Markets

Indonesia Bourse Predicted To Extend Its Gains

(RTTNews) - The Indonesia stock market has climbed higher in four straight sessions, advancing more than 130 points or 2.2 percent along the way. The Jakarta Composite Index now rests just above the 6,200-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat, with support expected from oil and technology stocks in particular. The European markets were mixed and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The JCI finished modestly higher on Thursday following gains from the financials and weakness from the resource stocks.

For the day, the index gained 46.38 points or 0.75 percent to finish at 6,205.42 after trading between 6,173.57 and 6,218.65.

Among the actives, Bank Danamon Indonesia skyrocketed 7.56 percent, while Bank CIMB Niaga rallied 3.06 percent, Bank Negara Indonesia accelerated 2.97 percent, Bank Central Asia collected 2.94 percent, Bank Mandiri spiked 3.86 percent, Bank Rakyat Indonesia surged 5.19 percent, Indosat jumped 2.09 percent, Indocement sank 0.75 percent, Semen Indonesia shed 0.59 percent, Indofood Suskes added 0.40 percent, United Tractors eased 0.13 percent, Astra International fell 0.20 percent, Energi Mega Persada soared 4.13 percent, Astra Agro Lestari retreated 1.53 percent, Aneka Tambang tanked 2.07 percent, Vale Indonesia plunged 3.61 percent, Timah plummeted 4.10 percent and Bumi Resources was unchanged.

The lead from Wall Street is solid as the major averages opened firmly in the green and stayed there throughout the session.

The Dow jumped 271.58 points or 0.78 percent to finish at 35,064.25, while the NASDAQ climbed 114.58 points or 0.78 percent to close at 14,895.12 and the S&P 500 perked 26.44 points or 0.60 percent to end at 4,429.10.

The strength on Wall Street followed the Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits last week, sparking optimism ahead of the closely-watched monthly job report later today.

Also, the Commerce Department said the U.S. trade deficit widened more than expected in June, reaching a new record high.

Crude oil prices rebounded Thursday, regaining ground after moving sharply lower over the three previous sessions. After plummeting by 7.8 percent so far this week, crude for September delivery advanced $0.94 or 1.4 percent to $69.09 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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