Additional Support Predicted For Indonesia Stock Market

The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had dropped more than 100 points or 1.6 percent. The Jakarta Composite Index now sits just beneath the 6,550-point plateau and it's likely to move higher again on Tuesday.

The global forecast for the Asian markets is broadly positive on easing virus concerns and surging crude oil prices. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

The JCI finished slightly higher on Monday following gains from the cement companies and mixed performances from the financials and resource stocks.

For the day, the index collected 8.61 points or 0.13 percent to finish at 6,547.12 after trading between 6,525.98 and 6,585.26.

Among the actives, Bank Danamon Indonesia jumped 1.69 percent, while Bank CIMB Niaga collected 0.51 percent, Bank Negara Indonesia rallied 1.86 percent, Bank Central Asia lost 0.34 percent, Bank Mandiri rose 0.35 percent, Bank Rakyat Indonesia sank 1.44 percent, Indosat soared 3.85 percent, Indocement skyrocketed 9.26 percent, Semen Indonesia spiked 2.85 percent, Indofood Suskes shed 0.39 percent, United Tractors skidded 1.10 percent, Astra International tumbled 1.74 percent, Energi Mega Persada surrendered 2.70 percent, Astra Agro Lestari climbed 1.03 percent, Aneka Tambang dropped 0.85 percent, Vale Indonesia dipped 0.21 percent, Timah tanked 2.51 percent and Bumi Resources retreated 1.47 percent.

The lead from Wall Street is solid as the major averages opened mostly higher on Monday and accelerated as the day progressed.

The Dow surged 646.95 points or 1.87 percent to finish at 35,227.03, while the NASDAQ advanced 139.68 points or 0.93 percent to end at 15,225.15 and the S&P 500 gained 53.24 points or 1.17 percent to close at 4,591.67.

The strength on Wall Street partly reflected easing concerns about the Omicron variant of the coronavirus amid indications the new strain causes milder symptoms.

President Joe Biden's chief medical adviser Dr. Anthony Fauci told CNN it is too early to make definitive statements but said early signals regarding the severity of Omicron are encouraging.

Meanwhile, the jump by the Dow comes amid standout gains by Walgreens Boots Alliance (WBA), Boeing (BA) and Intel (INTC).

Crude oil futures settled sharply higher Monday as Saudi Arabia's Aramco hiked prices of crude exported to Asia and the U.S. and amid easing concerns about Omicron. West Texas Intermediate Crude oil futures for surged $3.23 or 4.9 percent at $69.49 a barrel.

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