Additional Support Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, advancing almost 140 points or 2.2 percent along the way. The Jakarta Composite Index now rests just beneath the 6,750-point plateau and it may extend its gains again on Wednesday.

The global forecast for the Asian markets is positive on optimism ahead of earnings season. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished modestly higher again on Tuesday following gains from the financials and telecoms, weakness from the cement companies and a mixed picture from the resource stocks.

For the day, the index added 26.11 points or 0.39 percent to finish at 6,749.08 after trading between 6,724.32 and 6,763.89.

Among the actives, Bank CIMB Niaga rallied 2.31 percent, while Bank Danamon Indonesia and Bank Mandiri both collected 0.41 percent, Bank Negara Indonesia skidded 1.19 percent, Bank Central Asia shed 0.57 percent, Bank Rakyat Indonesia rose 0.26 percent, Indosat Ooredoo Hutchison surged 4.59 percent, Indocement dropped 0.93 percent, Semen Indonesia fell 0.39 percent, Indofood Sukses Makmur climbed 1.01 percent, United Tractors slumped 0.98 percent, Astra International tumbled 1.84 percent, Energi Mega Persada added 0.52 percent, Astra Agro Lestari strengthened 1.26 percent, Aneka Tambang spiked 2.35 percent, Timah lost 0.85 percent, Bumi Resources soared 2.86 percent and Vale Indonesia was unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Tuesday but trended steadily upward throughout the session to finish with solid gains.

The Dow rallied 300.03 points or 0.75 percent to finish at 40,527.62, while the NASDAQ advanced 95.19 points or 0.55 percent to close at 17,461.32 and the S&P 500 gained 32.08 points or 0.58 percent to end at 5,560.83.

The strength that emerged on Wall Street came amid positive developments on the trade front, with Commerce Secretary Howard Lutnick telling CNBC the Trump administration had reached its first trade deal.

Earlier in the day, traders seemed reluctant to make significant moves ahead of the release of key earnings and economic news in the coming days.

Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), Visa (V), Eli Lilly (LLY), Chevron (CVX) and Exxon Mobil (XOM) are all due to report earnings this week.

Crude oil futures moved sharply on Tuesday amid ongoing concerns that a weakening U.S. economy and the U.S.-led trade war with partners will hurt energy demand. West Texas Intermediate crude for June delivery plunged $1.63 or 2.6 percent to $60.42 a barrel.