Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished higher in three straight sessions, gathering almost 100 points or 1.5 percent along the way. The Jakarta Composite Index now sits just above the 6,950-point plateau and it's looking at another green light for Friday's trade.

The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were mostly higher and the U.S. bourses were solidly in the green and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Thursday following gains from the resource stocks and financial shares.

For the day, the index advanced 58.60 points or 0.85 percent to finish at 6,956.82.

Among the actives, Bank Danamon Indonesia advanced 0.81 percent, while Bank CIMB Niaga strengthened 1.47 percent, Bank Negara Indonesia gained 0.64 percent, Bank Central Asia collected 0.34 percent, Bank Mandiri shed 0.62 percent, Bank Rakyat Indonesia improved 0.93 percent, Indosat Ooredoo rose 0.38 percent, Indofood Suskes declined 1.43 percent, United Tractors added 0.64 percent, Astra International dropped 0.82 percent, Energi Mega Persada rallied 2.90 percent, Astra Agro Lestari jumped 1.60 percent, Aneka Tambang skyrocketed 12.04 percent, Vale Indonesia surged 9.29 percent, Timah soared 4.88 percent, Bumi Resources spiked 4.63 percent and Indocement, Semen Indonesia, Bakrie Sumatera Plantations and Bukit Asam were unchanged.

The lead from Wall Street is firm as the major averages shook off early weakness on Thursday, quickly moving into positive territory and accelerating into the close.

The Dow jumped 332.04 points or 1.03 percent to finish at 32,529.63, while the NASDAQ climbed 130.17 points or 1.08 percent to end at 12,162.59 and the S&P 500 improved 48.82 points or 1.21 percent to close at 4,072.43.

The early weakness on Wall Street followed the release of a Commerce Department report showing a continued contraction in U.S. economic activity in the second quarter of 2022, putting the U.S. in a technical recession.

However, economists cast doubt on whether the economy is actually in a recession, citing other indicators indicating continued growth and persistent strength in the labor market.

The data may have still added to optimism that the Federal Reserve will slow the pace of its interest rate hikes at future meetings, contributing to the turnaround on Wall Street.

Crude oil futures settled lower on Thursday as worries about the outlook for energy demand due to slowing global economic growth weighed on prices. West Texas Intermediate Crude oil futures for September ended lower by $0.84 or 0.9 percent at $96.42 a barrel.