Win Streak May Continue For Indonesia Stock Market

The Indonesia stock market has moved higher in back-to-back sessions, gathering more than 40 points or 0.7 percent along the way. The Jakarta Composite Index now rests just above the 6,810-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is mixed to higher on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were mostly higher and the Asian market figure to follow the latter lead.

The JCI finished modestly higher on Wednesday following mixed performances from the financial shares and the resource stocks.

For the day, the index added 31.92 points or 0.47 percent to finish at 6,811.90 after trading between 6,777.79 and 6,820.12.

Among the actives, Bank CIMB Niaga sank 0.74 percent, while Bank Mandiri collected 0.50 percent, Bank Danamon Indonesia rose 0.36 percent, Bank Negara Indonesia improved 0.82 percent, Bank Rakyat Indonesia gained 0.49 percent, Indocement retreated 1.45 percent, Semen Indonesia slumped 1.22 percent, Indofood Suskes climbed 1.10 percent, Energi Mega Persada advanced 0.86 percent, Astra Agro Lestari gained 0.66 percent, Aneka Tambang shed 0.47 percent, Vale Indonesia dropped 1.41 percent, Timah skidded 1.00 percent, Bumi Resources jumped 1.65 percent and Bank Central Asia, Astra International, Indosat Ooredoo Hutchison and United Tractors were unchanged.

The lead from Wall Street is mostly upbeat as the major averages opened higher and the NASDAQ and S&P 500 finished firmly in positive territory, while the Dow ended just below the unchanged line.

The Dow dipped 30.48 points or 0.09 percent to finish at 33,531.33, while the NASDAQ jumped 126.89 points or 1.04 percent to end at 12,306.44 and the S&P 500 added 18.47 points or 0.45 percent to close at 4,137.64.

The initial strength on Wall Street reflected a positive reaction to the Labor Department’s highly anticipated report on consumer prices, which said inflation matched estimates and rose in April.

The report also said the annual rate of consumer price growth eased to 4.9 percent in April from 5.0 percent in March. That marked the smallest 12-month increase since April 2021 and added to optimism about the Federal Reserve pausing its interest rate hikes.

Crude oil prices showed a notable move to the downside on Wednesday, giving back ground after closing high for three straight sessions. West Texas Intermediate for June delivery slumped $1.15 or 1.6 percent to $72.56 a barrel after peaking at $73.71 in the previous session.