Win Streak May Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has tracked higher in back-to-back sessions, advancing more than 330 points or 4.3 percent along the way. The Jakarta Composite Index now sits just shy of the 7,310-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets comes on cautious optimism for easing hostilities in the Middle East. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished slightly higher on Thursday following mixed performances from the cement and resource sectors.

For the day, the index added 28.38 points or 0.39 percent to finish at 7,307.59 after trading between 7,191.59 and 7,308.58.

Among the actives, Bank CIMB Niaga shed 0.55 percent, while Bank Mandiri tumbled 2.14 percent, Bank Danamon Indonesia collected 0.77 percent, Bank Negara Indonesia contracted 1.85 percent, Bank Central Asia plunged 4.07 percent, Bank Rakyat Indonesia stumbled 1.80 percent, Indosat Ooredoo Hutchison tanked 2.30 percent, Indocement rallied 2.88 percent, Semen Indonesia sank 0.83 percent, Indofood Sukses Makmur dropped 0.75 percent, United Tractors cratered 3.46 percent, Astra International fell 0.40 percent, Energi Mega Persada jumped 1.52 percent, Aneka Tambang rose 0.27 percent, Vale Indonesia slumped 1.61 percent, Timah plummeted 2.37 percent, Bumi Resources crashed 3.17 percent and Astra Agro Lestari was unchanged.

The lead from Wall Street ends up positive as the major averages shook off early weakness on Thursday to climb solidly up into the green by midday.

The Dow jumped 275.88 points or 0.58 percent to finish at 48,185.80, while the NASDAQ rallied 187.42 points or 0.83 percent to end at 22,822.42 and the S&P 500 gained 41.85 points or 0.62 percent to close at 6,824.66.

The early weakness came amid concerns about the fragility of the ceasefire in the Middle East, with Iran accusing the U.S. and Israel of violating the agreement.

Iran's deputy foreign minister Saeed Khatibzadeh claimed in an interview with the BBC that Iran had once again closed the Strait of Hormuz.

However, stocks rebounded after Israeli Prime Minister Benjamin Netanyahu said Israel would begin negotiating with Lebanon "as soon as possible."

Crude oil prices soared on Thursday as Iran allowed only restricted naval traffic through the Strait of Hormuz, renewing supply disruption concerns. West Texas Intermediate crude for May delivery was up $3.25 or 3.44 percent at $97.66 per barrel.