Indonesia Stock Market May Extend Winning Streak

(RTTNews) - The Indonesia stock market has moved higher in eight straight sessions, gathering more than 320 points or 4.6 percent along the way. The Jakarta Composite Index now sits just above the 7,190-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on easing inflation concerns. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Wednesday following gains from the energy companies and mixed performances from the financial shares, cement stocks and resource issues.

For the day, the index added 51.54 points or 0.72 percent to finish at 7,192.02 after trading between 7,142.86 and 7,216.81.

Among the actives, Bank CIMB Niaga collected 0.88 percent, while Bank Mandiri dipped 0.21 percent, Bank Danamon Indonesia improved 1.24 percent, Bank Negara Indonesia jumped 1.98 percent, Bank Central Asia sank 0.29 percent, Indosat Ooredoo Hutchison spiked 2.45 percent, Indocement dropped 0.91 percent, Semen Indonesia rallied 2.56 percent, Indofood Sukses Makmur lost 0.60 percent, United Tractors eased 0.11 percent, Astra International climbed 1.06 percent, Energi Mega Persada skyrocketed 17.28 percent, Astra Agro Lestari strengthened 1.28 percent, Aneka Tambang fell 0.33 percent, Vale Indonesia advanced 0.86 percent, Timah shed 0.49 percent, Bumi Resources surged 7.08 percent and Bank Rakyat Indonesia was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Wednesday, dipped midday but then bounced higher heading into the close.

The Dow jumped 231.49 points or 0.53 percent to finish at 44,254.78, while the NASDAQ added 52.69 points or 0.25 percent to close at a fresh record high of 20,730.49 and the S&P 500 rose 19.94 points or 0.32 percent to end at 6,263.70.

Stocks came under pressure in late morning trade following reports President Donald Trump discussed the possibility of firing Federal Reserve Chair Jerome Powell during a meeting with House Republicans.

However, the major averages moved back to the upside after Trump said he's "not planning" on firing Powell.

The choppy trading on Wall Street also followed a Labor Department report showing producer prices in the U.S. unexpectedly came in flat in June. While the data helped ease inflation concerns, the Fed is still seen as likely to leave interest rates unchanged until September at the earliest.

Crude oil prices dropped for the third straight day on Wednesday after the Energy Information Administration said gasoline inventories increased by 3.4 million barrels last week and are slightly above the five-year average for this time of year. West Texas Intermediate crude for August delivery fell $0.14 to settle at $65.38 per barrel.