Indonesia Stock Market Has Firm Lead For Wednesday's Trade

(RTTNews) - The Indonesia stock market has tracked higher in two straight sessions, gathering almost 20 points or 0.3 percent along the way. The Jakarta Composite Index now rests just above the 6,830-point plateau and it's expected to open higher again on Wednesday.

The global forecast for the Asian markets is upbeat on bargain hunting and renewed optimism over earnings. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The JCI finished barely higher on Tuesday following gains from the cement companies and mixed performances from the financials and resource stocks.

For the day, the index rose 3.38 points or 0.05 percent to finish at 6,834.49.

Among the actives, Bank Danamon Indonesia strengthened 1.37 percent, while Bank CIMB Niaga fell 0.47 percent, Bank Negara Indonesia gained 1.17 percent, Bank Central Asia added 0.61 percent, Bank Mandiri collected 0.53 percent, Bank Rakyat Indonesia slumped 0.23 percent, Indosat Ooredoo Hutchison rose 0.40 percent, Indocement climbed 1.09 percent, Semen Indonesia increased 0.33 percent, Indofood Suskes improved 0.82 percent, United Tractors tumbled 2.74 percent, Astra International skidded 1.17 percent, Astra Agro Lestari advanced 0.96 percent, Aneka Tambang shed 0.55 percent, Vale Indonesia gathered 1.14 percent, Timah slid 0.38 percent, Bumi Resources soared 3.07 percent and Energi Mega Persada was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday but bounced higher again heading into the close.

The Dow surged 337.98 points or 1.12 percent to finish at 30,525.80, while the NASDAQ advanced 96.60 points or 0.90 percent to end at 10,772.40 and the S&P 500 climbed 42.03 points or 1.14 percent to close at 3,719.98.

The initial strength on Wall Street reflected a positive reaction to upbeat earnings news from companies like Goldman Sachs (GS) and Johnson & Johnson (JNJ), which helped ease concerns about the strength of the earnings season.

In economic news, the Federal Reserve released a report showing industrial production increased by more than expected in September.

Crude oil prices fell sharply on Tuesday after a volatile session amid uncertainty about the outlook for energy demand. West Texas Intermediate Crude oil futures for November slumped $2.64 or 3.1 percent at $82.82 a barrel.