The Indonesia stock market on Thursday snapped the three-day losing streak in which it had retreated more than 50 points or 0.8 percent. The Jakarta Composite Index now rests just above the 6,035-point plateau and it's looking at another green light for Friday.
The global forecast for the Asian markets is upbeat thanks to positive earnings news and generally encouraging economic data. The European and U.S. markets were higher on Thursday and the Asian markets figure to follow that lead.
The JCI finished sharply higher on Thursday following gains from the financials and resource stocks.
For the day, the index spiked 65.60 points or 1.10 percent to finish at 6,037.91 after trading between 5,984.70 and 6,054.24. There were 191 gainers and 147 decliners, with 106 stocks finishing unchanged.
Among the actives, Voksel Electric plummeted 6.67 percent, while XL Axiata tumbled 2.40 percent, Bank MNC Internasional spiked 1.96 percent, Tiga Pilar Sejahtera Food shed 0.61 percent, Indofood soared 2.04 percent, Bank Pan Indonesia lost 0.40 percent, Jasa Marga added 0.39 percent, Bank Danamon Indonesia collected 0.45 percent, Bank Mandiri jumped 1.79 percent, Bumi Resources advanced 0.74 percent and Lotte Chemical was unchanged.
The lead from Wall Street is firm as stocks moved higher on Thursday after sliding in the previous two sessions, allowing the NASDAQ to hit a new record closing high.
The Dow added 187.80 points or 0.80 percent to 23,458.36, while the NASDAQ was up 87.08 points or 1.30 percent to 6,793.29 and the S&P 500 added 21.02 points or 0.82 percent to 2,585.64.
The strength reflected a positive reaction to better than expected quarterly results from Wal-Mart (WMT) and Cisco Systems (CSCO). Stocks also advanced after the House voted to approve the Republican tax reform bill, although final passage of legislation remains uncertain.
In economic news, the Labor Department said first-time claims for jobless benefits increased in the week ended November 11. It also said U.S. import prices rose less than expected in October. Also, the National Association of Home Builders noted a gain in homebuilder confidence in November.
The Federal Reserve Bank of Philadelphia said that growth in Philadelphia-area manufacturing activity slowed more than expected in November. The Federal Reserve also said industrial production increased more than expected in October.
Crude oil futures continued to fall Thursday as a large build in U.S. oil inventories has weighed on prices. December WTI oil fell 19 cents or 0.3 percent to $55.14/bbl, sliding further from recent two-year highs near $58.
For comments and feedback contact: editorial@rttnews.com