Higher Open Predicted For Indonesia Stock Market

RTTNews | 673天前
Higher Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had picked up more than 70 points or 1 percent. The Jakarta Composite Index now sits just above the 7,175-point plateau and it's called to the upside again on Friday.

The global forecast for the Asian markets is upbeat on continued optimism over 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 sharply higher on Thursday following gains from the financial shares and resource stocks.

For the day, the index jumped 100.68 points or 1.42 percent to finish at 7,176.02 after trading between 7,115.45 and 7,191.16.

Among the actives, Bank CIMB Niaga gained 1.82 percent, while Bank Mandiri spiked 3.93 percent, Bank Danamon Indonesia collected 1.09 percent, Bank Negara Indonesia accelerated 3.38 percent, Bank Central Asia soared 4.32 percent, Bank Rakyat Indonesia skyrocketed 4.72 percent, Indosat Ooredoo Hutchison rose 0.79 percent, Semen Indonesia sank 0.80 percent, United Tractors rallied 2.51 percent, Astra International advanced 1.81 percent, Astra Agro Lestari shed 0.35 percent, Aneka Tambang jumped 2.82 percent, Vale Indonesia surged 3.73 percent, Timah strengthened 1.64 percent, Bumi Resources climbed 1.16 percent and Indocement and Indofood Suskes were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday, slumped midday but rebounded again to end in the green.

The Dow climbed 158.11 points or 0.43 percent to finish at a fresh record closing high of 37,248.35, while the NASDAQ gained 27.59 points or 0.19 percent to close at 14,761.56 and the S&P 500 rose 12.46 points or 0.26 percent to end at 4,719.55.

Stocks continued to benefit from the Federal Reserve's monetary policy announcement on Wednesday. The Fed left interest rates unchanged, as widely expected, and signaled plans to cut interest rates three times next year.

Adding to optimism the economy is headed toward a soft landing, the Commerce Department released a report showing an unexpected increase in U.S. retail sales in November. Also, the Labor Department said first-time claims for U.S. jobless benefits unexpectedly fell last week.

Oil prices surged on Thursday for the second straight day, lifted by a weak dollar and an upward revision in global oil demand forecast by the International Energy Agency. West Texas International Crude oil futures for January spiked $2.11 or 3 percent at $71.58 a barrel.

Closer to home, Indonesia will provide November figures for imports, exports and trade balance later today. Imports are expected to sink 0.7 percent on year after falling 2.42 percent in October. Exports are called lower by an annual 9.4 percent after sinking 10.43 percent in the previous month. The trade surplus is pegged at $3.20 billion, down from $3.48 billion a month earlier.

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