Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in back-to-back sessions, advancing more than 180 points or 2.6 percent along the way. The Jakarta Composite Index now sits just above the 7,530-point plateau and it may open to the upside again on Friday.

The global forecast for the Asian markets is cautiously optimistic on the improving outlook for trade deals. The European and U.S. markets were mixed and little changed and the Asian markets are likely to follow that lead, with some profit taking in order.

The JCI finished modestly higher again on Thursday following gains from the financial shares and mixed performances from the cement and resource sectors.

For the day, the index gained 61.67 points or 0.83 percent to finish at 7,530.90 after trading between 7,478.36 and 7,568.22.

Among the actives, Bank CIMB Niaga jumped 2.05 percent, while Bank Mandiri accelerated 2.56 percent, Bank Danamon Indonesia collected 0.83 percent, Bank Negara Indonesia soared 2.93 percent, Bank Central Asia improved 0.89 percent, Bank Rakyat Indonesia surged 3.95 percent, Indosat Ooredoo Hutchison sank 0.87 percent, Indocement lost 0.48 percent, Semen Indonesia strengthened 1.21 percent, United Tractors and Timah both advanced 0.94 percent, Astra International rallied 2.02 percent, Energi Mega Persada stumbled 2.06 percent, Astra Agro Lestari spiked 3.16 percent, Aneka Tambang fell 0.33 percent, Vale Indonesia added 0.54 percent, Bumi Resources tanked 2.52 percent and Indofood Sukses Makmur was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened mixed on Thursday and closed in the same fashion.

The Dow stumbled 316.38 points or 0.70 percent to finish at 44,693.91, while the NASDAQ gained 37.94 points or 0.18 percent to close at 21,057.96 and the S&P 500 rose 4.44 points or 0.07 percent to end at 6,363.35.

The strength on Wall Street came on optimism that the U.S. could sign up more deals with its remaining trading partners before President Donald Trump's Aug. 1 deadline.

As UK, China, Vietnam, and Indonesia have come to an agreement with the U.S. already, Canada, India, South Korea, and the EU are ramping up their efforts. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were "going better than they had been," and that progress was being made.

In economic news, the Commerce Department said that new home sales in the U.S. rebounded less than expected in June. Also, the Labor Department said U.S. initial jobless claims unexpectedly fell last week.

Crude oil rose on Thursday after the U.S. Energy Information Administration said crude stockpiles declined more than expected last week. West Texas Intermediate crude for September was up $0.87 or 1.33 percent to $66.12 per barrel.