Higher Open Expected For Indonesia Stock Market

The Indonesia stock market on Tuesday snapped the two-day slide in which it had stumbled more than 75 points or 1.2 percent. The Jakarta Composite Index now sits just above the 6,650-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on solid economic data and support from the technology stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The JCI finished modestly higher on Tuesday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index added 35.18 points or 0.53 percent to finish at 6,651.21 after trading between 6,592.23 and 6,654.52.

Among the actives, Bank Danamon Indonesia collected 0.81 percent, while Bank CIMB Niaga shed 0.48 percent, Bank Negara Indonesia jumped 1.10 percent, Bank Central Asia lost 0.33 percent, Bank Mandiri rallied 2.48 percent, Bank Rakyat Indonesia declined 0.72 percent, Indosat climbed 1.08 percent, Indocement advanced 0.83 percent, Semen Indonesia dipped 0.27 percent, United Tractors added 0.67 percent, Astra International perked 0.82 percent, Astra Agro Lestari gained 0.72 percent, Aneka Tambang fell 0.42 percent, Vale Indonesia dropped 0.82 percent, Timah sank 0.63 percent and Bumi Resources, Energi Mega Persada and Indofood Suskes were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow added 54.77 points or 0.15 percent to finish at 36,142.22, while the NASDAQ jumped 120.01 points or 0.76 percent to close at 15,973.86 and the S&P 500 rose 18.10 points or 0.39 percent to end at 4,700.90.

The strength on Wall Street reflected a positive reaction to some upbeat U.S. economic data, including a Commerce Department report showing retail sales spiked more than expected in October.

The Federal Reserve also released a report showing industrial production rebounded by much more than expected in October.

Crude oil futures settled lower on Tuesday, weighed down by a forecast by the International Energy Agency that global crude output will rise and help ease tight supplies. West Texas Intermediate Crude oil futures for December ended lower by $0.12 or 0.2 percent at $80.76 a barrel.