Indonesia Shares Set To Bounce Higher Again On Monday

The Indonesia stock market on Friday snapped the three-day winning streak in which is had picked up almost 100 points or 1.5 percent. The Jakarta Composite Index now sits just above the 6,950-point plateau although it may find renewed support on Monday.

The global forecast for the Asian markets is upbeat on optimism over corporate earnings, plus support from the energy and technology sectors. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index dipped 5.70 points or 0.08 percent to finish at 6,951.12.

Among the actives, Bank Danamon Indonesia collected 0.80 percent, while Bank CIMB Niaga advanced 0.97 percent, Bank Negara Indonesia rose 0.32 percent, Bank Mandiri rallied 2.80 percent, Indosat Ooredoo spiked 2.30 percent, Indocement strengthened 1.09 percent, Semen Indonesia jumped 1.56 percent, Indofood Suskes declined 1.45 percent, United Tractors surged 3.19 percent, Astra International soared 4.55 percent, Energi Mega Persada slumped 1.41 percent, Bakrie Sumatera Plantations plummeted 5.76 percent, Astra Agro Lestari climbed 1.05 percent, Aneka Tambang tanked 2.25 percent, Vale Indonesia retreated 1.21 percent, Timah tumbled 2.99 percent and Bumi Resources, Bank Central Asia and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.

The Dow spiked 315.53 points or 0.97 percent to finish at 32,845.13, while the NASDAQ jumped 228.09 points or 1.88 percent to end at 12,390.69 and the S&P 500 gained 57.86 points or 1.42 percent to close at 4,130.29.

For the week, the NASDAQ spiked 4.7 percent, the S&P climbed 4.3 percent and the Dow gained 3.0 percent. The three-day rally also capped off a strong month for stocks, with the major averages recording their best monthly gains since 2020.

The continued strength on Wall Street reflected a positive reaction to the latest batch of earnings news from big-name companies like Amazon (AMZN) and tech giant Apple (AAPL) - although others like Intel (INTC) and Proctor & Gamble (PG) disappointed.

Crude oil prices rose sharply after the Energy Information Administration said U.S. crude inventories tumbled last week. West Texas Intermediate Crude oil futures for September ended higher by $2.20 or 2.3 percent at $98.62 a barrel. WTI crude futures gained 4.1 percent in the week but fell 6.8 percent in the month.

Closer to home, Indonesia will provide July figures for consumer prices later today, with overall inflation expected to have risen 0.53 percent on month and 4.82 percent on year after gaining 0.61 percent on month and 4.35 percent on year in June. Core CPI is tipped to rise 2.85 percent on year, up from 2.63 percent in the previous month.

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