Continued Support Called For Indonesia Stock Market

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(RTTNews) - The Indonesia stock market has moved higher in two straight sessions, jumping almost 85 points or 1.3 percent along the way. The Jakarta Composite Index now sits just beneath the 6,735-point plateau and it's got another green light for Wednesday's trade.

The global forecast for the Asian markets is upbeat on bargain hunting and optimism ahead of earnings season. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

The JCI finished sharply higher on Tuesday following gains from the resource stocks, cement companies and energy producers, while the financials came in mixed.

For the day, the index climbed 76.84 points or 1.15 percent to finish at 6,736.09.

Among the actives, Bank Danamon Indonesia shed 0.40 percent, while Bank CIMB Niaga collected 0.50 percent, Bank Negara Indonesia dipped 0.34 percent, Bank Central Asia rose 0.35 percent, Bank Mandiri climbed 1.02 percent, Bank Rakyat Indonesia sank 0.72 percent, Indosat Ooredoo rallied 2.47 percent, Indocement strengthened 1.08 percent, Semen Indonesia advanced 0.77 percent, Indofood Suskes jumped 1.42 percent, United Tractors gained 0.87 percent, Astra International was up 0.83 percent, Energi Mega Persada improved 3.64 percent, Bakrie Sumatera Plantations accelerated 2.52 percent, Astra Agro Lestari added 0.50 percent, Aneka Tambang skyrocketed 6.09 percent, Vale Indonesia soared 5.53 percent, Timah surged 5.77 percent and Bumi Resources spiked 2.60 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and only accelerated as the day progressed.

The Dow surged 754.44 points or 2.43 percent to finish at 31,827.05, while the NASDAQ spiked 353.10 points or 3.11 percent to close at 11,713.15 and the S&P 500 jumped 105.84 points or 2.76 percent to end at 3,936.69.

The rebound on Wall Street came as optimism about upcoming earnings news fueled a heavy wave of buying.

In earnings news, toymaker Hasbro (HAS) and oil services giant Halliburton (HAL) beat the street, while IBM Corp. (IBM) and Johnson & Johnson (JNJ) provided disappointing guidance.

In economic news, the Commerce Department unexpectedly reported a continued decline in housing starts in June.

Crude oil futures ended sharply higher Tuesday amid signs of tighter supplies in the global oil market, while the dollar's continued weakness also contributed to the sharp rise in oil prices. West Texas Intermediate Crude oil futures for August ended higher by $1.62 or 1.6 percent at $104.22 a barrel.

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

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KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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