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Indonesia Shares May Return To The Upside On Monday

Ahead of the week-long break for Eid-ul-Fitr, the Indonesia stock market had moved higher in consecutive trading days, collecting almost 175 points or 2.9 percent along the way. The Jakarta Composite Index now rests just shy of the 6,210-point plateau and it's projected to open in the green again on Monday.

The global forecast for the Asian markets is positive on an improved outlook for interest rates and a surge in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets are tipped to follow that lead.

The JCI finished sharply higher on May 31 following gains from the financial shares, cement companies and resource stocks.

For the day, the index soared 105.01 points or 1.72 percent to finish at the daily high of 6,209.12 after trading as low as 6,110.48.

Among the actives, Bank Danamon Indonesia skidded 1.49 percent, while Bank Mandiri climbed 1.66 percent, Bank Central Asia advanced 1.39 percent, Bank Negara Indonesia spiked 3.07 percent, Bank Rakyat Indonesia soared 4.06 percent, Indosat accelerated 2.76 percent, Indocement surged 4.69 percent, Semen Indonesia perked 3.12 percent, Indofood Suskes Indonesia gathered 3.94 percent, United Tractors jumped 1.91 percent, Bumi Resources added 0.85 percent, Aneka Tambang climbed 1.40 percent, Vale Indonesia rose 0.75 percent and Timah was unchanged.

The lead from Wall Street is solid as stocks extended recent gains, moving sharply higher on Friday.

The Dow climbed 263.28 points or 1.02 percent, while the NASDAQ spiked 126.55 points or 1.66 percent to 7,742.10 and the S&P 500 rose 29.85 points or 1.05 percent to 2,873.34. For the week, the Dow surged 4.7 percent, the NASDAQ jumped 3.9 percent and the S&P was up 4.4 percent.

The continued strength on Wall Street reflected optimism that disappointing U.S. jobs data could spur the Federal Reserve to lower interest rates in the near future. The Labor Department's closely watched monthly jobs report showed a substantial slowdown in the pace of U.S. job growth in May.

Stocks remained firmly positive after President Donald Trump said there is a good chance the U.S. and Mexico will reach an agreement to avert his threatened 5 percent tariff on all Mexican imports.

Crude oil futures ended sharply higher for a second straight session on Friday, amid signs OPEC will extend output cuts beyond June. West Texas Intermediate crude oil futures for July ended up $1.40 or 2.7 percent at $53.99 a barrel.

Closer to home, Indonesia will provide May figures for consumer prices later today; in April, overall inflation was up 0.4 percent on month and 2.8 percent on year, while core CPI gained 3.1 percent on year.

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