Indonesia Stock Market May Add To Its Winnings On Thursday

(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day winning streak in which it had picked up almost 110 points or 1.3 percent. The Jakarta Composite Index now sits just above the 8,700-point plateau and it may see additional support on Thursday.

The global forecast for the Asian markets is upbeat following the FOMC's rate decision and optimism over future moves. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The JCI finished modestly higher on Wednesday following gains from the resource stocks and mixed performances from the financial and cement sectors.

For the day, the index gained 43.75 points or 0.51 percent to finish at 8,700.92 after trading between 8,668.61 and 8,720.88.

Among the actives, Bank CIMB Niaga shed 0.57 percent, while Bank Mandiri jumped 1.64 percent, Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia fell 0.23 percent, Bank Central Asia slipped 0.31 percent, Bank Rakyat Indonesia lost 0.54 percent, Indocement vaulted 1.92 percent, Semen Indonesia plunged 3.44 percent, Indofood Sukses Makmur improved 0.73 percent, United Tractors expanded 1.69 percent, Astra International rose 0.38 percent, Energi Mega Persada rallied 1.80 percent, Aneka Tambang added 0.34 percent, Vale Indonesia climbed 1.30 percent, Timah dropped 0.98 percent, Bumi Resources skyrocketed 19.85 percent and Indosat Ooredoo Hutchison and Astra Agro Lestari were unchanged.

The lead from Wall Street is positive as the major averages opened flat and hugged the line before taking off late in the day.

The Dow jumped 497.46 points or 1.05 percent to finish at 48,057.75, while the NASDAQ added 77.67 points or 0.33 percent to close at 23,654.16 and the S&P 500 gained 46.17 points or 0.67 percent to end at 6,886.68.

The late-day strength on Wall Street came after the Fed announced its widely expected decision to cut interest rates by another quarter point, matching the rate cuts seen in September and October.

While a majority of Fed officials voted to cut rates by another quarter point, three cast dissenting votes for the first time since September 2019. The central bank's latest summary of economic projections also showed significant divisions about the outlook for rates.

Despite the mixed views, traders seem optimistic about the outlook for rates, potentially reflecting hopes for a move dovish regime under President Donald Trump's new Fed Chair choice.

Crude oil prices edged higher Wednesday after the American Petroleum Institute said U.S. crude inventories decreased much more than expected. West Texas Intermediate crude for January delivery was up $0.20 or 0.34 percent at $58.45 per barrel.