(RTTNews) – The Indonesia stock market has climbed higher in consecutive trading days, soaring more than 270 points or 5.4 percent along the way. The Jakarta Composite Index now sits just above the 5,160-point plateau and it may open higher again on Tuesday.
The global forecast for the Asian markets is mixed to higher, with strength from the technology stocks likely capped by weakness from the oil companies. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.
The JCI finished sharply higher on Monday following gains from the financial shares, resource stocks and cement companies.
For the day, the index surged 145.12 points or 2.89 percent to finish at the daily high of 5,161.83 after trading between 5,059.27.
Among the actives, Bank Danamon Indonesia surged 8.60 percent, while Bank Mandiri and Astra Agro Lestari both rallied 5.02 percent, Bank CIMB Niaga collected 3.97 percent, Bank Negara Indonesia spiked 3.70 percent, Indosat added 0.44 percent, Indocement soared 6.84 percent, Semen Indonesia accelerated 4.79 percent, Indofood Suskes jumped 2.97 percent, Aneka Tambang climbed 3.23 percent, Vale Indonesia advanced 3.66 percent, Timah gained 3.87 percent and Bumi Resources was unchanged.
The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Monday, regaining some ground after taking heavy damage last week.
The Dow spiked 327.69 points or 1.18 percent to finish at 27,993.33, while the NASDAQ jumped 203.11 points or 1.25 percent to end at 11,056.65 and the S&P 500 gained 42.57 points or 1.27 percent to close at 3,383.54.
The rally on Wall Street partly reflected a rebound by technology stocks, which recovered after leading the markets lower last week. Apple (AAPL) has been a key driver of the markets in recent sessions and advanced by 3 percent after ending the previous session at its lowest closing level in a month.
Positive sentiment was also generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.
Crude oil futures settled lower Monday, extending recent losses amid rising concerns about outlook for energy demand after OPEC lowered its oil demand forecast. West Texas Intermediate Crude oil futures for October ended down $0.07 or 0.2 percent at $37.26 a barrel.
Closer to home, Indonesia will provide Q2 numbers for business confidence and August trade data later today. In the first quarter, the business confidence index had a score of 102.90. In July, imports were down 32.55 percent on year and exports dropped 9.9 percent for a trade surplus of $3.26 billion.
A Global Asset Management Seoul Korea Magazine