Higher Open Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Thursday snapped the two-day slide in which it had slumped more than 45 points or 0.7 percent. The Jakarta Composite Index now rests just above the 6,860-point plateau and it's expected to extend its gains on Friday.

The global forecast for the Asian markets is upbeat after solid economic data helped to allay fears of an economic slowdown. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Thursday following gains from the financials and cement companies, while the resource and energy stocks were mixed.

For the day, the index added 34.89 points or 0.51 percent to finish at 6,864.82.

Among the actives, Bank Danamon Indonesia rallied 3.07 percent, while Bank Negara Indonesia surged 4.41 percent, Bank Central Asia spiked 3.35 percent, Bank Mandiri climbed 1.29 percent, Bank Rakyat Indonesia collected 0.66 percent, Indosat Ooredoo Hutchison jumped 2.58 percent, Indocement accelerated 2.54 percent, Semen Indonesia soared 3.90 percent, Indofood Suskes retreated 1.47 percent, United Tractors plunged 3.07 percent, Astra International dropped 0.84 percent, Energi Mega Persada plummeted 5.76 percent, Astra Agro Lestari advanced 0.93 percent, Aneka Tambang strengthened 1.31 percent, Vale Indonesia fell 0.34 percent, Timah improved 0.79 percent, Bumi Resources tanked 2.52 percent and Bank CIMB Niaga was unchanged.

The lead from Wall Street is positive as the major averages shook off early volatility, moving solidly higher as the day progressed to end near session highs.

The Dow jumped 205.57 points or 0.61 percent to finish at 33,949.41, while the NASDAQ spiked 199.06 points or 1.76 percent to end at 11,512.41 and the S&P 500 climbed 44.21 points or 1.10 percent to close at 4,060.43.

The strength on Wall Street came following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.

Also, the Labor Department also said initial jobless claims unexpectedly dipped to a nine-month low last week, while the Commerce Department noted a spike in durable goods orders and a continued increase in new home sales.

The data paints a relatively positive picture of the economy but has also raised concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting.

Crude oil prices showed a strong move to the upside on Thursday, benefitting from optimism about the outlook for demand following the release of upbeat U.S. economic data. West Texas Intermediate Crude for March delivery jumped $0.86 or 1.1 percent to $81.01 a barrel.