The Indonesia stock market has finished higher in back-to-back trading days, collecting more than 75 points or 1.2 percent along the way. The Jakarta Composite Index now rests just above the 6,535-point plateau and it’s tipped to open in the green again on Thursday.
The global forecast for the Asian markets is cautiously optimistic on easing concerns for the outlook for interest rates. The European markets were up and the U.S. bourses were mostly higher and the Asian markets are also tipped to open in the green.
The JCI finished modestly higher on Wednesday following gains from the financial shares and cement companies, while the resource stocks were mixed.
For the day, the index advanced 50.63 points or 0.78 percent to finish at 6,536.90 after trading between 6,492.66 and 6,600.52.
Among the actives, Bank Danamon Indonesia jumped 1.81 percent, while Bank Negara Indonesia spiked 4.30 percent, Bank Central Asia accelerated 2.73 percent, Bank Mandiri climbed 1.43 percent, Bank Rakyat Indonesia collected 1.42 percent, Indosat sank 0.81 percent, Indocement skyrocketed 6.07 percent, Semen Indonesia soared 4.73 percent, Indofood Suskes climbed 1.50 percent, United Tractors dipped 0.19 percent, Astra International soared 6.81 percent, Energi Mega Persada plunged 3.23 percent, Astra Agro Lestari advanced 0.98 percent, Aneka Tambang retreated 1.27 percent, Vale Indonesia dipped 0.20 percent, Timah rose 0.30 percent, Bumi Resources plummeted 6.45 percent and Bank CIMB Niaga was unchanged.
The lead from Wall Street is mostly upbeat as the NASDAQ opened higher and remained solidly in the green. The Dow and S&P spent much of the day in negative territory, with the later managing to climb into positive territory and the former closing just under the line.
The Dow eased 0.53 points to finish at 34,377.81, while the NASDAQ jumped 105.71 points or 0.73 percent to close at 14,571.63 and the S&P 500 rose 13.15 points or 0.30 percent to end at 4,363.80.
The higher close on Wall Street came as a report from the Labor Department showed consumer prices rose by slightly more than expected in September, but the data was not seen as likely to accelerate the Federal Reserve’s tapering plans.
Also, the minutes of the Fed’s September meeting outlined the central bank’s plans to gradually scale back its asset purchases. Participants generally agreed that a gradual tapering of asset purchases that concludes around the middle of next year would likely be appropriate if the economic recovery remained broadly on track.
Crude oil prices drifted lower on Wednesday, weighed down by concerns the slowdown in global economic growth could weaken the outlook for energy demand. West Texas Intermediate Crude oil futures for November eased $0.20 or 0.3 percent at $80.44 a barrel.
Market Analysis
Indonesia Bourse May Extend Winning Streak
2021-10-14 02:00:14
