Higher Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market bounced higher again on Thursday, one day after ending the two-day winning streak in which it had picked up more than 40 points or 0.6 percent. The Jakarta Composite Index now sits just above the 7,130-point plateau and it may add to its winnings again on Friday.

The global forecast for the Asian markets is mixed to higher ahead of key employment data from the United States later today. The European markets were down and the U.S. bourses were up and the Asian markets also figure to track higher.

The JCI finished modestly higher on Thursday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index advanced 47.23 points or 0.67 percent to finish at 7,134.62.

Among the actives, Bank CIMB Niaga slid 0.29 percent, while Bank Mandiri sank 0.86 percent, Bank Danamon Indonesia and Perusahaan Gas Negara both tumbled 1.78 percent, Bank Negara Indonesia climbed 0.96 percent, Bank Central Asia collected 0.28 percent, Bank Rakyat Indonesia rallied 0.92 percent, Indosat Ooredoo Hutchison advanced 0.81 percent, Indocement rose 0.26 percent, Semen Indonesia tanked 1.95 percent, Indofood Suskes lost 0.77 percent, United Tractors added 0.35 percent, Astra International dropped 0.87 percent, Energi Mega Persada surrendered 1.79 percent, Astra Agro Lestari fell 0.35 percent, Aneka Tambang plunged 3.82 percent, Vale Indonesia plummeted 2.06 percent, Timah stumbled 2.96 percent and Bumi Resources climbed 1.04 percent.

The lead from Wall Street is positive as the major averages opened higher on Thursday and largely stayed that way throughout the session.

The Dow gained 62.95 points or 0.17 percent to finish at 36,117.38, while the NASDAQ surged 193.28 points or 1.37 percent to end at 14,339.99 and the S&P 500 added 36.25 points or 0.80 percent to close at 4,585.59.

The strength on Wall Street reflected ongoing optimism about the outlook for interest rates ahead of the release of the Labor Department's closely watched monthly jobs report later today.

The jobs report could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week.

While the Fed is widely expected to leave interest rates unchanged, traders will be looking to the jobs data to provide further evidence the central bank could cut rates as soon as March 2024.

Oil futures settled slightly lower Thursday amid lingering uncertainty about the outlook for energy demand due to global economic slowdown. West Texas Intermediate Crude oil futures for January ended down $0.04 at $69.34 a barrel.

Closer to home, Indonesia will see October figures for retail sales later today; in September, sales were up 1.5 percent on year.