Indonesia Shares May Extend Winning Streak

(RTTNews) - The Indonesia stock market has moved higher in four straight sessions, advancing almost 80 points or 1.1 percent along the way. The Jakarta Composite Index now sits just beneath the 7,330-point plateau and it's expected to add to its winnings again on Monday.

The global forecast for the Asian markets is positive, with bargain hunting expected in the technology sectors. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The JCI finished modestly 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 added 27.17 points or 0.37 percent to finish at 7,327.58 after trading between 7,300.75 and 7,354.16.

Among the actives, Bank CIMB Niaga climbed 1.12 percent, while Bank Mandiri collected 0.39 percent, Bank Danamon Indonesia rose 0.38 percent, Bank Negara Indonesia surged 3.18 percent, Bank Rakyat Indonesia rallied 1.24 percent, Indosat Ooredoo Hutchison dropped 0.87 percent, Indocement strengthened 1.35 percent, Semen Indonesia jumped 2.00 percent, Indofood Sukses Makmur gained 0.42 percent, Astra International added 0.67 percent, Energi Mega Persada spiked 2.80 percent, Astra Agro Lestari soared 3.54 percent, Vale Indonesia slumped 1.32 percent, Timah retreated 1.49 percent and Bumi Resources, Bank Central Asia, Aneka Tambang and United Tractors were unchanged.

The lead from all Street is upbeat as the major averages opened higher and remained well into the green throughout the session.

The Dow rallied 247.10 points or 0.62 percent to finish at 40,000.90, while the NASDAQ climbed 115.04 points or 0.63 percent to end at 18,398.45 and the S&P 500 gained 30.81 points or 0.55 percent to close at 5,615.35.

For the week, the Dow shot up 1.6 percent, the S&P 500 jumped 0.9 percent and the NASDAQ rose 0.3 percent.

The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the steep drop on Thursday, which partly reflected a rotation out of leading tech stocks like Nvidia (NVDA).

Traders also remained optimistic about the outlook for interest rates even though the Labor Department said producer prices in the U.S. increased by slightly more than expected in June.

Oil futures settled lower on Friday, weighed down by data showing a bigger than expected increase in U.S. producer prices in June. West Texas Intermediate Crude oil futures for August ended down by $0.41 at $82.21 a barrel.