The Indonesian stock market has experienced positive momentum for six consecutive sessions, gaining over 275 points, equating to a 3.7% increase. The Jakarta Composite Index (JCI) currently hovers slightly above the 7,760 mark and is poised for another promising trading day on Monday.
Globally, the outlook for Asian markets is optimistic, influenced by encouraging earnings reports. While European markets showed mixed results, U.S. stock exchanges saw an uptick, indicating a probable rise in Asian markets as well.
On Friday, the JCI saw a modest rise, buoyed by the food sector and mixed results from financial and resource stocks. By the close of trading, the index had gained 25.02 points, or 0.32%, to settle at 7,760.06, fluctuating between 7,718.68 and 7,790.71 throughout the session.
Notably, Bank Mandiri fell by 0.69%, Bank Danamon Indonesia dropped 0.76%, while Bank Negara Indonesia surged by 2.73%. Bank Central Asia increased 0.23%, Bank Rakyat Indonesia saw a slight decline of 0.20%, and Bank Maybank Indonesia decreased by 1.72%. Indosat Ooredoo Hutchison climbed 1.66%, while Indocement depreciated 0.95% and Semen Indonesia slid 1.09%. Indofood Sukses Makmur advanced by 3.48%, whereas Astra International retreated 0.61%. Energi Mega Persada declined sharply by 2.52%, Astra Agro Lestari edged up 0.74%, and Aneka Tambang rose 0.31%. Meanwhile, Timah surrendered 2.20%, Bumi Resources plummeted 4.79%, and Bank CIMB Niaga, United Tractors, Jasa Marga, and Vale Indonesia remained stable.
On Wall Street, the sentiment was optimistic. The major indices began Friday with mixed movements but steadily advanced, ending near their session highs. The Dow Jones Industrial Average gained 36.86 points, or 0.09%, reaching a new record of 43,275.91. The NASDAQ surged by 115.94 points, or 0.63%, to close at 18,489.55, and the S&P 500 increased by 23.20 points, or 0.40%, settling at 5,864.67. Over the week, the Dow rose by 1.0%, the S&P 500 by 0.9%, and the NASDAQ by 0.8%.
The NASDAQ's gains were bolstered by a significant jump in Netflix (NFLX) shares, which soared 11.1% to a record high following better-than-expected Q3 earnings. Conversely, American Express (AXP) shares fell 3.2%, limiting the Dow's gains, as the company reported Q3 earnings exceeding expectations but lower-than-anticipated revenues.
In U.S. economic developments, the Commerce Department noted a slight decline in both housing starts and building permits for September.
Oil prices decreased on Friday, prompted by downward revisions in demand forecasts from OPEC and the International Energy Agency. West Texas Intermediate (WTI) crude oil futures for November dropped $1.45, or 2.05%, to $69.22 per barrel, culminating in an over 8% decline for the week.
