The Indonesia stock market has tracked higher in four straight sessions, climbing more than 160 points or 2.2 percent along the way. The Jakarta Composite Index now rests just beneath the 7,650-point plateau and it may add to its winnings again on Thursday.
The global forecast for the Asian markets suggests mild upside on optimism ahead of key U.S. economic data later this week. 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 Wednesday following mixed performances from the financial shares and resource stocks.
For the day, the index rose 21.99 points or 0.29 percent to finish at 7,648.94 after trading between 7,616.60 and 7,658.40.
Among the actives, Bank CIMB Niaga rallied 2.38 percent, while Bank Mandiri sank 0.71 percent, Bank Negara Indonesia fell 0.45 percent, Bank Central Asia retreated 1.41 percent, Bank Rakyat Indonesia collected 0.61 percent, Indosat Ooredoo Hutchison declined 1.20 percent, Indocement spiked 2.07 percent, Semen Indonesia accelerated 2.61 percent, Indofood Sukses Makmur slid 0.35 percent, United Tractors jumped 2.13 percent, Astra International added 0.61 percent, Energi Mega Persada tumbled 1.74 percent, Astra Agro Lestari surrendered 2.95 percent, Aneka Tambang slumped 1.88 percent, Jasa Marga gained 0.62 percent, Vale Indonesia dropped 0.96 percent, Timah was down 0.36 percent, Bumi Resources tanked 2.14 percent and Bank Danamon Indonesia and Bank Maybank Indonesia were unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Wednesday but quickly headed higher and finished well in positive territory.
The Dow rallied 337.28 points or 0.79 percent to finish at 43,077.70, while the NASDAQ gained 51.49 points or 0.28 percent to close at 18,367.08 and the S&P 500 added 27.21 points or 0.47 percent to end at 5,842.47.
The strength that emerged on Wall Street came on continued optimism about the strength of the U.S. economy ahead of the release of several key reports later this week including weekly jobless claims, retail sales and industrial production.
In economic news, the Labor Department released a report showing a continued decrease by prices for U.S. imports and exports in September.
Oil futures settled lower on Wednesday, weighed down by concerns about weak demand from China and easing geopolitical worries. West Texas Intermediate Crude oil futures for November ended down $0.19 at $70.39 a barrel.
Market Analysis
Win Streak Nay Continue For Indonesia Stock Market
2024-10-17 01:29:34
