The Indonesia stock market on Thursday halted the two-day losing streak in which it had fallen almost 20 points or 0.3 percent. The Jakarta Composite Index now rests just above the 6,120-point plateau and it’s called higher again on Friday.
The global forecast for the Asian markets is firm, supported by crude oil and optimism over interest rates. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The JCI finished modestly higher on Thursday following gains from the resource stocks, weakness from the cement companies and a mixed picture from the financials.
For the day, the index added 32.20 points or 0.53 percent to finish at 6,120.73 after trading between 6,096.50 and 6,135.35.
Among the actives, Bank Danamon Indonesia rallied 2.36 percent, while Bank Negara Indonesia shed 0.60 percent, Bank Central Asia collected 1.00 percent, Bank Mandiri tanked 2.54 percent, Bank Rakyat Indonesia advanced 1.07 percent, Indosat soared 5.26 percent, Indocement plunged 3.66 percent, Semen Indonesia tumbled 2.13 percent, Indofood Suskes retreated 1.92 percent, United Tractors dipped 0.13 percent, Astra International declined 1.27 percent, Astra Agro Lestari advanced 0.92 percent, Aneka Tambang jumped 2.78 percent, Vale Indonesia climbed 1.41 percent, Timah accelerated 3.15 percent, Bumi Resources spiked 3.57 percent and Bank CIMB Niaga was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the session.
The Dow jumped 153.60 points or 0.44 percent to finish at 35,084.53, while the NASDAQ rose 15.68 points or 0.11 percent to end at 14,778.26 and the S&P 500 added 18.51 points or 0.42 percent to close at 4,419.15.
The strength on Wall Street came despite some disappointing U.S. economic data, including a Commerce Department report showing economic growth fell well short of estimates in Q2.
The weaker than expected data may have added to optimism the Federal Reserve will not be in a hurry to begin scaling back its asset purchases.
Also, the Labor Department noted a modest pullback in initial jobless claims last week, while the National Association of Realtors reported an unexpected fall in pending home sales in June.
Crude oil futures settled higher Thursday as data showing a drop in U.S. crude inventories continued to support oil prices – while a weak dollar also contributed. West Texas Intermediate Crude oil futures for September ended up $1.23 or 1.7 percent at $73.62 a barrel.
Market Analysis
Indonesia Bourse Tipped To Open In The Green
2021-07-30 02:00:14
