(RTTNews) – The Indonesian stock market has risen for the fourth consecutive trading day, gaining around 80 points, or 1.1%, in the process. The Jakarta Composite Index is currently just below the 7,330 point level and is expected to rise again on Monday.
Global outlook for Asian markets is positive and bargain hunting is expected in the technology sector. European and US markets are rallying and Asian bourses are expected to follow suit.
The JCI ended with modest gains on Friday as gains in financial stocks and cement companies were capped by weakness in resource stocks.
The index closed up 27.17 points, or 0.37 percent, at 7,327.58 after trading between 7,300.75 and 7,354.16.
Among the active stocks, Bank CIMB Niaga rose 1.12%, Bank Mandiri rose 0.39%, Bank Danamon Indonesia rose 0.38%, Bank Negara Indonesia surged 3.18%, Bank Rakyat Indonesia rose 1.24%, Indosat Ooredoo Hutchison fell 0.87%, India Cement edged up 1.35%, Cemmen Indonesia surged 2.00%, Indofood Sukses Makmur rose 0.42%, Astra International rose 0.67%, Energi Mega Persada surged 2.80%, Astra Agro Lestari surged 3.54%, Vale Indonesia fell 1.32%, Timah fell 1.49%, while Bumiri Resources, Bank Central Asia, Anekatambang and United Tractors were unchanged.
The lead from all markets was upbeat, as major stock averages rose and posted strong gains throughout the trading session.
The Dow rose 247.10 points, or 0.62%, to finish at 40,000.90, the Nasdaq gained 115.04 points, or 0.63%, to close at 18,398.45 and the S&P 500 added 30.81 points, or 0.55%, to close at 5,615.35.
For the week, the Dow rose 1.6%, the S&P 500 added 0.9% and the Nasdaq added 0.3%.
The bounce on Wall Street came as traders sought to buy stocks at slightly lower levels following Thursday’s sell-off, partly reflecting a pullback from major tech stocks like Nvidia (NVDA).
Traders also remained optimistic about the interest rate outlook, despite the Labor Department reporting that U.S. producer prices rose slightly more than expected in June.
Crude oil futures closed lower on Friday after data showed U.S. producer prices rose more than expected in June. West Texas Intermediate crude oil futures for August fell $0.41 to close at $82.21 a barrel.
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