Indonesia Markey May Test Resistance At 6,300 Points

(RTTNews) - The Indonesia stock market has finished higher in two straight sessions, advancing more than 65 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 6,280-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is cautiously optimistic thanks to a jump in crude oil prices and slightly easing fears of a recession in the United States. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

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

For the day, the index added 3.48 points or 0.06 percent to finish at 6,281.65 after trading between 6,267.19 and 6,306.33.

Among the actives, Bank Danamon Indonesia shed 0.60 percent, while Bank Mandiri collected 0.36 percent, Bank Central Asia eased 0.17 percent, Bank Negara Indonesia added 0.33 percent, Bank Rakyat Indonesia shed 0.24 percent, Indosat soared 4.30 percent, Indocement gained 0.47 percent, Semen Indonesia rose 0.39 percent, Bumi Resources skidded 1.10 percent, Aneka Tambang spiked 2.94 percent, Vale Indonesia surged 4.06 percent, Timah advanced 3.65 percent and Indofood Suskes was unchanged.

The lead from Wall Street is positive as stocks shook off early weakness Wednesday to bounce higher and finish firmly in the green.

The Dow added 258.20 points or 1.00 percent to 26,036, while the NASDAQ gained 29.94 points or 0.38 percent to 7,856.88 and the S&P 500 rose 18.78 points or 0.65 percent to 2,887.94.

The energy sectors led the rebound as crude oil futures ended higher Wednesday, buoyed by data showing a significant drop in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures for October ended up $0.85 or 1.6 percent at $55.78 a barrel.

The rebound on Wall Street also came as bond yields climbed off their worst levels of the session, although they remained negative.

Earlier in the day, the negative spread between the ten-year and two-year yields widened to its lowest level since 2007, with an inverted yield curve seen as an indicator that a U.S. recession is looming.

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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