The Indonesia stock market has climbed higher in six straight sessions, gathering almost 250 points or 3.6 percent along the way. The Jakarta Composite Index now rests just above the 7,050-point plateau and it’s looking at another green light for Tuesday’s trade.
The global forecast for the Asian markets continues to be upbeat on optimism over the outlook for interest rates. 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 Monday following gains from the financial shares and mixed performances from the cement and resource stocks.
For the day, the index added 35.27 points or 0.50 percent to finish at 7,053.04.
Among the actives, Bank Danamon Indonesia skyrocketed 10.17 percent, while Bank CIMB Niaga soared 4.09 percent, Bank Negara Indonesia surged 3.89 percent, Bank Central Asia spiked 2.89 percent, Bank Mandiri dropped 0.97 percent, Bank Rakyat Indonesia jumped 1.58 percent, Indosat Ooredoo Hutchison advanced 0.77 percent, Indocement perked 0.27 percent, Semen Indonesia fell 0.33 percent, Indofood Suskes added 0.40 percent, United Tractors strengthened 1.17 percent, Astra International climbed 1.14 percent, Energi Mega Persada rallied 2.10 percent, Astra Agro Lestari skidded 1.18 percent, Aneka Tambang dipped 0.28 percent, Vale Indonesia rose 0.38 percent, Bumi Resources accelerated 3.85 percent and Timah was unchanged.
The lead from Wall Street is upbeat as the major averages shook off early directionless trade on Monday but steamed higher in the afternoon to finish firmly in the green.
The Dow soared 417.06 points or 1.34 percent to finish at 31,499.62, while the NASDAQ spiked 92.90 points or 0.86 percent to end at 10,952.61 and the S&P 500 jumped 44.59 points or 1.19 percent to close at 3,797.34.
The strength that emerged on Wall Street partly reflected optimism the Federal Reserve will signal a slowdown in monetary policy tightening following its meeting next week.
The Fed is widely expected to raise interest rates by another 75 basis points next week, but traders are hopeful the central bank will indicate plans to slow the pace of rates hikes beginning in December.
Crude oil prices moved lower on Monday, giving ground following the advance seen last Friday. The pullback reflected lingering concerns about the outlook for global demand, particularly in China. West Texas Intermediate crude for December delivery fell $0.47 or 0.6 percent to $84.58 a barrel.
Market Analysis
Continued Strength Called For Indonesia Stock Market
2022-10-25 02:00:11
