Indonesia Stock Market May Spin Its Wheels On Monday

(RTTNews) – The Indonesia stock market has finished higher in two straight sessions, collecting more than 190 points or 3 percent along the way. The Jakarta Composite Index now rests just above the 6,250-point plateau and although it may be stuck in neutral on Monday.

The global forecast for the Asian markets suggests a higher open on hopes for additional stimulus and surging oil prices. The European and U.S. markets were up on Friday and the Asian bourses are tipped to at least open in similar fashion, although profit taking may set in later.

The JCI finished sharply higher on Friday following gains from the financial shares, resource stocks and telecoms.

For the day, the index jumped 104.21 points or 1.69 percent to finish at 6,257.83 after trading between 6,190.10 and 6,275.74.

Among the actives, Bank Danamon Indonesia spiked 3.14 percent, while Bank Mandiri climbed 1.16 percent, Bank CIMB Niaga tumbled 1.46 percent, Bank Negara Indonesia collected 0.78 percent, Bank Rakyat Indonesia accelerated 2.57 percent, Astra International rallied 5.76 percent, Telkom Indonesia surged 5.31 percent, Indocement rallied 2.07 percent, Semen Indonesia was up 0.20 percent, Indofood Suskes added 0.37 percent, United Tractors jumped 1.77 percent, Astra Agro Lestari rose 0.19 percent, Vale Indonesia dropped 1.14 percent, Bumi Resources soared 6.85 percent and Indosat, Aneka Tambang and Timah were unchanged.

The lead from Wall Street is upbeat as stocks fluctuated on Friday but managed to finish firmly in the green, sending the major averages to fresh record closing highs.

The Dow rose 56.84 points or 0.18 percent to finish at 31,097.97, while the NASDAQ jumped 134.50 points or 1.03 percent to end at 13,201.98 and the S&P 500 gained 20.89 percent or 0.55 percent to close at 3,824.68. For the week, the Dow rose 1.8 percent, the NASDAQ gained 2.4 percent and the S&P added 1.6 percent.

The markets benefited from optimism that a Democrat-controlled government will lead to more fiscal stimulus and a better handling of the coronavirus vaccine rollout.

Traders were also reacting to a closely watched Labor Department report showing an unexpected decrease in U.S. employment in December – which may provide more ammunition for Democrats to pursue additional stimulus.

Crude oil prices rose sharply on Friday, as recent data showing a drop in U.S. crude stockpiles, and Saudi Arabia’s decision to cut output continued to support the commodity. West Texas Intermediate Crude oil futures for February ended up by $1.41 or 2.8 percent at $52.24 a barrel.

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