logo
  

Indonesia Stock Market Has A Green Light For Thursday's Trade

The Indonesia stock market on Wednesday wrote a finish to the two-day slide in which it had stumbled more than 70 points or 1.2 percent. The Jakarta Composite Index now rests just beneath the 6,110-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is upbeat, riding a surge in crude oil prices. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Wednesday following gains from the financial shares and cement stocks, while the resource companies were mixed.

For the day, the index advanced 47.51 points or 0.78 percent to finish at 6,108.27 after trading between 6,059.63 and 6,123.74.

Among the actives, Bank Danamon Indonesia collected 0.39 percent, while Bank CIMB Niaga added 0.52 percent, Bank Negara Indonesia increased 0.49 percent, Bank Central Asia strengthened 1.00 percent, Bank Mandiri jumped 1.67 percent, Bank Rakyat Indonesia gathered 1.12 percent, Indosat tumbled 1.82 percent, Indocement gained 0.47 percent, Semen Indonesia perked 1.48 percent, Indofood Suskes advanced 0.81 percent, United Tractors climbed 1.33 percent, Astra International improved 0.96 percent, Astra Agro Lestari rallied 2.43 percent, Aneka Tambang dropped 0.85 percent, Vale Indonesia rose 0.42 percent, Timah soared 3.06 percent and Bumi Resources retreated 1.85 percent.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained in the green throughout the session.

The Dow spiked 3.38 points or 1.00 percent to finish at 34,258.32, while the NASDAQ jumped 150.45 points or 1.02 percent to end at 14,896.85 and the S&P 500 perked 41.45 points or 0.95 percent to close at 4.395.64.

The early rally on Wall Street came as traders picked up stocks at reduced levels following the slump seen during the month of September.

Stocks held on to strong gains even as the Federal Reserve hinted tapering of its asset purchases could begin in the near future amid continued progress towards it goals of maximum employment and price stability.

During his post-meeting press conference, Fed Chair Jerome Powell indicated the central bank could begin tapering its asset purchases as soon as its next meeting in early November.

Crude oil prices climbed on Wednesday after data showed a larger than expected drop in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures for November ended up $1.74 or 2.5 percent at $72.23 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT