The Indonesia stock market has moved higher in back-to-back sessions, advancing more than 125 points or 1.6 percent along the way. The Jakarta Composite Index now sits just beneath the 7,375-point plateau and it’s expected to open in the green again on Friday.
The global forecast for the Asian markets is upbeat on growing optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The JCI finished modestly higher on Thursday as gains from the financial shares and resource stocks were limited by weakness from the food and cement sectors.
For the day, the index added 44.16 points or 0.60 percent to finish at 7,373.96 after trading between 7,334.31 and 7,386.87.
Among the actives, Bank CIMB Niaga collected 0.76 percent, while Bank Mandiri rose 0.35 percent, Bank Danamon Indonesia improved 0.70 percent, Bank Negara Indonesia added 0.42 percent, Bank Central Asia jumped 1.76 percent, Bank Rakyat Indonesia gained 0.40 percent, Indosat Ooredoo Hutchison strengthened 1.30 percent, Indocement retreated 1.69 percent, Semen Indonesia shed 0.42 percent, Indofood Sukses Makmur tanked 2.31 percent, United Tractors declined 1.34 percent, Astra International dropped 0.97 percent, Energi Mega Persada skyrocketed 7.77 percent, Astra Agro Lestari climbed 1.14 percent, Aneka Tambang soared 3.28 percent, Vale Indonesia perked 0.25 percent, Timah surged 7.08 percent and Bumi Resources rallied 2.22 percent.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained solidly in the green throughout the session, with the S&P and NASDAQ hitting fresh closing highs.
The Dow climbed130.30 points or 0.34 percent to finish at 38,791.35, while the NASDAQ surged 2.41.83 points or 1.51 percent to end at 16,273.38 and the S&P 500 rallied 52.60 points or 1.03 percent to close at 5,157.36.
The extended rebound on Wall Street came on optimism about the outlook for interest rates after Federal Reserve Chair Jerome Powell told Congress on Thursday that rate cuts “can and will” begin this year.
Adding to the optimism about interest rates, the European Central Bank lowered its annual inflation forecast while announcing its widely expected decision to leave rates unchanged.
Potentially adding to the buying interest on Wall Street, treasury yields saw further downside on the day, with the ten-year yield falling to its lowest closing level in a month.
Oil prices drifted lower on Thursday amid some concerns about the outlook for demand, although the downside was limited by a weaker greenback. West Texas Intermediate Crude oil futures for April fell $0.20 or 0.3 percent at $78.93 a barrel.
Market Analysis
Indonesia Stock Market May Test Resistance At 7,400 Points
2024-03-08 01:34:23
