Higher Open Expected For Indonesia Stock Market

RTTNews | 163 days ago

(RTTNews) - The Indonesia stock market on Wednesday ended the four-day losing streak in which it had tumbled more than 240 points or 3.5 percent. The Jakarta Composite Index now sits just above the 7,180-point plateau and it's tipped to open in the green on Thursday.

The global forecast continues to be upbeat on optimism over an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

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

For the day, the index spiked 136.22 points or 1.93 percent to finish at 7,184.44 after trading between 7,136.25 and 7,207.17.

Among the actives, Bank CIMB Niaga strengthened 1.42 percent, while Bank Danamon Indonesia climbed 1.18 percent, Bank Negara Indonesia skidded 1.06 percent, Bank Central Asia collected 0.78 percent, Bank Rakyat Indonesia added 0.60 percent, Indosat Ooredoo Hutchison rose 0.48 percent, Indocement soared 5.45 percent, Semen Indonesia improved 0.81 percent, Indofood Sukses Makmur accelerated 3.54 percent, United Tractors fell 0.40 percent, Energi Mega Persada jumped 1.97 percent, Astra Agro Lestari vaulted 1.66 percent, Aneka Tambang surged 6.00 percent, Vale Indonesia rallied 7.48 percent, Timah skyrocketed 8.08 percent, Bumi Resources spiked 10.19 percent and Bank Mandiri and Astra International were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Wednesday and remained in the green throughout the trading day, although ending off session highs.

The Dow jumped 224.23 points or 0.48 percent to finish at 46,565.74, while the NASDAQ rallied 250.32 points or 1.16 percent to end at 21,840.95 and the S&P 500 gained 46.80 points or 0.72 percent to close at 6,575.32.

The extended the rally on Wall Street came amid optimism about an end to the U.S. war with Iran following the latest comments by President Donald Trump, who said he expects U.S. military forces to leave Iran in "two or three weeks."

The price of crude oil has extended Tuesday's pullback following Trump's comments, with U.S. crude oil futures falling below $100 a barrel.

Crude oil has plummeted on Wednesday after Trump's comments, even if the Strait of Hormuz remains blocked and U.S. goals are not completely met. West Texas Intermediate crude for May delivery was down $1.68 or 1.66 percent at $99.70 per barrel.

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