Higher Open Anticipated For Indonesia Shares

(RTTNews) - The Indonesia stock market has moved higher in five straight sessions, advancing almost 210 points or 3.3 percent along the way. The Jakarta Composite Index now rests just above the 6,815-point plateau and it's tipped to open in the green again on Monday.

The global forecast for the Asian markets is positive on optimism over economic data and easing tariff concerns. The European and U.S. bourses were sharply higher and the Asian markets also figure to open to the upside.

The JCI finished modestly higher on Friday as the financial shares and resource stocks were mostly in the green.

For the day, the index collected 49.94 points or 0.72 percent to finish at 6,815.73 after trading between 6,765.83 and 6,818.28.

Among the actives, Bank CIMB Niaga shed 0.57 percent, while Bank Mandiri strengthened 1.43 percent, Bank Danamon Indonesia collected 0.41 percent, Bank Negara Indonesia added 0.48 percent, Bank Central Asia jumped 1.70 percent, Bank Rakyat Indonesia improved 0,.78 percent, Indosat Ooredoo Hutchison surged 8.00 percent, Indocement tumbled 1.87 percent, Semen Indonesia tanked 2.68 percent, Indofood Sukses Makmur plunged 3.75 percent, United Tractors rose 0.33 percent, Astra International dipped 0.21 percent, Astra Agro Lestari advanced 0.84 percent, Aneka Tambang soared 5.53 percent, Vale Indonesia lost 0.40 percent, Timah plummeted 7.14 percent, Bumi Resources rallied 4.67 percent and Energi Mega Persada was unchanged.

The lead from Wall Street is firm as the major averages opened sharply higher on Friday and remained solidly in the green throughout the trading day.

The Dow surged 564.47 points or 1.39 percent to finish at 41,317.43, while the NASDAQ rallied 266.99 points or 1.51 percent to close at 17,977.73 and the S&P 500 spiked 82.53 points or 1.47 percent to end at 5,686.67.

For the week, the tech-heavy NASDAQ soared 3.4 percent, while the Dow jumped 3.0 percent and the S&P improved 2.9 percent.

The rally on Wall Street followed the release of a closely watched Labor Department report showing U.S. job growth far exceeded economist estimates in the month of April.

Buying interest was also generated in reaction to indications China is open to trade talks with the U.S., with a spokesperson for China's Ministry of Commerce saying U.S. officials have "repeatedly expressed their willingness to negotiate with China on tariffs."

Crude oil showed a significant move back to the downside on Friday on concerns that OPEC would accelerate production, which did indeed happen over the weekend. West Texas Intermediate crude for June delivery tumbled $0.95 or 1.6 percent to $58.29 a barrel. Crude plunged 7.5 percent for the week.

Closer to home, Indonesia will release Q1 figures for gross domestic product later today. GDP is expected to slip 0.89 percent on quarter and rise 4.91 percent on year after adding 0.53 percent on quarter and 5.02 percent on year in the three months prior.