Win Streak May Continue For Indonesia Shares

RTTNews | hace 575
Win Streak May Continue For Indonesia Shares

(RTTNews) - The Indonesia stock market has moved higher in two straight sessions, collecting more than 50 points or 0.7 percent along the way. The Jakarta Composite Index now sits just beneath the 6,860-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat on better than expected U.S. inflation data, which fueled optimism over interest rates. The European and U.S. markets were firmly higher and the Asian bourses figure to follow suit.

The JCI finished modestly higher on Tuesday following gains from the resource stocks and a mixed picture from the financial sector.

For the day, the index added 23.74 points or 0.35 percent to finish at 6,862.06 after trading between 6,829.95 and 6,886.81.

Among the actives, Bank CIMB Niaga slid 0.29 percent, while Bank Danamon Indonesia fell 0.37 percent, Bank Negara Indonesia eased 0.20 percent, Bank Central Asia collected 0.56 percent, Bank Rakyat Indonesia climbed 1.00 percent, Indosat Ooredoo Hutchison retreated 1.59 percent, Semen Indonesia tumble 1.97 percent, Indofood Suskes skidded 1.16 percent, Astra International added 0.44 percent, Energi Mega Persada surged 4.72 percent, Astra Agro Lestari increased 0.36 percent, Vale Indonesia soared 3.02 percent, Bumi Resources advanced 0.90 percent and Bank Mandiri, Aneka Tambang, Indocement, United Tractors and Timah were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Tuesday and stayed that way throughout the session.

The Dow surged 489.83 points or 1.43 percent to finish at 34,827.70, while the NASDAQ rallied 326.64 points or 2.37 percent to end at 14,094.38 and the S&P 500 jumped 84.15 points or 1.91 percent to close at 4,495.70.

The rally on Wall Street came following the release of the Labor Department's highly anticipated report on consumer price inflation in October, which came in lower than expected.

The report may provide the Federal Reserve with confidence that inflation is on a downward trajectory, so further rate hikes may not be necessary.

Treasury yields moved sharply lower following the release of the report, adding to the buying interest on Wall Street.

Crude oil futures failed to hold gains and settled flat on Tuesday as traders reacted to a report from the International Energy Agency that oil markets won't be as tight as expected this quarter. West Texas Intermediate Crude oil futures for December settled at $78.26 a barrel, unchanged from the previous close.

Closer to home, Indonesia will release October numbers for imports, exports and trade balance later today. Imports are expected to fall 8.7 percent on year after sinking 12.45 percent in September. Exports are called lower by an annual 15.6 percent after tumbling 16.17 percent in the previous month. The trade surplus is pegged at $3.30 billion, down from $3.42 billion a month earlier.

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