Markets

Indonesia Stock Market May Add To Its Winnings

(RTTNews) - The Indonesia stock market has climbed higher in three straight sessions, advancing almost 350 points or 7.7 percent along the way. The Jakarta Composite Index now rests just above the 4,810-point plateau and it has another solid lead again on Tuesday.

The global forecast for the Asian markets is broadly positive on optimism that the Covid-19 curve may finally be flattening. The European and U.S. markets were firmly higher and the Asian markets are also tipped to open in the green.

The JCI finished sharply higher on Monday following gains from the resource stocks, financial shares and cement companies.

For the day, the index surged 188.40 points or 4.07 percent to finish at the daily high of 4,811.83 after moving as low as 4,623.43.

Among the actives, Bank Danamon Indonesia skyrocketed 13.30 percent, while Bank Mandiri collected 3.48 percent, Bank Central Asia advanced 4.37 percent, Bank Negara Indonesia spiked 6.98 percent, Indosat surged 12.08 percent, Indocement accelerated 8.60 percent, Semen Indonesia gained 5.52 percent, Indofood Suskes added 1.89 percent, Aneka Tambang soared 16.38 percent, Vale Indonesia was up 6.03 percent, Timah spiked 14.96 percent and Bumi Resources was unchanged.

The lead from Wall Street is upbeat as stocks opened higher on Monday and picked up steam as the day progressed.

The Dow surged 1,627.46 points or 7.73 percent to 22,679.99, while the NASDAQ soared 540.15 points or 7.33 percent to 7,913.24 and the S&P 500 spiked 175.03 points or 7.03 percent to end at 2,663.68.

The rally on Wall Street came as the reported death tolls in some of the world's coronavirus hot spots showed signs of easing over the weekend. The number of coronavirus-related deaths in New York State fell to 594 on Sunday from 630 on Saturday, reflecting the first daily decrease.

Reports of decreases in the number of new infections and deaths in European countries like Italy and Spain also generated positive sentiment.

Crude oil prices drifted lower on Monday after moving up in the previous two sessions due to the postponement of a meeting between leading oil producers. West Texas Intermediate crude oil futures for June ended down $2.26 or 8 percent at $26.08 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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