The Indonesia stock market has experienced an upward trend over the past three sessions, accumulating over 230 points or 3.3%. The Jakarta Composite Index (JCI) now rests just below the 7,320-point mark, though investors may seek to lock in gains on Monday.
The global forecast for Asian markets remains uncertain, with potential profit-taking likely limiting any substantial gains. European markets have shown softness, while U.S. markets have been mixed and relatively unchanged, suggesting that Asian markets might exhibit a similar pattern.
On Friday, the JCI closed moderately higher, buoyed by gains in resource stocks and mixed performances from financial shares and cement companies. Specifically, the index advanced by 70.54 points, or 0.97%, to end at 7,317.24, within a trading range of 7,245.20 to 7,356.71.
Among active stocks, Bank CIMB Niaga declined by 1.06%, while Bank Mandiri rose by 3.54%. Bank Negara Indonesia fell by 0.48%, Bank Central Asia strengthened by 1.56%, and Bank Rakyat Indonesia gained 1.65%. Indosat Ooredoo Hutchison dropped by 0.69%, Indocement increased by 1.11%, and Semen Indonesia retreated by 1.46%. United Tractors added 0.68%, Astra International jumped 1.91%, and Astra Agro Lestari advanced 0.83%. Aneka Tambang soared by 3.51%, Vale Indonesia surged 6.92%, and Timah increased by 3.17%. Conversely, Bumi Resources plunged by 2.13%, while Bank Danamon Indonesia, Indofood Sukses Makmur, and Energi Mega Persada remained unchanged.
Wall Street's latest performance offers little direction, with major averages opening mixed and closing in a similar fashion. The Dow Jones Industrial Average climbed by 134.19 points, or 0.34%, to finish at a record 40,003.59. The NASDAQ slipped by 12.33 points, or 0.07%, closing at 16,685.97, and the S&P 500 rose by 6.17 points, or 0.12%, ending at 5,303.27.
For the week, the NASDAQ surged by 2.1%, the S&P 500 increased by 1.5%, and the Dow shot up by 1.2%. Trading on Wall Street was choppy as traders were cautious about making significant moves while assessing recent market strength, which had driven major averages to record highs.
In economic news, the Conference Board reported a continued decrease in its reading of leading U.S. economic indicators for April.
Oil prices rose on Friday amid expectations of easing inflation, data showing a drop in inventories, and hopes for interest rate cuts. West Texas Intermediate (WTI) Crude oil futures for June climbed to $80.06 per barrel, gaining $0.79 or just over 1%. WTI crude futures increased by 2.3% over the week.
