Indonesia Stock Market Tipped To Open In The Green

(RTTNews) - The Indonesia stock market on Thursday wrote a finish to the two-day losing streak in which it had stumbled more than 90 points or 1.3 percent. The Jakarta Composite Index now rests just shy of the 6,940-point plateau and it may extend its gains on Friday.

The global forecast for the Asian markets is positive, with bargain hunting expected among easing treasury yields. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The JCI finished slightly higher on Thursday following mixed performances from the financial shares and resource stocks.

For the day, the index added 14.03 points or 0.20 percent to finish at 6,937.83.

Among the actives, Bank CIMB Niaga collected 0.59 percent, while Bank Mandiri rallied 1.27 percent, Bank Danamon Indonesia fell 0.35 percent, Bank Negara Indonesia accelerated 1.50 percent, Bank Central Asia dropped 0.84 percent, Bank Rakyat Indonesia gained 0.48 percent, Indosat Ooredoo Hutchison shed 0.77 percent, Indocement spiked 2.81 percent, Indofood Suskes improved 0.75 percent, United Tractors jumped 1.98 percent, Astra International sank 0.81 percent, Energi Mega Persada soared 2.96 percent, Aneka Tambang skidded 1.09 percent, Vale Indonesia advanced 0.90 percent, Timah lost 0.62 percent, Bumi Resources strengthened 1.48 percent and Astra Agro Lestari and Semen Indonesia were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday and moved firmly higher, although ending well of the daily highs.

The Dow climbed 116.07 points or 0.35 percent to finish at 33,666.34, while the NASDAQ jumped 108.43 points or 0.83 percent to close at 13,201.28 and the S&P 500 rose 25.19 points or 0.59 percent to end at 4,299.70.

The strength on Wall Street reflected bargain hunting, as traders picked up stocks at reduced levels following recent weakness.

A downturn by treasury yields also contributed to the strength among stocks, with the yield on the benchmark 10-year note giving back ground after reaching its highest levels since October 2007.

In economic news, the Commerce Department said the pace of U.S. economic growth in the second quarter of 2023 was unrevised from the previous estimate. Also, the Labor Department noted a slight increase in first-time claims for U.S. unemployment benefits last week.

Oil futures failed to hold gains and fell sharply on Thursday, due largely on profit taking. Oil prices rose to one-year high earlier in the day after recent data showing a drop in crude inventories in the U.S. West Texas Intermediate Crude oil futures for November ended down $1.97 or 2.1 percent at $91.71 a barrel.