The Indonesian stock market rebounded on Friday, recovering from a brief pause that ended a four-day winning streak, during which the Jakarta Composite Index (JCI) had gained nearly 150 points or 2%. The JCI currently hovers just below the 7,550-point mark and appears poised for further gains in Monday's trading session.
The global outlook for Asian markets is optimistic, buoyed by positive sentiment regarding interest rate projections. European and U.S. markets experienced upward momentum, suggesting a similar trend for Asian exchanges.
On Friday, the JCI posted moderate gains, driven by robust performances in financial stocks and resource companies. The index climbed 55.60 points, or 0.74%, to close at 7,544.30.
Among the active stocks, Bank CIMB Niaga rose by 1.61%, Bank Danamon Indonesia increased by 0.78%, Bank Negara Indonesia advanced by 3.32%, and Bank Rakyat Indonesia climbed by 1.98%. Other notable performances included Semen Indonesia, which gained 1.00%, Indofood Sukses Makmur, which improved by 0.75%, and United Tractors, which soared by 2.67%. Astra International and Energi Mega Persada experienced significant gains, rising 2.00% and 3.96% respectively, while Astra Agro Lestari strengthened by 1.66%. Aneka Tambang added 0.69%, and Vale Indonesia advanced by 1.06%. Meanwhile, Timah gained 1.48%, and Bumi Resources spiked 3.30%. However, Jasa Marga fell by 1.37%. Bank Mandiri, Bank Central Asia, Bank Maybank Indonesia, Indosat Ooredoo Hutchison, and Indocement remained unchanged.
Wall Street’s performance was strong on Friday, with major indices opening higher and staying positive throughout the session, closing near their daily highs. The Dow Jones Industrial Average surged 462.28 points, or 1.14%, to finish at 41,175.08. The NASDAQ Composite rallied 258.39 points, or 1.47%, to close at 17,877.79, and the S&P 500 advanced 63.97 points, or 1.15%, to settle at 5,634.61.
Over the week, the Dow increased by 1.3%, the NASDAQ jumped 1.4%, and the S&P 500 rose by 1.5%. The rebound in U.S. markets followed remarks by Federal Reserve Chair Jerome Powell, who signaled that the central bank may begin lowering interest rates at its upcoming monetary policy meeting in September.
In other economic news, the U.S. Commerce Department reported a substantial rise in new home sales for July.
After recovering in the previous session, crude oil prices continued their upward trend on Friday. West Texas Intermediate crude for October delivery surged $1.82, or 2.5%, to $74.83 a barrel, following a $1.08 rise, or 1.5%, to $73.01 a barrel on Thursday. Despite these gains, crude oil prices declined by 0.9% for the week due to earlier sell-offs.
