The Indonesia stock market is signaling a higher open heading into the new trading week after posting solid gains in the previous session.
The Jakarta Composite Index closed Friday at 7,544.30, picking up 55.60 points or 0.74 percent on the day.
The index now sits just below the 7,550-point level, with market momentum appearing favorable heading into the next session.
Gains were broadly supported by strong performances from financial shares and resource companies listed on the Indonesian exchange.
Among the standout movers, Energi Mega Persada surged 3.96 percent, while Bank Negara Indonesia climbed 3.32 percent and United Tractors soared 2.67 percent.
Bumi Resources spiked 3.30 percent, Astra International accelerated 2.00 percent, and Bank Rakyat Indonesia jumped 1.98 percent during Friday’s session.
Bank CIMB Niaga rallied 1.61 percent, Astra Agro Lestari strengthened 1.66 percent, and Timah gained 1.48 percent, adding to the broad-based advance.
On the downside, Jasa Marga retreated 1.37 percent, while Bank Mandiri, Bank Central Asia, Bank Maybank Indonesia, Indosat Ooredoo Hutchison, and Indocement all finished unchanged.
The positive tone in Jakarta was reinforced by a strong lead from Wall Street, where major averages spent the entire session in positive territory and closed near session highs.
The Dow jumped 462.28 points or 1.14 percent to finish at 41,175.08, while the NASDAQ rallied 258.39 points or 1.47 percent to end at 17,877.79.
The S&P 500 advanced 63.97 points or 1.15 percent to close at 5,634.61, capping a strong week for U.S. equities across the board.
For the week, the Dow shot up 1.3 percent, the NASDAQ jumped 1.4 percent, and the S&P 500 spiked 1.5 percent.
The rally on Wall Street was fueled largely by closely watched remarks from Federal Reserve Chair Jerome Powell, signaling the central bank is prepared to begin cutting interest rates at its September policy meeting.
Optimism over the interest rate outlook has lifted sentiment across global markets, providing a constructive backdrop for Asian bourses heading into the trading week.
Adding to the positive tone, West Texas Intermediate crude for October delivery surged $1.82 or 2.5 percent to $74.83 a barrel, reflecting renewed confidence in the broader economic outlook.
The Commerce Department also reported a substantial increase in new home sales in the U.S. in July, providing another layer of support for investor confidence.
