Indonesia Bourse Inherits Strong Lead For Wednesday

RTTNews | 959 days ago
Indonesia Bourse Inherits Strong Lead For Wednesday

(RTTNews) - The Indonesia stock market on Tuesday wrote a finish to the six-day winning streak in which it had spiked almost 250 points or 3.6 percent. The Jakarta Composite Index now rests just beneath the 7,050-point plateau although it's expected to open higher again on Wednesday.

The global forecast for the Asian markets is upbeat on continued optimism over falling treasury yields and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished barely lower on Tuesday following losses from the cement stocks and mixed performances from the financials and resource companies.

For the day, the index fell 4.66 points or 0.07 percent to finish at 7,048.38.

Among the actives, Bank Danamon Indonesia slid 0.26 percent, while Bank CIMB Niaga shed 0.44 percent, Bank Negara Indonesia collected 0.80 percent, Bank Central Asia tumbled 2.25 percent, Bank Mandiri dipped 0.24 percent, Bank Rakyat Indonesia rallied 2.00 percent, Indosat Ooredoo Hutchison strengthened 1.53 percent, Indocement declined 1.62 percent, Semen Indonesia slumped 1.32 percent, Indofood Suskes stumbled 1.59 percent, United Tractors skidded 1.16 percent, Astra International gained 0.75 percent, Energi Mega Persada gained 0.68 percent, Aneka Tambang retreated 1.39 percent, Vale Indonesia climbed 1.14 percent, Timah surrendered 1.84 percent and Bumi Resources and Astra Agro Lestari were unchanged.

The lead from Wall Street is solid for the third straight session as the major averages opened higher and picked up steam as the day progressed, ending near session highs.

For the day, the index spiked 337.12 points or 1.07 percent to finish at 31,836.74, while the NASDAQ surged 246.50 points or 2.25 percent to close at 11,199.12 and the S&P 500 jumped 61.77 points or 1.63 percent to end at 3,859.11.

The extended rally on Wall Street came amid a sharp pullback by treasury yields, with the yield on the benchmark 10-year note showing a steep drop after ending the previous session at a 14-year closing high.

The pullback by treasury yields came as traders continue to express optimism the Federal Reserve will signal a slower pace of interest rate hikes following its meeting next week.

The markets also benefited from a positive reaction to the latest earnings news, with General Motors (GM) and Coca-Cola (KO) posting strong gains after reporting better than expected third quarter earnings.

Crude oil futures settled higher Tuesday, buoyed by a weaker dollar and concerns about supply after Saudi Arabia's energy minister commented that energy stocks were being used as a mechanism to manipulate markets. West Texas Intermediate Crude futures for December ended higher by $0.74 or 0.9 percent at $85.32 a barrel.

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