Indonesia Stock Market: Support Expected At 6,100 Points

The Indonesia stock market on Friday snapped the two-day winning streak in which it had gathered more than 120 points or 2 percent. The Jakarta Composite Index now rests just above the 6,100-point plateau although it figures to bounce higher again on Monday.

The global forecast for the Asian markets is upbeat, with support expected from oil, technology and utility stocks. The European and U.S. markets were firmly higher and the Asian markets are tipped to open in similar fashion.

The JCI finished modestly lower on Friday as losses from the financial shares and cement companies were mitigated by support from the resource stocks.

For the day, the index lost 35.86 points or 0.58 percent to finish at 6,101.69 after trading between 6,090.60 and 6,166.31.

Among the actives, Bank Danamon Indonesia climbed 1.36 percent, while Bank Negara Indonesia surrendered 1.46 percent, Bank Central Asia dropped 1.95 percent, Bank Mandiri skidded 1.24 percent, Bank Rakyat Indonesia lost 0.77 percent, Indosat tanked 2.46 percent, Indocement retreated 1.20 percent, Semen Indonesia declined 1.97 percent, Indofood Suskes sank 0.77 percent, United Tractors tumbled 1.86 percent, Astra International fell 0.60 percent, Astra Agro Lestari soared 3.83 percent, Aneka Tambang jumped 1.95 percent, Vale Indonesia advanced 1.42 percent, Timah surged 4.53 percent, Bumi Resources plunged 3.39 percent and Bank CIMB Niaga was unchanged.

The lead from Wall Street is firm as the major averages opened higher on Friday and picked up steam as the day progressed, accelerating to fresh record closing highs.

The Dow jumped 238.20 points or 0.68 percent to finish at 35,061.55, while the NASDAQ climbed 152.39 points or 1.04 percent to end at 14,836.99 and the S&P 500 gained 44.31 points or 1.01 percent to close at 4,411.79. For the week, the Dow jumped 1.1 percent, the NASDAQ spiked 2.8 percent and the S&P rose 2 percent.

The four-day winning streak represents a remarkable turnaround for the markets following the sell-off on Monday, which dragged the major averages down to their lowest closing levels in almost a month.

The continued strength on Wall Street reflected a positive reaction to upbeat earnings news from several big-name companies, including Snap (SNAP), Twitter (TWTR) and American Express (AXP), although Intel (INTC) disappointed.

Crude oil futures settled modestly higher Friday, extending gains to a fourth straight session on hopes demand will see a significant increase in coming months. West Texas Intermediate Crude oil futures for September ended up by $0.16 or 0.2 percent at $72.07 a barrel. WTI Crude futures gained 0.4 percent in the week.

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