Indonesia Bourse May Extend Thursday's Gains

(RTTNews) - The Indonesia stock market on Thursday ended the two-day slide in which it had slipped more than 20 points or 0.3 percent. The Jakarta Composite Index now rests just beneath the 6,715-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The JCI finished slightly higher on Thursday following gains from the cement and resource stocks, while the financials were mixed.

For the day, the index added 14.08 points or 0.21 percent to finish at 6,713.79.

Among the actives, Bank CIMB Niaga rose 0.32 percent, while Bank Mandiri strengthened 1.49 percent, Bank Danamon Indonesia collected 0.35 percent, Bank Negara Indonesia advanced 1.39 percent, Bank Central Asia slid 0.28 percent, Bank Rakyat Indonesia lost 0.45 percent, Indosat Ooredoo Hutchison spiked 2.86 percent, Indocement jumped 1.53 percent, Semen Indonesia rallied 1.67 percent, Indofood Suskes gained 0.34 percent, United Tractors improved 0.76 percent, Astra International fell 0.36 percent, Energi Mega Persada plunged 2.61 percent, Astra Agro Lestari strengthened 1.36 percent, Aneka Tambang added 0.49 percent, Vale Indonesia climbed 1.15 percent, Bumi Resources accelerated 1.77 percent and Timah was unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher and accelerated as the day progressed, ending near session highs.

The Dow surged 428.73 points or 1.26 percent to finish at 34,408.06, while the NASDAQ jumped 156.34 points or 1.15 percent to end at 15,826.35 and the S&P 500 climbed 53.25 points or 1.22 percent to close at 4,425.84.

The rally on Wall Street reflected optimism about the outlook for interest rates following the release of some U.S. economic data. While the Federal Reserve forecast further rate hikes, traders seem hopeful the central bank will not follow through.

The optimism stemmed from a report from the Labor Department showing initial jobless claims held at their highest level last week since October 2021. A separate Labor Department report said import prices in the U.S. fell more than expected in May, also generating optimism about the outlook for inflation.

Crude oil prices rose sharply Thursday, buoyed by reports suggesting a jump in demand from Chinese refineries and additional stimulus from the Chinese central bank. The dollar's weakness also contributed to the jumped in oil prices. West Texas Intermediate Crude oil futures ended higher by $2.35 or 3.4 percent at $70.62 a barrel.