Indonesia Bourse May Add To Its Winnings On Monday

(RTTNews) - The Indonesia stock market on Friday snapped the two-day slide in which it had slipped more than 25 points or 0.3 percent. The Jakarta Composite Index now sits just above the 7,530-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat, with technology and financial shares likely to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets are also expected to tick higher on Monday.

The JCI finished modestly higher on Friday despite losses from the financial shares, cement stocks and resource companies.

For the day, the index improved 43.20 points or 0.58 percent to finish at 7,533.38 after trading between 7,516.98 and 7,648.90.

Among the actives, Bank CIMB Niaga rose 0.29 percent, while Bank Mandiri slipped 0.21 percent, Bank Danamon Indonesia shed 0.40 percent, Bank Negara Indonesia slumped 1.21 percent, Bank Rakyat Indonesia fell 0.27 percent, Indosat Ooredoo Hutchison dropped 0.87 percent, Indocement shed 0.41 percent, Semen Indonesia lost 0.40 percent, Indofood Sukses Makmur declined 0.61 percent, United Tractors perked 0.21 percent, Astra International sank 0.81 percent, Energi Mega Persada plummeted 14.17 percent, Astra Agro Lestari jumped 1.47 percent, Aneka Tambang tumbled 1.90 percent, Vale Indonesia surrendered 2.20 percent, Timah skidded 0.99 percent, Bumi Resources stumbled 1.79 percent and Bank Central Asia was unchanged.

The lead from Wall Street is firm as the major averages opened higher on Friday and remained well in the green throughout the session, finishing near daily highs.

The Dow climbed 206.97 points or 0.47 percent to finish at 44,175.61, while the NASDAQ jumped 207.32 points or 0.98 percent to close at a record 21,450.02 and the S&P 500 gained 49.45 points or 0.78 percent to end at 6,389.45.

For the week, the NASDAQ rallied 3.9 percent, the S&P 500 surged 2.4 percent and the Dow shot up 1.4 percent.

Wall Street was led higher by the tech sector as shares of Apple (AAPL) showed a substantial move to the upside last week after announcing plans to spend about $600 billion in the U.S. over the next four years.

Computer hardware stocks turned in some of the market's best performances on the day, with the NYSE Arca Computer Hardware Index climbing by 1.4 percent. Significant strength also emerged among banking, oil service, brokerage and networking stocks.

Crude oil posted very slight gains on Friday as uncertainty prevails over the U.S.-Russia conflict over the war with Ukraine, combined with the threat of sanctions on Russian oil exports. West Texas Intermediate crude for September was up $0.03 or 0.05 percent to $63.91 per barrel.

Closer to home, Indonesia will on Monday release July figures for retail sales later today; in June, sales were up 1.9 percent on year.