Higher Open Tipped For Indonesia Stock Market

(RTTNews.com) - The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day slide in which it had retreated almost 90 points or 1.5 percent. The JCI now rests just above the 6,125-point plateau and it's expected to find renewed support again on Thursday.

The global forecast for the Asian markets is broadly positive, thanks to a spike in crude oil prices and bargain hunting after heavy losses earlier this week. The European markets were mixed and the U.S. bourse were sharply higher - and the Asian markets are expected to follow the latter lead.

The JCI finished modestly lower on Wednesday following losses from the resource stocks and cement companies, while the financials were mixed.

For the day, the index slipped 35.75 points or 0.58 percent to finish at 6,127.85 after trading between 6,094.41 and 6,144.60.

Among the actives, Bumi Resources plummeted 7.96 percent, while Vale Indonesia retreated 1.27 percent, Indocement plunged 4.12 percent, Semen Indonesia added 0.43 percent, United Tractors tumbled 2.86 percent, Indofood Suskes dropped 1.67 percent, Unilever Indonesia skidded 2.31 percent, Bank Danamon Indonesia shed 0.34 percent, Bank Central Asia climbed 1.06 percent, Bank Negara Indonesia collected 0.29 percent, Bank Rakyat Indonesia fell 0.55 percent, Indosat lost 1.73 percent and Bank Mandiri, Holcim Indonesia and Aneka Tambang were unchanged.

Following the sell-off in recent sessions, stocks rebound sharply on Wednesday, extending gains heading into the close.

The Dow soared 1,086.25 points or 4.98 percent to 22,878.45, while the NASDAQ surged 361.44 points or 5.84 percent to 6,554.35 and the S&P 500 jumped 116.60 points or 4.96 percent to 2,467.70.

Bargain hunting contributed to the rally on Wall Street, with traders picking up stocks at reduced levels after recent weakness dragged the major averages to their lowest closing levels in over a year.

Positive sentiment may have been generated by members of President Donald Trump's administration continuing to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell.

Meanwhile, the partial government continues, with Trump stating the government will not reopen until Democrats agree to fund his controversial border wall.

Crude oil prices rose sharply amid thin deals on Wednesday, rebounding from an 18-month low on Christmas Eve. Crude oil futures for February surged $4.69 or 8.6 percent to $46.22 a barrel.

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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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