(RTTNews) – The Indonesia stock market has finished higher in two straight sessions, collecting almost 150 points or 2.2 percent along the way. The Jakarta Composite Index now sits just above the 6,760-point plateau and it’s likely to open higher again on Monday.
The global forecast for the Asian markets is cautiously optimistic on easing concerns over the health of financial sectors. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The JCI finished sharply higher on Friday following gains from the financial shares and resource stocks.
For the day, the index jumped 70.64 points or 1.06 percent to finish at 6,762.25.
Among the actives, Bank Danamon Indonesia rallied 2.91 percent, while Bank CIMB Niaga jumped 2.08 percent, Bank Negara Indonesia collected 4.34 percent, Bank Central Asia surged 3.82 percent, Bank Mandiri soared 3.81 percent, Bank Rakyat Indonesia perked 2.17 percent, Indosat Ooredoo Hutchison spiked 2.55 percent, Semen Indonesia advanced 0.80 percent, Indofood Suskes accelerated 3.27 percent, United Tractors improved 0.73 percent, Astra International strengthened 1.28 percent, Energi Mega Persada skyrocketed 5.66 percent, Astra Agro Lestari gained 0.63 percent, Aneka Tambang added 0.53 percent, Vale Indonesia gathered 1.18 percent, Timah climbed 1.02 percent, Bumi Resources increased 0.83 percent and Indocement was unchanged.
The lead from Wall Street ends up positive as the major averages shook off early weakness, improving as the day progressed to finish solidly in the green.
The Dow climbed 132.33 points or 0.41 percent to finish at 32,237.53, while the NASDAQ added 36.56 points or 0.31 percent to close at 11,823.96 and the S&P 500 rose 22.27 points or 0.56 percent to end at 3,970.99.
For the week, the Dow jumped 1.2 percent, the NASDAQ climbed 1.7 percent and the S&P gained 1.4 percent.
The early weakness on Wall Street came on renewed concerns about the health of the banking sector. U.S.-listed shares of Deutsche Bank (DB) moved sharply lower in early trading amid a spike by the German lender’s credit default swaps, while Credit Suisse (CS) and UBS Group (UBS) also came under pressure.
Selling pressure waned over the course of the session, however, as traders felt the banking concerns may have been overdone amid optimism the Federal Reserve is nearing the end of its tightening cycle.
Crude oil prices fell on Friday, extending losses from the previous session amid concerns that rising interest rates might hurt growth and result in a drop in energy demand. West Texas Intermediate Crude oil futures for May ended lower by $0.70 or 1 percent at $69.26 a barrel.
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