Higher Open Anticipated For Indonesia Shares

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, picking up more than 45 points or 0.7 percent along the way. The Jakarta Composite Index now rests just above the 6,920-point plateau and it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates and easing bond yields. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished modestly higher on Tuesday following gains from the financials, weakness from the cement companies and a mixed picture from the resource stocks.

For the day, the index gained 30.73 points or 0.45 percent to finish at 6,922.19.

Among the actives, Bank CIMB Niaga added 0.30 percent, while Bank Mandiri strengthened 1.69 percent, Bank Danamon Indonesia collected 0.36 percent, Bank Negara Indonesia spiked 1.96 percent, Bank Central Asia retreated 1.38 percent, Bank Rakyat Indonesia improved 0.98 percent, Indosat Ooredoo Hutchison slid 0.24 percent, Indocement climbed 1.00 percent, Semen Indonesia slid 0.38 percent, Indofood Suskes sank 0.73 percent, United Tractors gained 0.66 percent, Astra International declined 1.22 percent, Energi Mega Persada plunged 3.05 percent, Astra Agro Lestari rallied 1.37 percent, Aneka Tambang rose 0.28 percent, Vale Indonesia dropped 0.88 percent, Bumi Resources jumped 1.55 percent and Timah was unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and accelerated as the day progressed, although late profit taking saw them end well off session highs.

The Dow climbed 134.65 points or 0.40 percent to finish at 33,739.30, while the NASDAQ gained 78.60 points or 0.58 percent to close at 13,562.84 and the S&P 500 added 22.58 points or 0.52 percent to end at 4,358.24.

Despite concerns about the ongoing war in the Middle East, the mood on Wall Street was fairly positive as dovish comments from some Federal Reserve officials lowered expectations for further interest rate hikes and pushed down bond yields.

In economic news, the International Monetary Fund downgraded its global growth forecast for next year, saying the projections are weakest in decades, while the likelihood of a soft-landing has increased with growing divergences amid modestly easing inflationary pressures.

Crude oil prices fell on Tuesday as traders assessed the likely impact of potential supply disruptions due to the ongoing war in the Middle East. West Texas Intermediate Crude oil futures for November shed $0.41 or 0.5 percent at $85.97 a barrel.