Additional Support Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in back-to-back sessions, gathering almost 140 points or 1.8 percent along the way. The Jakarta Composite Index now rests just above the 7,885-point plateau and it's expected to open to the upside again on Thursday.

The global forecast for the Asian markets is upbeat, with technology shares expected to lead the way. The European markets were up and the U.S. bourses were mostly higher and the Asian markets also figure to move to the upside.

The JCI finished sharply higher on Wednesday following gains from the financial shares, cement and food stocks and resource companies.

For the day, the index climbed 84.28 points or 1.08 percent to finish at 7,885.86 after trading between 7,840.75 and 7,911.62.

Among the actives, Bank Mandiri climbed 1.09 percent, while Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia jumped 2.32 percent, Bank Central Asia fell 0.31 percent, Bank Rakyat Indonesia improved 1.77 percent, Indosat Ooredoo Hutchison sank 0.76 percent, Indocement and Semen Indonesia both soared 3.32 percent, Indofood Sukses Makmur spiked 2.67 percent, United Tractors slumped 1.16 percent, Astra International added 0.46 percent, Energi Mega Persada surged 4.92 percent, Astra Agro Lestari rose 0.34 percent, Aneka Tambang perked 0.29 percent, Vale Indonesia skyrocketed 6.78 percent, Timah rallied 2.90 percent, Bumi Resources strengthened 1.80 percent and Bank CIMB Niaga was unchanged.

The lead from Wall Street is mixed as the major averages opened on opposite sides of the line and finished the same way.

The Dow slipped 24.58 points or 0.05 percent to finish at 45,271.23, while the NASDAQ rallied 218.10 points or 1.02 percent to end at 21,497.73 and the S&P 500 added 32.72 points or 0.51 percent to close at 6,448.26.

The notable rebound by the NASDAQ followed a surge by shares of Alphabet (GOOGL), which rallied after a federal judge ruled the company will avoid the most severe consequences in a landmark antitrust case.

The strength on Wall Street also came after the Labor Department released a report showing job openings in the U.S. fell to their lowest level in 10 months in July.

While the data provides further signs of softening labor market conditions, the report has also increased confidence that the Federal Reserve will lower interest rates later this month.

Crude oil prices fell sharply on Wednesday amid increasing concerns of oversupply due to reported plans by OPEC to boost output at its upcoming meeting on Sunday. West Texas Intermediate crude for October delivery was down $1.65 or 2.52 percent at $63.94 per barrel.