The Indonesia stock market has finished higher in back-to-back trading days, collecting almost 120 points or 2 percent along the way. The Jakarta Composite Index now rests just above the 6,055-point plateau and it may extend its gains on Monday.
The global forecast for the Asian markets is upbeat on easing trade concerns and a rebound in crude oil prices. The European and U.S. markets were up on Friday and the Asian bourses re tipped to open in similar fashion.
The JCI finished modestly higher on Friday as gains from the financial shares were capped by weakness from the cement companies and a mixed picture from the resource stocks.
For the day, the index gained 24.66 points or 0.41 percent to finish at 6,057.35 after trading between 6,037.08 and 6,080.19.
Among the actives, Bank Danamon Indonesia shed 0.62 percent, while Bank Mandiri jumped 1.65 percent, Bank Central Asia added 0.09 percent, Bank Negara Indonesia spiked 1.76 percent, Indosat tumbled 1.56 percent, Indocement sank 0.65 percent, Semen Indonesia dropped 0.92 percent, Unilever rose 0.99 percent, Indofood Suskes retreated 1.56 percent, United Tractors skidded 1.76 percent, Bumi Resources fell 0.87 percent, Aneka Tambang lost 1.35 percent, Vale Indonesia soared 2.67 percent, Timah gathered 0.47 percent and Bank Rakyat Indonesia was unchanged.
The lead from Wall Street is positive as stocks opened higher on Friday. They pulled back from session highs but remained in the green, cutting into recent losses.
The Dow added 95.22 points or 0.37 percent to finish at 25,585.69, while the NASDAQ rose 8.73 points or 0.11 percent to 7,637.01 and the S&P gained 3.82 points or 0.14 percent to 2,826.06. For the week, the Dow shed 0.7 percent, the NASDAQ lost 2.3 percent and the S&P fell 1.2 percent.
Bargain hunting contributed to the early strength on Wall Street as traders looked to pick up stocks at reduced levels following Thursday's steep losses.
The markets also benefited from easing trade concerns as President Donald Trump said he remains hopeful of a U.S.-China trade deal, noting he will meet with Chinese President Xi Jinping at the G20 summit next month.
The subsequent pullback by stocks was partly due to news that J.P. Morgan economists slashed their second quarter GDP growth forecast to 1 percent from 2.25 percent.
Crude oil futures moved higher Friday, rebounding from recent losses, after trade worries faded. West Texas Intermediate Crude oil futures for June ended up $0.72 or 1.2 percent at $58.63 a barrel.
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