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 lost more than 90 points or 1.3 percent. The Jakarta Composite Index now sits just above the 6,800-point plateau and it’s got a solid lead again for Wednesday’s trade.
The global forecast for the Asian markets is positive on bargain hunting and earnings news. The European and U.S. markets were up and the Asian markets are expected to follow that lead.
The JCI finished modestly higher on Tuesday following gains from the financial shares, cement companies and resource stocks.
For the day, the index rallied 64.80 points or 0.96 percent to finish at 6,806.76.
Among the actives, Bank CIMB Niaga collected 0.91 percent, while Bank Mandiri rallied 1.32 percent, Bank Negara Indonesia perked 0.20 percent, Bank Central Asia dropped 0.85 percent, Bank Rakyat Indonesia accelerated 2.00 percent, Indosat Ooredoo Hutchison shed 0.52 percent, Indocement rose 0.26 percent, Semen Indonesia increased 0.80 percent, Indofood Suskes jumped 1.89 percent, United Tractors climbed 1.00 percent, Astra International soared 3.57 percent, Energi Mega Persada added 0.83 percent, Astra Agro Lestari improved 0.71 percent, Aneka Tambang advanced 0.86 percent, Vale Indonesia strengthened 1.79 percent, Timah gained 0.71 percent, Bumi Resources declined 0.84 percent and Bank Danamon Indonesia and Perusahaan Gas Negara were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and remained in the green throughout the session.
The Dow jumped 204.97 points or 0.62 percent to finish at 33,141.38, while the NASDAQ gained 121.55 points or 0.93 percent to end at 13,139.88 and the S&P 500 added 30.64 points or 0.73 percent to close at 4,247.68.
The strength on Wall Street reflected a positive reaction to the latest batch of earnings news, as a number of big-name companies reported better than expected quarterly results, including General Electric (GE), 3M Co. (MMM) and Coca-Cola (KO).
Crude oil prices fell sharply Tuesday, extending losses to a third straight session amid concerns about the outlook for energy demand, while the dollar’s rally also weighed. West Texas Intermediate Crude oil futures for December sank $1.75 or 2.1 percent at $83.74 a barrel.
Market Analysis
Indonesia Stock Market May See Continued Strength
2023-10-25 01:30:03
