The Indonesia stock market bounced higher again on Thursday, one session after halting the two-day winning streak in which it had accelerated more than 120 points or 1.8 percent. The Jakarta Composite Index now rests just above the 6,860-point plateau and it’s expected to open higher again on Friday.
The global forecast for the oversold Asian markets is upbeat, with bargain hunting on the docket as window dressing before the end of the year. The European and U.S. markets were firmly higher and the Asian markets are tipped to follow suit.
The JCI finished slightly higher on Thursday following mixed performances from the financial shares and resource stocks.
For the day, the index rose 9.56 points or 0.14 percent to finish at 6,860.08.
Among the actives, Bank Danamon Indonesia shed 0.73 percent, while Bank CIMB Niaga fell 0.42 percent, Bank Central Asia sank 0.87 percent, Bank Rakyat Indonesia collected 1.04 percent, Indosat Ooredoo Hutchison gained 0.42 percent, Indocement skidded 1.00 percent, Indofood Suskes climbed 1.12 percent, United Tractors perked 0.38 percent, Astra International added 0.44 percent, Energi Mega Persada strengthened 1.37 percent, Astra Agro Lestari rose 0.31 percent, Vale Indonesia improved 0.70 percent and Timah, Bumi Resources, Bank Mandiri, Aneka Tambang, Semen Indonesia and Bank Negara Indonesia were unchanged.
The lead from Wall Street is broadly positive as the major averages opened sharply higher and remained firmly elevated throughout the day, ending near session highs.
The Dow jumped 345.09 points or 1.05 percent to finish at 33,220.80, while the NASDAQ spiked 264.80 points or 2.59 percent to end at 10,478.09 and the S&P 500 advanced 66.06 points or 1.75 percent to close at 3,849.28.
The rally on Wall Street partly reflected bargain hunting, particularly among tech stocks, which moved sharply lower over the two preceding sessions.
Overall trading activity remained subdued amid the holidays, however, with below average volume potentially exaggerating recent moves.
In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits rose by slightly more than expected in the week ended December 24.
Crude oil prices drifted lower Thursday, weighed down by data showing an increase in U.S. crude inventories last week, although a weak dollar limited oil’s downside. West Texas Intermediate Crude oil futures for February ended lower by $0.56 at $78.40 a barrel.
Market Analysis
Indonesia Stock Market Tipped To Open In The Green
2022-12-30 02:00:06
