Indonesia Shares Tipped To Open In The Green

(RTTNews) - The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,935-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets suggests mild upside, with strength likely from the oil and technology sectors. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to also move to the upside.

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

For the day, the index added 30.42 points or 0.38 percent to finish at 7,936.18 after trading between 7,894.76 and 7,945.44.

Among the actives, Bank Mandiri tanked 2.04 percent, while Bank Danamon Indonesia skidded 1.17 percent, Bank Negara Indonesia tumbled 1.98 percent, Bank Central Asia collected 0.61 percent, Bank Rakyat Indonesia dropped 0.96 percent, Indocement slumped 1.06 percent, Semen Indonesia retreated 1.44 percent, Indofood Sukses Makmur stumbled 2.56 percent, United Tractors jumped 1.63 percent, Astra International surrendered 2.22 percent, Energi Mega Persada plunged 2.63 percent, Astra Agro Lestari fell 0.35 percent, Aneka Tambang rallied 2.78 percent, Vale Indonesia surged 6.08 percent, Timah added 0.50 percent, Bumi Resources sank 0.89 percent and Bank CIMB Niaga and Indosat Ooredoo Hutchison were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Wednesday but moved largely to the upside throughout the day and ended with modest gains.

The Dow climbed 147.16 points or 0.32 percent to finish at 45,565.23, while the NASDAQ added 45.87 points or 0.21 percent to close at 21,590.14 and the S&P 500 rose 15.46 points or 0.24 percent to end at a record 6,481.40.

The modest strength on Wall Street came as traders looked ahead to the release of highly anticipated earnings news from Nvidia (NVDA). After the markets closed, NVIDIA reported earnings that increased from the same period last year and beat estimates.

Traders were also reluctant to make big moves ahead of Friday's Commerce Department report on personal income and spending for July, which includes the Federal Reserve's preferred readings on consumer price inflation.

CME Group's FedWatch Tool is currently indicating an 87.2 percent chance the Fed will lower rates by a quarter point at its next monetary policy meeting in September.

Crude oil surged on Wednesday after U.S. crude and gasoline inventories fell more than expected last week. West Texas Intermediate crude for October delivery was up $0.83 or 1.33 percent at $64.08 per barrel.