Indonesia Stock Market Has Strong Lead

(RTTNews) – The Indonesia stock market had moved higher in three straight sessions, gathering more than 150 points or 2.3 percent along the way. The Jakarta Composite Index now rests just above the 6,945-point plateau and it’s expected to open higher again on Friday.

The global forecast for the Asian markets is upbeat thanks to an earnings-driven rally among technology stocks. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter leads.

The JCI finished modestly higher on Thursday following mixed performances from the financial shares and resource stocks.

For the day, the index added 35.33 points or 0.51 percent to finish at 6,945.48.

Among the actives, Bank CIMB Niaga strengthened 1.21 percent, while Bank Danamon Indonesia collected 0.72 percent, Bank Negara Indonesia sank 0.78 percent, Bank Central Asia shed 0.54 percent, Bank Rakyat Indonesia rallied 2.49 percent, Indosat Ooredoo Hutchison soared 3.03 percent, Indocement added 0.48 percent, Indofood Suskes declined 1.15 percent, United Tractors skidded 1.04 percent, Energi Mega Persada plunged 4.24 percent, Astra Agro Lestari fell 0.33 percent, Aneka Tambang retreated 1.42 percent, Timah tumbled 1.46 percent and Bumi Resources, Bank Mandiri, Astra International, Semen Indonesia and Vale Indonesia were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Thursday and accelerated as the day progressed, ending near session highs.

The Dow surged 524.29 points or 1.57 percent to finish at 33,826.16, while the NASDAQ soared 287.89 points or 2.43 percent to end at 12,142.24 and the S&P 500 jumped 79.36 points or 1.96 percent to close at 4,135.35.

The rally on Wall Street partly reflected a positive reaction to upbeat earnings news from Facebook parent Meta Platforms (META), which reported better than expected first quarter results and provided upbeat guidance for the current quarter.

Media conglomerate Comcast (CMCSA) also moved sharply higher after reporting first quarter earnings that exceeded analyst estimates. Big-name companies like eBay (EBAY), Honeywell (HON) and Eli Lilly (LLY) also posted strong gains after reporting their quarterly results.

Meanwhile, traders shrugged off a Commerce Department report showing U.S. economic growth slowed more than expected in the first quarter of 2023. Also, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly declined last week.

Crude oil prices climbed higher on Thursday, supported by data showing a drop in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for June ended higher by $0.46 or 0.6 percent at $74.76 a barrel.