Indonesia Stock Market Expected To Add To Its Winnings

The Indonesia stock market has climbed higher in four straight sessions, collecting more than 170 points or 2.7 percent along the way. The Jakarta Composite Index now rests just above the 6,630-point plateau and it's tipped to open in the green again on Monday.

The global forecast for the Asian markets is upbeat on solid earnings news and continued support from crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The JCI finished slightly higher on Friday following mixed performances from the financial shares and resource stocks.

For the day, the index rose 7.22 points or 0.11 percent to finish at 6,633.34 after trading between 6,573.34 and 6,680.01.

Among the actives, Bank CIMB Niaga advanced 0.93 percent, while Bank Negara Indonesia surrendered 1.82 percent, Bank Central Asia dropped 1.29 percent, Bank Mandiri shed 0.35 percent, Bank Rakyat Indonesia collected 1.65 percent, Indosat spiked 3.59 percent, Indocement retreated 1.30 percent, Semen Indonesia tumbled 1.68 percent, Indofood Suskes skidded 1.09 percent, United Tractors sank 0.78 percent, Astra International rose 0.40 percent, Energi Mega Persada tanked 2.42 percent, Astra Agro Lestari added 0.48 percent, Aneka Tambang rallied 2.07 percent, Timah gained 0.88 percent, Bumi Resources declined 1.14 percent and Bank Danamon Indonesia and Vale Indonesia were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly in the green on Friday and remained that way throughout the session.

The Dow surged 382.20 points or 1.09 percent to finish at 35,294.76, while the NASDAQ jumped 73.91 points or 0.50 percent to close at 14,897.34 and the S&P rose 33.11 points or 0.75 percent to end at 4,471.37. For the week, the Dow added 1.6 percent, the NASDAQ rose 2.2 percent and the S&P gained 1.8 percent.

Another batch of upbeat earnings news fueled the rally, led by financial giant Goldman Sachs (GS) and aluminum producer Alcoa (AA), among others.

Buying interest was also generated in reaction to a report from the Commerce Department showing an unexpected increase in U.S. retail sales in September. Also, the Labor Department said import prices in the U.S. increased less than expected last month.

Crude oil futures settled notably higher Friday after the International Energy Agency said oil demand is likely to increase significantly due to the energy crunch supporting prices. West Texas Intermediate Crude oil futures for November rose $0.97 or 1.2 percent at $82.28 a barrel. For the week, WTI Crude oil futures gained 3.7 percent, surging for the eighth straight week.

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