percent and Bank Maybank Indonesia was unchanged,

The lead from Wall Street is positive as the major averages opened higher on Friday and all finished with modest gains to fresh record closing highs.

The Dow jumped 259.65 points or 0.59 percent to finish at 43,988.99, while the NASDAQ rose 17.32 points or 0.09 percent to close at 19,286.78 and the S&P 500 added 22.44 points or 0.38 percent to end at 5,995.54.

For the week, the tech-heavy NASDAQ soared 5.7 percent, while the S&P 500 spiked 4.7 percent and the Dow rallied 4.6 percent.

Stocks continued to benefit from a positive reaction to former President Donald Trump's decisive victory in the U.S. presidential election, which is expected to be positive for corporations.

Traders also continued to digest the Federal Reserve's widely expected decision on Thursday to lower interest rates by a quarter-point. But Fed Chair Jerome Powell stressed that rates are not on any preset course and the central bank will make future decisions meeting by meeting.

Oil prices fell sharply Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappointment over the size of China's fresh stimulus measures. West Texas Intermediate Crude oil futures for December sank $1.98 or 2.7 percent at $70.38 a barrel; the contract gained 1 percent in the week.

Closer to home, Indonesia will provide October results for its consumer confidence index later today; in September, the index score was 123.5.