On Friday, the Indonesia stock market reversed its two-day downward trend, during which it had dropped nearly 55 points, or 0.8 percent. The Jakarta Composite Index (JCI) now stands just shy of the 7,200 mark and is anticipated to open positively on Monday.
Globally, market forecasts are optimistic, spurred by rising oil prices. European and U.S. markets saw gains on Friday, and Asian markets are expected to follow suit at the start of the week.
The JCI saw modest gains on Friday, driven by the financial sector, despite some profit-taking in telecoms and varied results in the cement and resource sectors. The index climbed by 54.65 points, or 0.77 percent, to settle at 7,195.56, having fluctuated between 7,154.45 and 7,215.69 throughout the day.
In terms of individual performances, Bank CIMB Niaga advanced by 1.44 percent, Bank Mandiri increased by 1.63 percent, and Bank Danamon Indonesia improved by 0.79 percent. Meanwhile, Bank Negara Indonesia surged by 2.54 percent and Bank Rakyat Indonesia soared 3.53 percent. Bank Maybank Indonesia saw a 0.93 percent gain. On the other hand, Indosat Ooredoo Hutchison experienced a decline of 2.40 percent. Contrasting fortunes were also seen with Indocement rising by 1.82 percent, Semen Indonesia dropping by 0.28 percent, and Indofood Sukses Makmur falling 1.97 percent. United Tractors rose by 1.22 percent, Astra International edged up by 0.41 percent, Energi Mega Persada gained 0.77 percent, Astra Agro Lestari improved by 0.40 percent, while Aneka Tambang fell 2.68 percent. Jasa Marga increased by 0.44 percent, Vale Indonesia decreased by 0.54 percent, Timah dropped by 6.95 percent, and both Bumi Resources and Bank Central Asia remained unchanged.
In the U.S., Wall Street presented a favorable outlook as the major indices opened higher on Friday and sustained those gains. The Dow Jones Industrial Average surged by 426.16 points, or 0.97 percent, to reach a record 44,296.51. The NASDAQ gained 31.23 points, or 0.16 percent, to close at 19,003.65, and the S&P 500 increased by 20.63 points, or 0.35 percent, ending at 5,969.34.
Over the week, the Dow advanced by 2.0 percent, while both the NASDAQ and the S&P 500 recorded gains of 1.7 percent. This upward movement occurred despite a drop in Nvidia (NVDA) shares, which fell by 3.2 percent. This decline came even after the company reported better-than-expected third-quarter earnings and revenues.
In U.S. economic developments, revised data from the University of Michigan indicated that consumer sentiment improved less than anticipated in November, although the sentiment index remains at its highest since April.
Oil prices climbed on Friday amid growing concerns over the Russia/Ukraine conflict. West Texas Intermediate (WTI) Crude oil futures for January increased by $1.14, or 1.6 percent, closing at $71.24 a barrel, marking a 6.5 percent gain for the week.
