Overbought Jakarta Market Nonetheless Called Higher Again On Monday

(RTTNews) - The Indonesia stock market has tracked higher in six straight sessions, climbing more than 275 points or 3.7 percent along the way. The Jakarta Composite Index now rests just above the 7,760-point plateau and it's got a firm lead again for Monday's trade.

The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.

The JCI finished modestly higher on Friday following gains from the food sector and mixed performances from the financial shares and resource stocks.

For the day, the index added 25.02 points or 0.32 percent to finish at 7,760.06 after trading between 7,718.68 and 7,790.71.

Among the actives, Bank Mandiri shed 0.69 percent, while Bank Danamon Indonesia sank 0.76 percent, Bank Negara Indonesia spiked 2.73 percent, Bank Central Asia collected 0.23 percent, Bank Rakyat Indonesia dipped 0.20 percent, Bank Maybank Indonesia tumbled 1.72 percent, Indosat Ooredoo Hutchison strengthened 1.66 percent, Indocement dropped 0.95 percent, Semen Indonesia skidded 1.09 percent, Indofood Sukses Makmur rallied 3.48 percent, Astra International lost 0.61 percent, Energi Mega Persada tanked 2.52 percent, Astra Agro Lestari improved 0.74 percent, Aneka Tambang rose 0.31 percent, Timah surrendered 2.20 percent, Bumi Resources plunged 4.79 percent and Bank CIMB Niaga, United Tractors, Jasa Marga and Vale Indonesia were unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.

The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the S&P 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the S&P gained 0.9 percent and the NASDAQ rose 0.8 percent.

The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.

Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.

In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.

Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.