The Indonesia stock market has finished higher in two straight sessions rising more than 115 points or 2 percent along the way. The Jakarta Composite Index now rests just beneath the 6,110-point plateau and it’s tipped to open in the green again on Tuesday.
The global forecast for the Asian markets is positive, with strong support expected from the oil and technology stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The JCI finished sharply higher on Monday following gains from the resource and cement stocks, while the financials were mixed.
For the day, the index advanced 79.06 points or 1.31 percent to finish at the daily high of 6,109.83
After trading between 6,037.70.
Among the actives, Bank Danamon Indonesia climbed 1.35 percent, while Bank CIMB Niaga collected 1.05 percent, Bank Negara Indonesia skidded 1.38 percent, Bank Central Asia dipped 0.15 percent, Bank Mandiri gathered 1.27 percent, Bank Rakyat Indonesia improved 0.76 percent, Indosat fell 0.38 percent, Indocement rallied 2.70 percent, Semen Indonesia spiked 1.87 percent, Indofood Suskes advanced 0.81 percent, United Tractors was up 0.13 percent, Astra Agro Lestari jumped 1.52 percent, Aneka Tambang added 0.44 percent, Vale Indonesia soared 2.25 percent, Timah surged 4.58 percent, Bumi Resources accelerated 1.89 percent and Astra International was unchanged.
The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the session.
The Dow advanced 215.63 points or 0.61 percent to finish at 35,335.71, while the NASDAQ spiked 227.99 points or 1.55 percent to close at 14,942.65 and the S&P 500 climbed 37.86 points or 0.85 percent to end at 4,479.53.
Investors continued to track updates on the coronavirus front and also looked ahead to the upcoming Jackson Hole Symposium, due later this week. Fed Chairman Powell is expected to provide more details about the timeline of tapering of the central bank’s bond-buying program and the outlook for the economy.
In economic news, U.S. existing home sales jumped more than expected in July, helping to ease concerns that the economic recovery is faltering.
Crude oil futures settled sharply higher Monday, snapping a seven-day losing streak and posting their biggest single-session gain in five months. West Texas Intermediate Crude oil futures for October jumped $3.50 or 5.6 percent at $65.64 a barrel after sinking 9 percent last week.
Market Analysis
Indonesia Stock Market Called Higher On Tuesday
2021-08-24 02:00:24
