logo
Plus   Neg
Share
Email

Indonesia Stock Market May Extend Winning Streak

The Indonesia stock market has climbed higher in four straight sessions, gathering almost 215 points or 3.6 percent along the way. The Jakarta Composite Index now rests just above the 5,905-point plateau and it's called higher again on Friday.

The global forecast for the Asian markets is upbeat thanks to easing concerns over a global trade war. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The JCI finished modestly higher on Thursday following gains from the communication shares and mixed performances from the financials and resource stocks.

For the day, the index climbed 14.51 points or 0.25 percent to finish at 5,907.87 after trading between 5,873.05 and 5,931.52. There were 215 gainers and 164 decliners, with 118 stocks finishing unchanged.

Among the actives, Bukit Darmo Property jumped 1.67 percent, while XL Axiata soared 5.28 percent, SLJ Global tumbled 1.92 percent, Voksel Electric skidded 1.27 percent, Lotte Chemical shed 0.71 percent, Jasa Marga added 0.64 percent, Bumi Resources perked 1.77 percent, Vale Indonesia tumbled 1.87 percent, Bank Pan Indonesia collected 0.60 percent, Bank Danamon lost 0.76 percent, Bank Central Asia spiked 2.24 percent, Bank Mandiri climbed 1.57 percent, Bank Negara dropped 2.09 percent, Indosat surged 7.78 percent and Tiga Pilar Sejahtera Food, Bank MNC Internasional, Bank Pan Indonesia and Jasa Marga were unchanged.

The lead from Wall Street is positive as stocks showed a strong move back to the upside Thursday, more than offsetting the losses in the previous session.

The Dow jumped 224.44 points or 0.91 percent to finish at 24,924.89, while the NASDAQ surged 107.30 points or 1.39 percent to a record closing high of 7,823.92 and the S&P 500 surged 24.27 points or 0.87 percent to 2,798.29.

The rebound was due to optimism about the upcoming earnings season, with several leading financial companies report results on Friday.

Easing trade concerns between the United States and China also contributed to the rally as traders seem optimistic the continued tariff threats will eventually bring the U.S. and China to the table for talks that result in a long-term trade agreement.

In economic news, the Labor Department said consumer prices edged higher in June, as did core CPI. Also, the Labor Department said first-time claims for unemployment benefits fell more than expected in the week ended July 7.

Crude oil futures failed to rally Thursday after the International Energy Agency's warning that the world's oil supply cushion "might be stretched to the limit" due to production losses. Crude was down 5 cents to $70.33 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT