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Jakarta Stocks May Extend Gains 85 days ago
(RTTNews) - The Indonesian stock market has stretched its winning streak to three sessions, collecting more than 45 points or 1.8 percent along the way. The Jakarta Composite Index finished above the 2,425-point plateau, and now investors are looking for continued, if modest, gains when the market opens for business on Monday.
The global forecast is mildly positive thanks to a modest uptick in the international prices for metals. Gold, steel and property stocks also may lend support, although the financials could fall under pressure. The European markets were mixed but little changed on Friday and the U.S. bourses ended firmly higher - and the Asian markets are also tipped to move to the upside.
The JCI finished slightly higher in thin trade on Friday, pushed higher by gains from the mining and agricultural sectors.
For the day, the index gained 6.52 points or 0.3 percent to finish at 2,426.8 after trading between 2,408.62 and 2,431.23. Volume was 5.2 billion shares worth 2.87 trillion rupiah. There were 101 gainers and 69 decliners.
Among the gainers, Adaro Energy jumped 5.6 percent, while Indo Tambangraya Megah added 2.2 percent and Bank Negara Indonesia gained 1 percent.
The lead from Wall Street is cautiously optimistic as stocks rose by solid margins to close out the week on Friday, with the gains coming despite the headwind of a bleak reading on consumer attitudes. The major averages all closed firmly in positive territory after ending the previous session sharply lower.
While the Reuters/University of Michigan consumer sentiment index declined unexpectedly in the first half of November, traders largely looked past the data amid recent revenue upticks by a number of major retailers, indicating some recovery in consumer spending. The consumer sentiment index fell to 66.0 in November from the final October reading of 70.6. The decrease came as a surprise to economists, who had expected the index to edge up to a reading of 71.0.
Earlier optimism came after a flash estimate issued by Eurostat showed that the Eurozone economy expanded by 0.4 percent in the third quarter after contracting for five straight quarters.
Also on the economic front, the Commerce Department reported that the U.S. trade deficit widened by much more than economists had expected in September, as the value of imports increased at a faster pace than the value of exports.
In corporate news, Walt Disney (DIS), Nordstrom (JWN) and J. C. Penney (JCP) were among the firms to report quarterly results, seeing a mixed bag on profit and revenue lines.
The Dow closed up 73.00 points or 0.7 percent at 10,270.47, the NASDAQ advanced 18.86 points or 0.9 percent to 2,167.88 and the S&P 500 rose by 6.24 points or 0.6 percent to 1,093.48. With the gains, the major averages all closed higher for the week, adding to the strong gains posted last week. The Dow posted a weekly gain 2.5 percent, while the NASDAQ and the S&P 500 rose 2.6 percent and 2.3 percent, respectively.
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