Higher Open Called For Indonesia Stock Market - Nasdaq

(RTTNews) - The Indonesia stock market has moved higher in two straight sessions, although it has gathered just eight points or 0.2 percent in that span. The Jakarta Composite Index now rests just above the 6,290-point plateau and it's got another positive lead for Monday's trade.

The global forecast for the Asian markets is positive thanks to solid economic data from the world's largest economies. The European and U.S. markets were up on Friday and the Asian bourses are expected to follow that lead.

The JCI finished slightly higher on Friday as gains from the financial shares and cement companies were capped by weakness from the resource stocks.

For the day, the index gained 5.61 points or 0.09 percent to finish at 6,291.66 after trading between 6,266.93 and 6,301.48.

Among the actives, Bank Danamon Indonesia shed 0.75 percent, while Bank Mandiri spiked 2.32 percent, Bank Central Asia collected 0.36 percent, Bank Negara Indonesia advanced 0.97 percent, Bank Rakyat Indonesia climbed 1.31 percent, Indosat shed 0.73 percent, Indocement gained 0.67 percent, Semen Indonesia soared 3.21 percent, Indofood Suskes gathered 0.92 percent, Bumi Resources plunged 2.94 percent, Aneka Tambang lost 0.59 percent, Vale Indonesia sank 0.85 percent and Timah was unchanged.

The lead from Wall Street is positive as stocks fluctuated Friday but still inched higher, sending the major averages to fresh record closing highs.

The Dow added 50.46 points or 0.17 percent to 29,348, while the NASDAQ gained 31.81 points or 0.34 percent to 9,388.94 and the S&P 500 rose 12.81 points or 0.39 percent to 3,329.62. For the week, the Sow added1.8 percent, the NASDAQ gained 2.3 percent and the S&P rose 2 percent.

The continued strength on Wall Street was widely attributed to Chinese GDP data even though the latest report showed China's economy grew at the slowest pace since 1990. But the GDP growth matched estimates, which suggested the impact of the U.S.-China trade war wasn't worse than feared.

In U.S. economic news, the Commerce Department noted a substantial increase in U.S. housing starts in December. Also, the Federal Reserve observed a modest pullback in U.S. industrial production last month.

Crude oil futures failed to hold early gains and settled near the flat line Friday as traders weighed demand and supply position in the market. West Texas Intermediate Crude oil futures ended at $58.54 a barrel, gaining 2 cents for the session after peaking earlier at $58.98 a barrel. For the week, crude oil futures shed about 0.8 percent.

Closer to home, the central bank in Indonesia will conclude its monetary policy meeting today and then announce its decision on interest rates. The bank is expected to keep its benchmark lending rate steady at 5.00 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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https://www.nasdaq.com/articles/higher-open-called-for-indonesia-stock-market-2020-01-19

2020-01-20 02:00:00Z
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