Indonesia Bourse May See Additional Support On Wednesday

(RTTNews) - The Indonesia stock market on Tuesday halted the four-day losing streak in which it had tumbled almost 270 points or 3.9 percent. The Jakarta Composite Index now sits just beneath the 7,200-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is mixed to higher, supported by oil and technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished sharply higher on Tuesday following gains from the financial shares, food companies and telecoms, while the resource stocks were mixed.

For the day, the index soared 149.03 points or 2.11 percent to finish at 7,196.02 after trading between 7,102.22 and 7,196.02.

Among the actives, Bank CIMB Niaga collected 0.58 percent, while Bank Mandiri soared 4.58 percent, Bank Danamon Indonesia slumped 1.17 percent, Bank Negara Indonesia strengthened 1.49 percent, Bank Central Asia accelerated 4.62 percent, Bank Rakyat Indonesia jumped 1.68 percent, Bank Maybank Indonesia spiked 1.87 percent, Indosat Ooredoo Hutchison surged 5.46 percent, Indocement added 0.73 percent, Semen Indonesia plunged 3.80 percent, Indofood Sukses Makmur improved 2.98 percent, United Tractors dropped 0.91 percent, Astra International rallied 3.74 percent, Energi Mega Persada sank 0.85 percent, Aneka Tambang gained 2.84 percent, Jasa Marga advanced 0.90 percent, Vale Indonesia skidded 1.13 percent, Timah increased 2.87 percent, Bumi Resources lost 0.72 percent and Astra Agro Lestari was unchanged.

The lead from Wall Street is mixed as the major averages opened slightly lower on Tuesday, although the NASDAQ and the S&P 500 were able to break into the green to record closing highs by the day's end.

The Dow sank 76.47 points or 0.17 percent to finish at 44,705.53, while the NASDAQ added 76.96 points or 0.40 percent to close at 19,480.91 and the S&P rose 2.73 points or 0.05 percent to end at 6,049.

A relatively light day on the U.S. economic front may have kept traders on the sidelines, although the Labor Department reported that job openings increased by more than expected in October.

Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.

The data and remarks could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting later this month.

Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.

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