Indonesia Stock Market May Add To Its Winnings On Friday

The Indonesia stock market has moved higher in two straight sessions, gathering more than 50 points or 0.8 percent along the way. The Jakarta Composite Index now sits just above the 6,010-point plateau and it’s tipped to see additional support on Friday.

The global forecast for the Asian markets is upbeat thanks to solid earnings news and rising crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The JCI finished modestly higher on Thursday following gains from the financial shares, resource stocks and cement companies.

For the day, the index gained 38.48 points or 0.64 percent to finish at 6,012.96 after trading between 5,987.74 and 6,019.02.

Among the actives, Bank Danamon Indonesia plunged 4.06 percent, while Bank CIMB Niaga climbed 1.01 percent, Bank Negara Indonesia advanced 0.86 percent, Bank Central Asia gathered 1.42 percent, Bank Mandiri collected 0.40 percent, Bank Rakyat Indonesia gained 0.73 percent, Indosat added 0.38 percent, Indocement spiked 3.96 percent, Semen Indonesia rose 0.24 percent, Indofood Suskes tumbled 2.25 percent, United Tractors fell 0.23 percent, Astra International perked 1.40 percent, Astra Agro Lestari shed 0.27 percent, Aneka Tambang soared 3.29 percent, Vale Indonesia surged 3.79 percent, Timah skyrocketed 9.38 percent, Bumi Resources jumped 1.64 percent and Jasa Marga was unchanged.

The lead from Wall Street ends up positive after the major averages saw wild fluctuations on Thursday before finally ending firmly in the green.

The Dow jumped 239.98 points or 0.71 percent to finish at 34,060 .36, while the NASDAQ added 31.52 points or 0.22 percent to end at 14,082.55 and the S&P 500 rose 28.29 points or 0.68 percent to close at 4,211.47.

The higher close on Wall Street came following upbeat earnings news from tech giants like Qualcomm (QCOM), Apple (AAPL) and Facebook (FB).

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits dropped to a new pandemic-era low last week. Also, the Commerce Department noted an acceleration in the pace of U.S. economic growth in the first three months of 2021.

Crude oil prices moved higher on Thursday amid optimism about the outlook for energy demand following a drop in U.S. petroleum product supplies. West Texas Intermediate Crude oil futures for June ended up by $1.15 or 1.8 percent at $65.01 a barrel.