Indonesia Bourse May Extend Winning Streak

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, advancing more than 190 points or 2.8 percent along the way. The Jakarta Composite Index now sits just above the 7,540-point plateau and it may open to the upside again on Monday.

The global forecast for the Asian markets is upbeat after the U.S. and the European Union ratified a trade agreement over the weekend. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.

The JCI finished slightly higher on Friday following gains from the energy companies and losses from the financials, cement stocks and resource shares.

For the day, the index added 12.60 points or 0.17 percent to finish at 7,543.50 after trading between 7,515.12 and 7,552.77.

Among the actives, Bank CIMB Niaga dropped 0.86 percent, while Bank Mandiri tanked 2.29 percent, Bank Danamon Indonesia fell 0.41 percent, Bank Negara Indonesia stumbled 3.08 percent, Bank Central Asia shed 0.59 percent, Bank Rakyat Indonesia tumbled 1.77 percent, Indosat Ooredoo Hutchison sank 0.87 percent, Indocement rallied 1.44 percent, Semen Indonesia retreated 1.20 percent, Indofood Sukses Makmur added 0.60 percent, United Tractors declined 1.55 percent, Astra International skidded 0.99 percent, Energi Mega Persada skyrocketed 10.29 percent, Astra Agro Lestari slumped 1.15 percent, Aneka Tambang surrendered 1.98 percent, Vale Indonesia contracted 1.62 percent, Timah lost 0.93 percent and Bumi Resources was down 1.72 percent.

The lead from Wall Street is positive as the major averages opened higher on Friday and tracked mostly higher throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 208.02 points or 0.47 percent to finish at 44,901.92, while the NASDAQ added 50.32 points or 0.24 percent to close at 21,108.32 and the S&P 500 gained 25.29 points or 0.40 percent to end at 6,388.64.

The strength on Wall Street came on optimism that a number of trade deals will be worked out prior to President Donald Trump's August 1 deadline for the extension of his "reciprocal tariffs."

With only a few days left, several trading partners are trying to reach an agreement with the U.S. to avoid high tariff imposition on their exports to the U.S. from August 1; the U.S. and the EU have since reached an agreement over the weekend.

Crude oil fell on Friday on reports that the U.S. might allow partners of Venezuela's state-run PDVSA to resume operations, sparking concerns of over-supply. West Texas Intermediate crude for September delivery closed, down $0.88 or 1.33 percent to $65.15 per barrel.