Indonesia Stock Market May Extend Winning Streak

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, gathering almost 80 points or 1.2 percent along the way. The Jakarta Composite Index now sits just above the 6,940-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is generally positive, with technology stocks likely to lead the way higher. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The JCI finished modestly higher on Wednesday following gains from the food, financial and cement stocks, while the resource companies were mixed.

For the day, the index added 39.53 points or 0.57 percent to finish at the daily high of 6,943.92 after trading as low as 6,907.21.

Among the actives, Bank CIMB Niaga collected 1.49 percent, while Bank Mandiri dipped 0.21 percent, Bank Danamon Indonesia added 0.83 percent, Bank Negara Indonesia gained 0.76 percent, Bank Rakyat Indonesia rose 0.27 percent, Indosat Ooredoo Hutchison slumped 0.95 percent, Semen Indonesia and Indofood Sukses Makmur both jumped 1.87 percent, United Tractors rallied 1.74 percent, Astra International improved 1.29 percent. Energi Mega Persada skidded 1.13 percent, Astra Agro Lestari strengthened 1.30 percent, Aneka Tambang fell 0.34 percent, Vale Indonesia slipped 0.30 percent, Timah advanced 0.99 percent, Bumi Resources dropped 0.86 percent and Bank Central Asia and Indocement were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and remained in the green throughout the session, ending with modest gains.

The Dow jumped 217.54 points or 0.49 percent to finish at 44,458.30, while the NASDAQ rallied 192.88 points or 0.94 percent to end at 20,611.34 and the S&P 500 added 37.74 points or 0.61 percent to close at 6,263.26.

The strength on Wall Street reflected optimism about a potential trade deal between the U.S. and the European Union.

Nvidia (NVDA) helped lead the markets higher, with the AI darling jumping by 1.8 percent and briefly becoming the first company to reach a market capitalization of $4 trillion.

Meanwhile, the Federal Reserve released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.

Crude oil price inched higher on Wednesday, as Saudi projections for increased demand were offset by a jump in U.S. oil inventories. West Texas Intermediate crude for August delivery ticked higher by $0.05 to settle at $68.38 per barrel.