Indonesia Stock Market Has Positive Lead For Friday

The Indonesia stock market has finished higher in two straight sessions, gathering more than 120 points or 2 percent along the way. The Jakarta Composite Index now rests just beneath the 6,135-point plateau and it’s likely to open higher again on Friday.

The global forecast for the Asian markets is upbeat as they continue to recover from recent selling, supported mainly by crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished sharply higher on Thursday following gains from the financial shares and resource stocks.

For the day, the index spiked 107.57 points or 1.78 percent to finish at the daily high of 6,137.55 after moving as low as 6,057.54.

Among the actives, Bank Danamon Indonesia advanced 0.92 percent, while Bank Negara Indonesia surged 5.10 percent, Bank Central Asia accelerated 2.41 percent, Bank Mandiri rallied 2.11 percent, Bank Rakyat Indonesia collected 2.09 percent, Indosat gained 0.83 percent, Indocement dropped 0.95 percent, Semen Indonesia rose 0.28 percent, United Tractors soared 5.64 percent, Astra International jumped 2.26 percent, Aneka Tambang added 0.39 percent, Vale Indonesia increased 0.95 percent, Bumi Resources spiked 3.51 percent and Bank CIMB Niaga, Astra Agro Lestari, Indofood Suskes and Timah were unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Thursday but all headed higher in the afternoon and finished in the green.

The Dow added 25.35 points or 0.07 percent to finish at 34,823.35, while the NASDAQ gained 52.64 points or 0.36 percent to end at 14,684.60 and the S&P 500 rose 8.79 points or 0.20 percent to close at 4,367.48.

The modestly higher close on Wall Street reflected recent upward momentum as stocks continued to recover from the sell-off on Monday. However, traders seemed reluctant to make significant moves following the recent volatility.

In economic news, the Labor Department reported an unexpected increase in initial jobless claims last week. Also, the National Association of Realtors said existing home sales rebounded in June following four straight monthly declines.

Crude oil futures settled higher on Thursday, gaining for a third successive day, thanks to reports showing strong gasoline demand and a rebound in distillate fuels. West Texas Intermediate crude oil futures for September ended up $1.61 or 2.3 percent at $71.91 a barrel.