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(RTTNews) – The Indonesian stock market rose in two 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 Wednesday.
Global forecasts for Asian markets are optimistic that worries about the virus will ease, supported by tech and oil stocks. The European and American markets were up sharply and the Asian markets are expected to open up in the same way.
JCI ended slightly higher on Tuesday following gains in financial stocks and mixed performance in cement and resources stocks.
For the day, the index rose 55.45 points or 0.85% to end at 6,602.57 after trading between 6,573.11 and 6,608.63.
Among assets, Bank Danamon Indonesia rose 2.08%, while Bank CIMB Niaga collected 0.51%, Bank Negara Indonesia soared 2.92%, Bank Mandiri jumped 1.74%, Bank Rakyat Indonesia jumped 2.92%, Indosat fell 6.79%, Indocement rose 0.41%, Semen Indonesia lost 0.62 percent, Indofood Suskes fell 1.17 percent, United Tractors grew 2.45 percent, Astra International climbed 4.87 percent, Energi Mega Persada fell 0.93 percent, Astra Agro Lestari climbed 1.02 percent, Aneka Tambang advanced by 0.86 percent, Vale Indonesia gained 0.63 percent, Timah fell 0.32%, Bakrie Sumatera plantations rose 1.80% and Bumi Resources and Bank Central Asia remained unchanged.
Wall Street’s lead is generally positive as the main averages opened sharply higher on Tuesday and remained so throughout the session.
The Dow Jones climbed 492.40 points or 1.40% to close at 35,719.43, while the NASDAQ jumped 461.76 points or 3.03% to close at 15,686.92 and the S&P 500 jumped 95.08 points or 2.07% to finish at 4,686.75.
Mitigation of concerns about the impact of the Omicron variant of the coronavirus has contributed to Wall Street’s continued strength. Indications that the variant is causing milder symptoms have helped allay fears that the new strain may derail the global economic recovery.
Intel (INTC) fueled the rally as the semiconductor giant jumped 3.1% to its best closing level in more than a month. Intel’s spike comes after the company announced plans to go public with its Mobileye self-driving car unit in the United States in mid-2022 through an initial public offering.
In US economic news, the Commerce Department released a report showing that the US trade deficit narrowed significantly in October against a backdrop of rising export values.
Crude oil prices rose sharply on Tuesday, taking the most active futures contracts to their highest level in two weeks amid growing optimism about the outlook for energy demand. West Texas Intermediate crude oil futures for January jumped $ 2.56 or 3.7% to $ 72.05 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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