Indonesia Stock Market Expected To Open In The Green

(RTTNews) - The Indonesia stock market on Friday halted the two-day losing streak in which it had tumbled more than 230 points or 3 percent. The Jakarta Composite Index now rests just above the 6,680-point plateau and it's expected to see additional support on Monday.

The global forecast for the Asian markets is broadly positive on optimism over the outlook for interest rates. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Friday following gains from the cement companies and resource stocks, while the financials came in mixed.

For the day, the index gained 30.72 points or 0.46 percent to finish at 6,684.56.

Among the actives, Bank CIMB Niaga jumped 1.78 percent, while Bank Negara Indonesia retreated 1.11 percent, Bank Central Asia collected 0.61 percent, Bank Mandiri fell 0.25 percent, Bank Rakyat Indonesia slid 0.43 percent, Indosat Ooredoo Hutchison rose 0.41 percent, Indocement surged 4.42 percent, Semen Indonesia skyrocketed 5.60 percent, Indofood Suskes jumped 1.46 percent, United Tractors improved 1.22 percent, Astra International strengthened 1.40 percent, Energi Mega Persada added 0.75 percent, Astra Agro Lestari advanced 0.95 percent, Aneka Tambang climbed 1.02 percent, Vale Indonesia soared 3.52 percent, Timah accelerated 1.78 percent, Bumi Resources rallied 2.07 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is solid as the major averages opened slightly higher on Friday but only accelerated as the day continued, ending near session highs.

The Dow surged 700.51 points or 2.13 percent to finish at 33,630.61, while the NASDAQ soared 264.09 points or 2.56 percent to end at 10,569.29 and the S&P 500 jumped 86.98 points or 2.28 percent to close at 3,895.08.

Stocks rallied as investors hoped that the report from the Institute for Supply Management showing U.S. service sector activity unexpectedly contracted in December will convince the Federal Reserve to slow its aggressive pace on interest rate hikes.

Adding to the positive sentiment, the Labor Department reported that employment increased more than expected in December, while the jobless rate fell to a 50-year low.

Crude oil prices settled flat on Friday as fears of a global recession raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for February settled at $73.77 a barrel, up just 10 cents from the previous close.