Indonesia Bourse May Extend Winning Streak

(RTTNews) - The Indonesia stock market has moved higher in back-to-back sessions, collecting more than 60 points or 0.8 percent along the way. The Jakarta Composite Index now rests just beneath the 7,560-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets suggests mild upside, fueled by support from the technology companies. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Tuesday as gains from the food and financial shares were capped by weakness from the cement and resource companies.

For the day, the index added 53.01 points or 0.71 percent to finish at 7,557.14 after trading between 7,449.48 and 7,592.88.

Among the actives, Bank CIMB Niaga rallied 2.19 percent, while Bank Mandiri spiked 2.91 percent, Bank Negara Indonesia accelerated 2.88 percent, Bank Central Asia collected 0.97 percent, Bank Rakyat Indonesia soared 3.73 percent, Indosat Ooredoo Hutchison dropped 0.93 percent, Indocement sank 0.72 percent, Semen Indonesia fell 0.25 percent, Indofood Sukses Makmur climbed 1.08 percent, United Tractors tanked 2.40 percent, Astra International jumped 2.45 percent, Energi Mega Persada plunged 4.10 percent, Astra Agro Lestari lost 0.75 percent, Aneka Tambang retreated 1.29 percent, Jasa Marga eased 0.20 percent, Vale Indonesia plummeted 6.14 percent, Timah slumped 1.60 percent, Bumi Resources tumbled 3.60 percent and Bank Danamon Indonesia and Bank Maybank Indonesia were unchanged.

The lead from Wall Street is positive as the major averages opened mixed but quickly moved up into positive territory and stayed that way.

The Dow jumped 126.13 points or 0.30 percent to finish at 42,080.37, while the NASDAQ rallied 259.01 points or 1.45 percent to end at 18,182.92 and the S&P 500 advanced 55.19 points or 0.97 percent to close at 5,751.13.

The strength on Wall Street came as traders went shopping for bargains, especially among the technology companies.

In economic news, the U.S. trade deficit narrowed to $70.4 billion in August 2024, the lowest in five months, from an upwardly revised $78.9 billion in July. Exports increased 2 percent to a record high of $271.8 billion, while imports dropped 0.9 percent to $342.2 billion.

Data on U.S. consumer price and producer price inflation are due later in the week.

Oil prices tumbled Tuesday as supply disruptions concerns eased a bit on reports Israel is unlikely to attack Iranian oil facilities. West Texas Intermediate Crude oil futures for November sank $3.57 or 4.63 percent at $73.57 a barrel.

Closer to home, Indonesia will provide August data for retail sales later today; in July, sales were up 4.5 percent on year.