The Indonesia stock market has moved higher in back-to-back sessions, collecting more than 35 points or 0.5 percent along the way. The Jakarta Composite Index now sits just above the 6,990-point plateau and it’s expected to see continued strength again on Tuesday.
The global forecast for the Asian markets is upbeat on continued optimism over the outlook for interest rates. The European markets were mixed and little changed and the U.S. bourses were solidly higher and the Asian markets are tipped to follow the latter lead.
The JCI finished modestly higher on Monday following gains from the cement companies and mixed performances from the financials and resource stocks.
For the day, the index added 17.22 points or 0.25 percent to finish at 6,994.89 after trading between 6,964.71 and 7,011.06.
Among the actives, Bank CIMB Niaga collected 0.29 percent, while Bank Mandiri shed 0.42 percent, Bank Central Asia tanked 2.20 percent, Bank Rakyat Indonesia was up 0.48 percent, Indocement climbed 1.06 percent, Semen Indonesia improved 1.13 percent, Indofood Suskes shed 0.39 percent, United Tractors added 0.33 percent, Astra International jumped 1.75 percent, Energi Mega Persada gained 0.93 percent, Aneka Tambang stumbled 1.53 percent, Vale Indonesia rallied 1.31 percent, Timah sank 0.76 percent, Bumi Resources advanced 0.90 percent and Astra Agro Lestari, Indosat Ooredoo Hutchison, Bank Danamon Indonesia and Bank Negara Indonesia were unchanged.
The lead from Wall Street is solid as the major averages opened modestly higher on Monday but accelerated throughout the day, ending near session highs.
The Dow jumped 203.76 points or 0.58 percent to finish at 35,151.04, while the NASDAQ rallied 159.05 points or 1.13 percent to close at 14,284.53 and the S&P 500 gained 33.36 points or 0.74 percent to end at 4,547.38.
The strength on Wall Street reflected recent upward momentum, which comes amid ongoing optimism about the outlook for interest rates. Recent data showing signs of easing inflation has reinforced investor expectations that the Federal Reserve will leave rates unchanged at upcoming meetings.
Stocks saw further upside in afternoon trading as treasury yields pulled back following the release of the results of the Treasury Department’s auction of $16 billion worth of 20-year bonds.
In economic news, the Conference Board released a report showing its reading on leading U.S. economic indicators fell by more than expected in October.
Crude oil prices rose sharply on Monday amid expectations that OPEC will further extend its voluntary output cuts next week, while the dollar’s weakness also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for January ended higher by $1.79 or 2.4 percent at $77.83 a barrel.
Market Analysis
Higher Open Called For Indonesia Stock Market
2023-11-21 01:30:15
