(RTTNews) – The Indonesia stock market has moved higher in two straight sessions, gathering almost 25 points or 0.4 percent along the way. The Jakarta Composite Index now sits just above the 6,015-point plateau and it may see additional support again on Monday.
The global forecast for the Asian market is cautiously optimistic, with upside limited by surging coronavirus cases in India. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly higher on Friday following gains from the cement stocks, weakness from the resource companies and a mixed picture from the financial sector.
For the day, the index gained 22.68 points or 0.38 percent to finish at 6,016.86 after trading between 5,973.25 and 6,027.06.
Among the actives, Bank Danamon Indonesia shed 0.38 percent, while Bank CIMB Niaga retreated 1.48 percent, Bank Negara Indonesia spiked 1.76 percent, Bank Central Asia soared 2.82 percent, Bank Mandiri collected 0.41 percent, Bank Rakyat Indonesia improved 1.19 percent, Indocement jumped 1.59 percent, Semen Indonesia added 0.73 percent, Indofood Suskes climbed 1.12 percent, United Tractors rose 0.23 percent, Astra International surged 3.21 percent, Astra Agro Lestari lost 0.53 percent, Aneka Tambang skidded 1.28 percent, Vale Indonesia dropped 0.95 percent, Timah tumbled 1.56 percent and Bumi Resources and Indosat were unchanged.
The lead from Wall Street is positive as the major averages showed a strong move to the upside, picking up steam as the session progressed.
The Dow spiked 227.59 points or 0.67 percent, while the NASDAQ jumped 198.39 points or 1.44 percent to end at 14,016.81 and the S&P 500 gained 45.19 points or 1.09 percent to close at 4,180.17. For the week, the Dow fell 0.5 percent, the NASDAQ shed 1.4 percent and the S&P eased 0.1 percent.
The rebound on Wall Street partly reflected the volatility seen over the past few sessions, which saw the major averages show big swings back-and-forth.
Optimism about the economic recovery has helped prop up the markets, although concerns about high valuations and surging coronavirus cases overseas have led to worries about the near-term outlook.
In economic news, the Commerce Department reported a substantial rebound in new home sales in March, sending sales to their highest level since August 2006.
Crude oil prices moved higher on Friday, lifted by buoyant demand for energy in the U.S. despite a weak global outlook. West Texas Intermediate Crude futures for June ended up by $0.71 or 1.2 percent at $62.14 a barrel. WTI crude futures shed 1.7 percent in the week.