Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market turned higher again on Friday, one session after ending the four-day winning streak in which it had advanced almost 150 points or 2 percent. The Jakarta Composite Index now rests just shy of the 7,550-point plateau and it's got a green light again for Monday's trade.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished modestly higher on Friday following gains from the financial shares and resource companies.

For the day, the index gained 55.60 points r 0.74 percent to finish at 7,544.30.

Among the actives, Bank CIMB Niaga rallied 1.61 percent, while Bank Danamon Indonesia collected 0.78 percent, Bank Negara Indonesia increased 3.32 percent, Bank Rakyat Indonesia jumped 1.98 percent, Semen Indonesia climbed 1.00 percent, Indofood Sukses Makmur improved 0.75 percent, United Tractors soared 2.67 percent, Astra International accelerated 2.00 percent, Energi Mega Persada surged 3.96 percent, Astra Agro Lestari strengthened 1.66 percent, Aneka Tambang added 0.69 percent, Jasa Marga retreated 1.37 percent, Vale Indonesia advanced 1.06 percent, Timah gained 1.48 percent, Bumi Resources spiked 3.30 percent and Bank Mandiri, Bank Central Asia, Bank Maybank Indonesia, Indosat Ooredoo Hutchison and Indocement were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Friday and spent the whole day in the green, ending near session highs.

The Dow jumped 462.28 points or 1.14 percent to finish at 41,175.08, while the NASDAQ rallied 258.39 points or 1.47 percent to end at 17,877.79 and the S&P 500 advanced 63.97 points or 1.15 percent to close at 5,634.61.

For the week, the Dow shot up 1.3 percent, the NASDAQ jumped 1.4 percent and the S&P 500 spiked 1.5 percent.

The rebound on Wall Street came as highly anticipated remarks by Federal Reserve Chair Jerome Powell indicated the central bank is prepared to begin lowering interest rates at its next monetary policy meeting in September.

In other U.S. economic news, the Commerce Department noted a substantial increase by new home sales in the U.S. in July.

Following the rebound in the previous session, the price of crude oil showed another strong move to the upside on Friday. West Texas Intermediate crude for October delivery surged $1.82 or 2.5 percent to $74.83 a barrel after jumping $1.08 or 1.5 percent to $73.01 a barrel during Thursday's session. But the price of crude oil fell by 0.9 for the week due to sell-off earlier in the week.