The Indonesia stock market has finished higher in two straight sessions, climbing more that 60 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 6,105-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is upbeat thanks to rising crude oil prices and solid economic data. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets figure to follow the latter lead.
The JCI finished modestly higher on Thursday following gains from the financials, weakness from the cement companies and a mixed picture from the resource stocks.
For the day, the index added 29.47 points or 0.48 percent to finish at 6,107.22 after trading between 6,069.55 and 6,179.37.
Among the actives, Bank Danamon Indonesia jumped 1.93 percent, while Bank Mandiri climbed 1.15 percent, Bank CIMB Niaga collected 0.51 percent, Bank Negara Indonesia slid 0.40 percent, Bank Rakyat Indonesia soared 2.51 percent, Astra International perked 0.81 percent, Indosat surged 7.73 percent, Indocement tanked 4.21 percent, Semen Indonesia retreated 2.30 percent, Indofood Suskes added 0.40 percent, United Tractors and Astra Agro Lestari both shed 0.45 percent, Aneka Tambang spiked 3.00 percent, Timah accelerated 2.12 percent, Bumi Resources plummeted 6.67 percent and Vale Indonesia was unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Thursday and remained well in the green throughout the trading day.
The Dow jumped 332.26 points or 1.08 percent to finish at 31,055.86, while the NASDAQ climbed 167.20 points or 1.23 percent to end at 13,777.74 and the S&P 500 gained 41.57 points or 1.09 percent to close at 3,871.74.
Easing concerns about speculative trading have helped drive the markets higher along with mostly upbeat earnings news from big-name companies.
Positive sentiment was also generated in reaction to a report from the Labor Department showing a continued decline in first-time claims for U.S. unemployment benefits last week.
Traders have recently taken an optimistic view toward most economic data, seeing upbeat data as a positive for the economy while seeing disappointing data as putting pressure on lawmakers to pass more stimulus.
Crude oil futures were up Thursday for the fourth straight session on continued optimism that crude oil supplies will drop thanks to OPEC’s move to reduce output. West Texas Intermediate Crude oil futures for March ended higher by $0.54 or 1 percent at $56.23 a barrel.
Market Analysis
Winning Streak Likely To Continue For Indonesia Bourse
2021-02-05 01:59:18
