Indonesia Stock Market May Add To Its Winnings On Friday

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(RTTNews) – The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen more than 60 points or 0.8 percent. The Jakarta Composite Index now rests just beneath the 7,230-point plateau and it figures to open higher again on Friday.

The global forecast for the Asian markets is upbeat, with support expected especially from oil and technology stocks. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The JCI finished modestly higher on Thursday following mixed performances from the financials, cement companies and resource stocks.

For the day, the index rose 32.15 points or 0.45 percent to finish at 7,228.91 after trading between 7,204.60 and 7,267.11.

Among the actives, Bank Danamon Indonesia dropped 0.81 percent, while Bank CIMB Niaga jumped 2.40 percent, Bank Negara Indonesia slumped 2.38 percent, Bank Central Asia dropped 0.91 percent, Bank Mandiri skyrocketed 8.81 percent, Bank Rakyat Indonesia collected 0.41 percent, Indosat tumbled 1.75 percent, Indocement rose 0.48 percent, Semen Indonesia skidded 1.16 percent, Indofood Suskes sank 0.79 percent, United Tractors spiked 4.76 percent, Astra International surged 6.32 percent, Energi Mega Persada accelerated 3.66 percent, Bakrie Sumatera Plantations advanced 0.86 percent, Astra Agro Lestari tanked 2.91 percent, Aneka Tambang strengthened 1.56 percent, Vale Indonesia improved 1.74 percent, Timah lost 0.54 percent and Bumi Resources was unchanged.

The lead from Wall Street is broadly positive as the major averages opened modestly higher on Thursday but accelerated throughout the day, finishing near session highs.

The Dow surged 614.46 points or 1.85 percent to finish at 33,916.39, while the NASDAQ soared 382.59 points or 3.06 percent to close at 12,871.53 and the S&P 500 spiked 103.54 points or 2.47 percent to end at 4,287.50.

The rally on Wall Street came as upbeat earnings news overshadowed a disappointing report on the U.S. economy; results from companies like Meta (FB), Qualcomm (QCOM), McDonald’s (MCD), Merck (MRK), and Eli Lilly (LLY) led the way.

Meanwhile, traders seemed to shrug off a report from the Commerce Department showing U.S. economic activity unexpectedly contracted in the first quarter of 2022.

Some traders may have interpreted the data as a sign the Federal Reserve will not raise interest rates as aggressively as currently expected.

Crude oil prices climbed higher Thursday amid concerns over supply due to the possible impact of sanctions on Russia’s crude oil production. West Texas Intermediate Crude oil futures for June ended higher by $3.34 or 3.3 percent at $105.36 a barrel.