- November 25, 2020
- Posted by: Stratford Team
- Category: Markets
(RTTNews) – The Indonesia stock market has tracked higher in back-to-back sessions, advancing almost 130 points or 2.4 percent along the way. The Jakarta Composite Index now rests just above the 5,700-point plateau and it’s expected to open higher again on Wednesday.
The global forecast for the Asian markets is strong on continued optimism for a coronavirus vaccine. The European and U.S. markets were up and the Asian markets are tipped to at least open in similar fashion.
The JCI finished modestly higher on Tuesday as gains from the financial shares were capped by profit taking from the cement companies and a mixed picture from the resource stocks.
For the day, the index advanced 48.26 points or 0.85 percent to finish at 5,701.03 after trading between 5,667.37 and 5,710.38.
Among the actives, Bank Danamon Indonesia rallied 4.27 percent, while Bank Mandiri collected 0.39 percent, Bank CIMB Niaga spiked 2.34 percent, Bank Negara Indonesia advanced 0.85 percent, Bank Rakyat Indonesia accelerated 2.94 percent, Bank Central Asia fell 0.53 percent, Indosat jumped 1.75 percent, Indocement plunged 2.10 percent, Semen Indonesia plummeted 3.10 percent, Indofood Suskes shed 0.34 percent, United Tractors climbed 1.47 percent, Astra Agro Lestari added 0.46 percent, Aneka Tambang retreated 1.59 percent, Vale Indonesia dropped 0.86 percent, Timah tumbled 1.75 percent, Bumi Resources skyrocketed 7.55 percent and Astra International was unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Tuesday and picked up steam as the day progressed, ending in the green for the second straight day.
The Dow soared 454.97 points or 1.54 percent to finish at a record 30,046.24, while the NASDAQ jumped 156.15 points or 1.31 percent to end at 12,036.79 and the S&P 500 advanced 57.82 points or 1.62 percent to close at 3,635.41.
The spike on Wall Street came in reaction to confirmation about President-elect Joe Biden’s transition to the White House, removing some of the uncertainty surrounding the election.
Recent encouraging updates on the coronavirus vaccine front continued to aid sentiment in the face of continued spikes in new cases across the country.
Also, the market appeared to be hoping that a new administration at White House will decide on a fiscal stimulus soon and begin efforts to put the economy back on track.
Crude oil prices rose sharply on Tuesday and lifted the most active futures contract to their highest close since March thank to easing concerns about energy demand on upbeat updates on potential coronavirus vaccine. West Texas Intermediate Crude oil futures for January spiked $1.85 or 4.3 percent at $44.91 a barrel.