Higher Open Predicted For Indonesia Stock Market
(RTTNews) - The Indonesia stock market bounced higher again on Wednesday, one session after ending the two-day winning streak in which it had advanced almost 90 points or 1.5 percent. The Jakarta Composite Index now sits just beneath the 6,685-point plateau and it may inch higher again on Thursday.
The global forecast for the Asian markets is flat to higher on easing treasury yield concerns and a rebound among technology stocks. The European markets were mixed and the U.S. bourses were mostly higher and the Asian markets figure to follow that lead.
The JCI finished slightly higher on Wednesday following mixed performances from the financial shares, cement companies and resource stocks.
For the day, the index collected 5.40 points or 0.08 percent to finish at 6,683.28 after trading between 6,668.05 and 6,698.41.
Among the actives, Bank Danamon Indonesia collected 0.40 percent, while Bank CIMB Niaga shed 0.48 percent, Bank Negara Indonesia improved 1.07 percent, Indosat sank 0.72 percent, Indocement dipped 0.22 percent, Semen Indonesia rose 0.29 percent, Indofood Suskes skidded 0.76 percent, United Tractors dropped 0.88 percent, Astra International was down 0.40 percent, Astra Agro Lestari retreated 1.21 percent, Aneka Tambang jumped 1.67 percent, Vale Indonesia slid 0.20 percent, Timah and Bakrie Sumatera Plantations both advanced 0.91 percent, Energi Mega Persada soared 3.48 percent and Bumi Resources, Bank Mandiri, Bank Central Asia and Bank Rakyat Indonesia were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened sharply lower on Wednesday but clawed back as the day progressed, with the NASDAQ and S&P 500 managing to finish higher while the Dow ended barely in the red.
The Dow shed 9.42 points or 0.03 percent to finish at 35,804.38, while the NASDAQ jumped 70.09 points or 0.44 percent to close at 15,845.23 and the S&P 500 rose 10.76 points or 0.23 percent to end at 4,701.46.
The early weakness on Wall Street came amid a continued increase in U.S. treasury yields, with the yield on the benchmark ten-year note reaching its highest intraday level in six months. Yields showed a notable downturn over the course of the trading day, however, contributing to the rebound on Wall Street.
A Labor Department report showing first-time claims for U.S. unemployment benefits slid to their lowest level in over fifty years last week helped push yields higher.
Also, the Commerce Department noted an unexpected drop in durable goods orders but an increase in new home sales in October, while personal income and spending both increased by more than expected during the month.
Crude oil futures settled slightly lower on Wednesday after data showed a modest increase in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures ended down by $0.11 or 0.14 percent at $78.39 a barrel.
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