Higher Open Predicted For Indonesia Stock Market

(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 slipped more than 30 points or 0.4 percent. The Jakarta Composite Index now sits just beneath the 7,340-point plateau and it may extend its gains on Friday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The JCI finished slightly higher on Thursday following gains from the resource stocks and cement shares, while the financials were mixed.

For the day, the index rose 7.23 points or 0.10 percent to finish at 7,338.35 after trading between 7,336.60 and 7,396.47.

Among the actives, Bank Danamon Indonesia collected 0.68 percent, while Bank Negara Indonesia retreated 1.28 percent, Indosat Ooredoo Hutchison tanked 3.35 percent, Indocement perked 0.29 percent, Semen Indonesia added 0.44 percent, Indofood Sukses Makmur fell 0.39 percent, United Tractors advanced 0.92 percent, Astra International strengthened 1.42 percent, Energi Mega Persada jumped 1.82 percent, Astra Agro Lestari dipped 0.36 percent, Aneka Tambang rallied 2.41 percent, Vale Indonesia soared 3.65 percent, Timah skyrocketed 11.04 percent and Bumi Resources, Bank CIMB Niaga, Bank Mandiri, Bank Central Asia and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened modestly higher on Thursday and remained in the green throughout the session, ending at fresh record closing highs.

The Dow rallied 269.24 points or 0.68 percent to finish at 39,781.37, while the NASDAQ added 32.43 points or 0.20 percent to close at 16,401.84 and the S&P 500 gained 16.91 points or 0.32 percent to end at 5,241.53.

The early strength on Wall Street came as stocks continued to benefit from positive reaction to Wednesday's monetary policy announcement by the Federal Reserve.

While the Fed left interest rates unchanged, as widely expected, the central bank also maintained its forecast for three interest rate cuts this year.

In U.S. economic news, the Labor Department noted a slight drop by first-time claims for U.S. unemployment benefits last week. Also, the National Association of Realtors said existing home sales unexpectedly soared in February.

Crude oil futures settled lower on Thursday, weighed down by a stronger dollar and weak gasoline demand in the U.S. West Texas Intermediate Crude oil futures for May dipped $0.20 at $81.07 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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