Indonesia Stock Exchange Expected to Experience Further Strength
(RTTNews) – The Indonesian stock market has risen in three consecutive sessions, rallying nearly 65 points or 1% along the way. The Jakarta Composite Index now sits just above the 6,600 point plateau and is likely to rise again on Thursday.
Global forecasts for Asian markets are cautiously optimistic, again supported by oil and tech companies. European markets were down and US stock markets were up and Asian markets are expected to follow this latest trend.
JCI finished barely higher on Wednesday following mixed performances from financial stocks, cement companies and resource stocks.
For the day, the index rose 1.23 points or 0.02% to end at 6,603.80 after trading between 6,584.97 and 6,632.94.
Among assets, Bank Danamon Indonesia lost 2.04 percent, while Bank CIMB Niaga lost 0.50%, Bank Negara Indonesia gave up 2.50 percent, Bank Central Asia collected 1.02 percent, Bank Mandiri fell 2.05 percent, Bank Rakyat Indonesia fell 0.47 percent, Indosat fell 6.95 percent. , Indocement climbed 1.03%, Semen Indonesia lost 0.62%, Indofood Suskes added 0.39%, United Tractors fell 2.83%, Astra International slipped 2.11%, Aneka Tambang fell 0.43%, Vale Indonesia sank 0.84%, Timah fell 0.65%, Bumi Resources jumped 1.49 percent, and plantations Astra Agro Lestari, Energi Mega Persada and Bakrie Sumatera remained unchanged.
The Wall Street lead is positive, as the main open averages on Wednesday were mixed, overcame a midday slump and ended in the green.
The Dow added 35.32 points or 0.10% to end at 35,754.75, while the NASDAQ jumped 100.07 points or 0.64% to end at 15,786.99 and the S&P 500 rose 14.46 points or 0.31% to close at 4,701.21.
The choppy trading seen for most of the day came as traders expressed some uncertainty about the near-term outlook for markets in the wake of recent volatility.
With concerns about the impact of the loosening of the Omicron variant, traders are now looking to the Federal Reserve’s monetary policy announcement next week. Reports suggest the Fed may decide to double the pace of cutting its asset purchase program to $ 30 billion per month.
Some positive sentiment has been generated by comments from Pfizer (PFE) and BioNTech (BNTX) regarding the effectiveness of their Covid vaccine, as preliminary laboratory studies have shown that three doses of their vaccine neutralize the Omicron variant.
Crude oil futures stabilized higher on Wednesday after the Energy Information Administration (EIA) reported lower U.S. crude inventories last week. West Texas Intermediate crude oil futures for January ended up $ 0.31 or 0.4% at $ 72.36 a barrel.
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