(RTTNews.com) - The Indonesia stock market has tracked higher in consecutive trading days, gathering almost 75 points or 1.5 percent along the way. The Jakarta Composite Index now rests just beneath the 6,580-point plateau and it may test the 6,600-point barrier on Wednesday.
The global forecast for the Asian markets is mixed and flat, with continued bargain hunting after recent weakness likely to provide mild support. The European markets were down and the U.S. markets were up and the Asian markets figure to split the difference.
The JCI finished modestly higher on Tuesday following gains from the financial shares and the resource stocks.
For the day, the index gained 54.72 points or 0.84 percent to finish at 6,578.18 after trading between 6,544.67 and 6,595.90.
Among the actives, XL Axiata spied 3.50 percent, while SLJ Global jumped 2.00 percent, Bank MNC Internasional tumbled 1.89 percent, Jasa Marga climbed 1.32 percent, Lotte Chemical skidded 0.99 percent, Tiga Pilar Sejahtera Food shed 0.88 percent, Bank Pan Indonesia collected 0.71 percent, Bank Danamon Indonesia advanced 1.09 percent, Bank Mandiri picked up 0.91 percent, Bumi Resources added 1.23 percent, Vale Indonesia gained 1.98 percent and Indofood was unchanged.
The lead from Wall Street is cautiously optimistic as stocks shrugged off a lower open to tick slightly higher on Tuesday, extending the upward move in the two previous sessions.
The Dow added 39.18 points or 0.16 percent to 24,640.45, while the NASDAQ advanced 31.55 points or 0.45 percent to 7,013.51 and the S&P rose 6.94 points or 0.26 percent to 2,662.94.
The rebound came as traders looked ahead to reports on consumer prices and retail sales on Wednesday. The data may have a significant impact on how the Federal Reserve will act regarding future interest rate hikes.
Crude oil futures were steady Tuesday, but unable to recoup recent losses. Analysts point to a surge in U.S. shale oil production as the cause of oil's retreat from 4-year highs above $66. WTI light sweet oil for March was down 0.2 percent at $59.19/bbl.
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