In recent trading sessions, the Indonesian stock market has shown a positive trend, rising over three consecutive days to gain nearly 130 points, equivalent to a 1.8% increase. As a result, the Jakarta Composite Index (JCI) now stands slightly above the 7,160 mark. Anticipations for Monday suggest a further upward movement.
The global perspective for Asian markets is optimistic, with particular encouragement from technology and oil sectors. Despite declines in European markets, the US stock markets have seen upward movements, with Asian markets projected to follow their positive trajectory.
On Friday, the JCI experienced minor gains, buoyed by the food and telecom sectors, although this was counterbalanced by weaker performances from financial and cement companies, and a mixed outcome from resource stocks.
The JCI added a marginal 1.22 points or 0.02% to close at 7,164.43, fluctuating between 7,135.28 and 7,197.01 throughout the day.
In individual stocks, Bank CIMB Niaga and Vale Indonesia each saw a decrease of 0.28%, while Bank Mandiri fell by 0.85%, Bank Danamon Indonesia declined by 0.76%, and Bank Negara Indonesia decreased by 1.09%. Bank Central Asia recorded a 0.51% drop, with Bank Rakyat Indonesia down by 1.43%. Meanwhile, Indosat Ooredoo Hutchison gained 0.42%, and Indofood Sukses Makmur increased by 1.00%. Conversely, Indocement experienced a significant fall of 3.74%, Semen Indonesia was down by 0.30%, and United Tractors lost 0.49%. Astra Agro Lestari rose by 0.41%, while Aneka Tambang decreased by 1.62%. Jasa Marga saw an uplift of 1.83%, despite Timah's decrease of 2.76%. Bumi Resources rallied with a 0.81% gain, while Bank Maybank Indonesia, Astra International, and Energi Mega Persada remained unchanged.
The Wall Street outlook remains buoyant after the major indices opened higher on Friday, sustaining gains throughout the session to close near their peak values. The Dow Jones Industrial Average added 339.83 points, or 0.80%, ending at 42,732.13. The NASDAQ Composite climbed by 340.88 points, or 1.77%, to finish at 19,621.68, while the S&P 500 grew by 73.92 points, or 1.26%, to conclude at 5,942.47.
For the week, despite the holiday disruptions, the Dow endured a 0.6% decline, with both the NASDAQ and the S&P 500 dipping by 0.5%.
This strength in the US markets arose as traders sought to purchase stocks at relatively lower prices following earlier weaknesses, while some remained absent due to the New Year's Day holiday.
In macroeconomic updates, the Institute for Supply Management reported that US manufacturing activity contracted at a more gradual pace in December.
Regarding the oil market, prices advanced on Friday, fueled by optimism over demand forecasts based on recent data indicating a reduction in US crude inventories. West Texas Intermediate Crude oil futures for February delivery rose by $0.83 or 1.13%, closing at $73.96 per barrel.
The material has been provided by InstaForex Company -
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