The Indonesia stock market has been on an upward trend for four consecutive sessions, achieving nearly an 80-point gain or 1.1 percent overall. Currently, the Jakarta Composite Index (JCI) is just shy of the 7,330-point mark, and it is anticipated to continue its upward momentum on Monday.
The outlook for Asian markets is positive, driven by expectations of bargain hunting in the technology sectors. European and U.S. markets have also shown gains, which suggests that Asian markets may follow suit.
On Friday, the JCI saw a modest increase, buoyed by gains in financial shares and cement companies, despite downward pressure from resource stocks. The index rose by 27.17 points or 0.37 percent, concluding the session at 7,327.58, within a trading range of 7,300.75 to 7,354.16.
Key performers included Bank CIMB Niaga, which increased by 1.12 percent, Bank Mandiri, up 0.39 percent, and Bank Danamon Indonesia, which saw a 0.38 percent rise. Bank Negara Indonesia surged by 3.18 percent, Bank Rakyat Indonesia rallied 1.24 percent, and Indocement gained 1.35 percent. Semen Indonesia jumped 2.00 percent, while Astra International added 0.67 percent, and Energi Mega Persada spiked 2.80 percent. Astra Agro Lestari soared by 3.54 percent. However, Indosat Ooredoo Hutchison dropped 0.87 percent, Vale Indonesia slumped 1.32 percent, and Timah retreated 1.49 percent. Bumi Resources, Bank Central Asia, Aneka Tambang, and United Tractors remained unchanged.
Wall Street closed on an upbeat note, with major averages opening higher and maintaining strong gains throughout the session. The Dow Jones Industrial Average rallied 247.10 points, or 0.62 percent, to finish at 40,000.90. The NASDAQ rose 115.04 points, or 0.63 percent, to end at 18,398.45, and the S&P 500 gained 30.81 points, or 0.55 percent, to close at 5,615.35.
Over the week, the Dow increased by 1.6 percent, the S&P 500 jumped 0.9 percent, and the NASDAQ climbed 0.3 percent. Wall Street's rebound was fueled by traders seeking to buy stocks at somewhat reduced prices after a significant drop on Thursday, partially due to a rotation out of leading tech stocks such as Nvidia (NVDA). Traders remained optimistic about the interest rate outlook despite the U.S. Labor Department reporting a slightly higher than expected increase in producer prices for June.
Additionally, oil futures settled lower on Friday, influenced by data showing a larger than expected rise in U.S. producer prices for June. West Texas Intermediate Crude oil futures for August decreased by $0.41, closing at $82.21 a barrel.
