Indonesia Stock Market May Add To Its Winnings

Ahead of Wednesday’s holiday for Vesak Day, the Indonesia stock market had halted the two-day slide in which it had fallen more than 35 points or 0.6 percent. The Jakarta Composite Index now sits just above the 5,815-point plateau and it’s got a positive lead for Thursday’s trade.

The global forecast for the Asian markets is cautiously optimistic, supported by oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The JCI finished modestly higher on Tuesday as the financial shares and resource stocks were mostly higher.

For the day, the index advanced 52.21 points or 0.91 percent to finish at 5,815.84 after trading between 5,769.29 and 5,848.55.

Among the actives, Bank Danamon Indonesia added 0.42 percent, while Bank CIMB Niaga skidded 1.03 percent, Bank Negara Indonesia and Bank Central Asia both collected 0.47 percent, Bank Mandiri rallied 2.61 percent, Bank Rakyat Indonesia was up 0.50 percent, Indosat jumped 1.59 percent, Semen Indonesia spiked 1.90 percent, Indofood Suskes gained 0.40 percent, United Tractors climbed 1.42 percent, Astra International sank 0.49 percent, Astra Agro Lestari fell 0.28 percent, Aneka Tambang accelerated 2.64 percent, Vale Indonesia soared 3.33 percent, Timah improved 0.66 percent, Bumi Resources surged 3.39 percent and Indocement was unchanged.

The lead from Wall Street offers mild support as the major averages shook off a sluggish start on Wednesday and managed to finish in the green.

The Dow rose 10.59 points or 0.03 percent to finish at 34,323.05, while the NASDAQ climbed 80.82 points or 0.59 percent to close at 13,738.00 and the S&P 500 added 7.86 points or 0.19 percent to end at 4,195.99.

The modest strength on Wall Street reflected continued economic optimism as the country continues to reopen following the coronavirus pandemic as an increasing number of Americans receive a coronavirus vaccine.

But buying interest remained subdued as traders look ahead to Friday’s closely watched inflation reading, which could directly affect the current levels of stimulus.

Crude oil futures settled higher on Wednesday, rising for a fourth straight session as data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July ended up $0.14 or 0.2 percent at $66.21 a barrel.