Indonesia Stock Market May See Additional Support

(RTTNews) - The Indonesia stock market has alternated between positive finished through the last six trading days since the end of the three-day winning streak in which it had advanced more than 85 points or 1.2 percent. The Jakarta Composite Index now sits just above the 7,035-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on optimism for the 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 Tuesday following gains from the food stocks and mixed performances from the financials and resource companies.

For the day, the index picked up 16.11 points or 0.23 percent to finish at 7,035.50.

Among the actives, Bank Danamon Indonesia fell 0.33 percent, while Bank CIMB Niaga collected 0.43 percent, Bank Negara Indonesia perked 0.27 percent, Bank Central Asia improved 0.57 percent, Indosat Ooredoo Hutchison lost 0.38 percent, Indocement tumbled 1.94 percent, Semen Indonesia shed 0.63 percent, Indofood Suskes added 0.39 percent, United Tractors dipped 0.17 percent, Astra International retreated 1.19 percent, Energi Mega Persada climbed 1.18 percent, Astra Agro Lestari dropped 0.90 percent, Aneka Tambang declined 1.89 percent, Bumi Resources tanked 2.22 percent and Bank Mandiri, Bank Rakyat Indonesia, Vale Indonesia and Timah were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday and then bounced higher again to end in the green.

The Dow added 56.22 points or 0.17 percent to finish at 33,592.92, while the NASDAQ jumped 162.19 point or 1.45 percent to end at 11,358.41 and the S&P 500 gained 34.48 points or 0.87 percent to close at 3,991.73.

The early rally on Wall Street followed the release of a Labor Department report showing producer prices in the U.S. crept up much less than expected in October.

Following last week's tamer-than-expected consumer price inflation report, the data added to optimism about the Federal Reserve slowing the pace of interest rate hikes as soon as next month.

However, stocks pulled back well off their best levels of the day following reports Russian missiles crossed into Poland, killing two people.

Crude oil futures settled higher Tuesday, thanks to the smaller-than-expected increase in U.S. producer prices in October. West Texas Intermediate Crude oil futures for December ended higher by $0.94 at 86.81 a barrel.