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 fallen more than 25 points or 0.4 percent. The Jakarta Composite Index now rests just above the 6,655-point plateau and it’s looking at another green light for Wednesday’s trade.
The global forecast for the Asian markets is positive on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The JCI finished modestly higher on Tuesday following mixed performances from the financial shares and the energy producers.
For the day, the index added 31.24 points or 0.47 percent to finish at 6,656.94 after trading between 6,638.03 and 6,680.12.
Among the actives, Bank Danamon Indonesia skidded 1.05 percent, while Bank CIMB Niaga collected 0.48 percent, Bank Negara Indonesia retreated 1.02 percent, Bank Mandiri gained 0.70 percent, Bank Rakyat Indonesia jumped 1.16 percent, Indosat sank 0.72 percent, Indocement shed 0.67 percent, Semen Indonesia tanked 2.33 percent, Indofood Suskes rose 0.38 percent, United Tractors rallied 2.08 percent, Astra International accelerated 1.65 percent, Energi Mega Persada spiked 2.42 percent, Astra Agro Lestari climbed 1.24 percent, Aneka Tambang dropped 0.83 percent and Vale Indonesia, Timah, Bumi Resources and Bank Central Asia were unchanged.
The lead from Wall Street suggests mild upside as the major averages opened solidly higher on Tuesday but faded as the day progressed, finishing only with slight gains.
The Dow added 15.73 points or 0.04 percent to finish at 35,756.88, while the NASDAQ rose 9.01 points or 0.06 percent to close at 15,235.71 and the S&P 500 gained 8.31 points or 0.18 percent to end at 4,574.79.
The early strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies such as UPS (UPS) and General Electric (GE).
Positive sentiment may also have been generated in reaction to a report from the Commerce Department showing new home sales in the U.S. skyrocketed in September. A separate report from the Conference Board showed consumer confidence reversed a three-month downward trend in October amid easing concerns about the Delta variant of the coronavirus.
Crude oil futures settled higher Tuesday, recovering from early losses amid increasing signs of a supply shortage and higher demand for oil. West Texas Intermediate Crude oil futures for December ended higher by $0.89 or 1.1 percent at $84.65 a barrel.
Market Analysis
Higher Open Tipped For Indonesia Stock Market
2021-10-27 02:00:10
