Indonesia Bourse May Test Resistance At 7,000 Points

(RTTNews) - The Indonesia stock market has tracked higher in consecutive trading days, collecting more than 60 points or 0.8 percent along the way. The Jakarta Composite Index now sits just shy of the 6,960-point plateau and it's likely to open higher again on Wednesday.

The global forecast for the Asian markets is upbeat thanks to an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished modestly higher on Tuesday following gains from the financial, resource and cement stocks.

For the day, the index advanced 36.11 points or 0.52 percent to finish at 6,957.83.

Among the actives, Bank CIMB Niaga soared 3.27 percent, while Bank Mandiri dropped 0.83 percent, Bank Negara Indonesia increased 0.55 percent, Bank Central Asia collected 0.54 percent, Bank Rakyat Indonesia advanced 0.90 percent, Indosat Ooredoo Hutchison dipped 0.26 percent, Indocement eased 0.22 percent, Semen Indonesia rose 0.36 percent, Indofood Suskes and Bumi Resources both improved 0.70 percent, United Tractors was down 0.19 percent, Astra International fell 0.39 percent, Energi Mega Persada rallied 2.54 percent, Vale Indonesia gained 0.42 percent, Timah sank 0.55 percent and Aneka Tambang, Bank Danamon Indonesia and Astra Agro Lestari were unchanged.

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

The Dow jumped 292.69 points or 0.85 percent to finish at 34,852.67, while the NASDAQ surged 238.63 points or 1.74 percent to end at 13,943.76 and the S&P 500 rallied 64.32 points or 1.45 percent to close at 4.497.63.

The strength on Wall Street came as the latest batch of U.S. economic data helped ease recent concerns about the outlook for interest rates.

Consumer confidence in the U.S. deteriorated more than anticipated in August, according to a report released by the Conference Board. Also, the Labor Department said job openings in the U.S. decreased to 8.8 million on the last business day of July.

Oil prices climbed higher on Tuesday with traders weighing the likely impact of the Hurricane Idalia on energy operations in the Gulf of Mexico, while a weak dollar also contributed to the uptick. West Texas Intermediate Crude oil futures for October climbed $1.06 or 1.3 percent at $81.16 a barrel.