Indonesia Bourse May Extend Friday's Gains

(RTTNews) - The Indonesia stock market bounced higher again on Friday, one day after ending the two-day jump in which it had rallied more than 560 points or 10 percent. The Jakarta Composite Index now sits just above the 6,000-point plateau and it's tipped to open in the green again on Monday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion. The JCI finished sharply higher on Friday following gains from the financial shares, telecoms and resource stocks, although the financial sector was weak. For the day, the index spiked 121.62 points or 2.07 percent to finish ay 6,007.66 after trading between 5,952.85 and 6,074.07. Among the actives, Bank CIMB Niaga expanded 1.64 percent, while Bank Mandiri skidded 1.18 percent, Bank Danamon Indonesia collected 1.29 percent, Bank Negara Indonesia jumped 1.71 percent, Bank Central Asia gained 1.72 percent, Indosat Ooredoo Hutchison tumbled 2.11 percent, Indocement slumped 1.20 percent, Semen Indonesia retreated 1.29 percent, Indofood Sukses Makmur spiked 3.21 percent, United Tractors accelerated 3.45 percent, Astra International increased 0.85 percent, Energi Mega Persada added 0.72 percent, Astra Agro Lestari vaulted 2.07 percent, Antam soared 4.78 percent, Vale Indonesia skyrocketed 10.30 percent, Timah surged 5.10 percent, Bumi Resources rallied 12.14 percent and Bank Rakyat Indonesia was unchanged.

The lead from Wall Street suggests mild upside as the major averages shook off early weakness on Friday before trending higher to finish firmly in the green.

The Dow jumped 353.51 points or 0.70 percent to finish at 51,202.26, while the NASDAQ added 79.18 points or 0.31 percent to close at 25,888.84 and the S&P 500 collected 37.16 points or 0.50 percent to end at 7,431.46.

Optimism about an end to the conflict in the Middle East contributed to continued strength on Wall Street, although traders seemed reluctant to make more significant moves amid conflicting comments from President Donald Trump.

Reports have indicated the U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to be reopened immediately without tolls and for Iran to receive sanctions relief based on compliance.

Traders also kept an eye on shares of SpaceX (SPCX), with the rocket maker making its debut on the NASDAQ in the largest initial public offering (IPO) in history. SpaceX soared by 19.3 percent on the day.

Crude oil prices tumbled on Friday after Trump claimed that the Strait of Hormuz will reopen, resulting in waning supply disruption concerns. West Texas Intermediate crude for July delivery sank $2.86 or 3.26 percent at $84.85 per barrel.