Indonesia Shares Tipped To Open In The Green

(RTTNews) - The Indonesia stock market has moved higher in consecutive trading days, advancing almost 120 points or 1.5 percent in that span. The Jakarta Composite Index now rests just beneath the 7,750-point plateau and it's likely to open to the upside again on Friday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished modestly higher on Thursday as gains from the financial, food and cement sectors were capped by weakness from the resource stocks.

For the day, the index improved 48.90 points or 0.64 percent to finish at 7,747.90 after trading between 7,742.60 and 7,819.10.

Among the actives, Bank CIMB Niaga collected 0.59 percent, while Bank Mandiri and Indocement both jumped 1.82 percent, Bank Danamon Indonesia improved 0.80 percent, Bank Negara Indonesia surged 7.80 percent, Bank Central Asia added 0.64 percent, Bank Rakyat Indonesia soared 5.15 percent, Semen Indonesia spiked 2.58 percent, Indofood Sukses Makmur gained 0.67 percent, United Tractors increased 0.66 percent, Astra International strengthened 1.37 percent, Energi Mega Persada sank 0.83 percent, Astra Agro Lestari rose 0.34 percent, Aneka Tambang stumbled 3.42 percent, Vale Indonesia tanked 3.36 percent, Timah slumped 1.38 percent, Bumi Resources dropped 0.92 percent and Indosat Ooredoo Hutchison was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the trading day.

The Dow surged 617.08 points or 1.36 percent to finish at 46,108.00, while the NASDAQ rallied 157.01 points or 0.72 percent to end at 22,043.07 and the S&P 500 gained 55.43 points or 0.85 percent to close at 6,587.47.

The strength on Wall Street came amid a positive reaction to separate Labor Department reports on consumer price inflation and weekly jobless claims, further boosting the chances of a rate cut.

A closely watched Labor Department report showed U.S. consumer prices rose by slightly more than expected in August. Also, first-time claims for U.S. unemployment benefits unexpectedly increased last week.

Following the reports, CME Group's FedWatch Tool is currently indicating 94.8 percent chance the Federal Reserve will lower rates by a quarter-point next week and a slim 5.2 percent chance of a half- point rate cut.

Crude oil prices fell sharply on Thursday, triggered by the International Energy Agency's monthly report that boosted the supply estimate for 2025 and 2026, indicating a glut. West Texas Intermediate crude for October delivery sank $1.22 or 1.92 percent at $62.45 per barrel.