The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had stumbled more than 140 points or 2.3 percent. The Jakarta Composite Index now sits just beneath the 5,800-point plateau and it’s looking at another green light for Friday’s trade.
The global forecast for the Asian markets is positive, with bargain hunting expected to provide a boost, especially among oversold technology stocks. The European and U.S. markets were firmly higher and the Asian markets are expected to follow suit.
The JCI finished modestly higher on gains from the cement stocks, weakness from the resource companies and a mixed picture from the financials.
For the day, the index added 37.01 points or 0.64 percent to finish at 5,797.60 after trading between 5,751.34 and 5,814.78.
Among the actives, Bank Danamon Indonesia retreated 1.63 percent, while Bank CIMB Niaga shed 0.52 percent, Bank Central Asia gained 0.55 percent, Bank Mandiri fell 0.44 percent, Bank Rakyat Indonesia collected 0.26 percent, Indosat skyrocketed 7.14 percent, Semen Indonesia rallied 2.70 percent, United Tractors added 0.69 percent, Astra International accelerated 2.48 percent, Astra Agro Lestari climbed 1.02 percent, Aneka Tambang plunged 5.10 percent, Vale Indonesia plummeted 4.75 percent, Timah tanked 4.62 percent, Bumi Resources declined 1.64 percent, Energi Mega Persada spiked 3.88 percent and Indocement, Indofood Suskes and Bank Negara Indonesia were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday and picked up steam as the day progressed, cutting into the losses from the previous two days.
The Dow jumped 188.11 points or 0.55 percent to finish at 34,084.15, while the NASDAQ spiked 236.00 points or 1.77 percent to end at 13,535.74 and the S&P 500 advanced 43.44 points or 1.06 percent to close at 4,159.12.
The support on Wall Street came in reaction to the sell-off in the previous session, with upbeat earnings and optimism about global economic recovery helping to offset inflation worries and fears about monetary easing.
In economic news, the Labor Department said unemployment claims in the U.S. dropped last week to their lowest since the week ended March 14. Also, the Philadelphia Fed Manufacturing Index fell in May from a 50-year high in April.
Crude oil prices fell sharply Thursday, extending losses to a third straight day as signs of progress in Iran nuclear talks raised expectations that global crude supply will see a surge in the near term. West Texas Intermediate Crude oil futures for June ended down by $1.31 or 2.1 percent at $62.05 a barrel on the expiration day.
Market Analysis
Indonesia Stock Market Expected To See Additional Support
2021-05-21 02:03:10
