Win Streak May Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished higher in two straight sessions, advancing more than 100 points or 1.4 percent along the way. The Jakarta Composite Index now rests just above the 7,050-point plateau and it may add to its winnings again on Wednesday.

The global forecast for the Asian markets is positive, thanks to easing crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished sharply higher on Tuesday following gains from the financial shares, telecoms and cement stocks, while the resource companies were mixed.

For the day, the index jumped 85.15 points or 1.22 percent to finish at 7,057.11 after trading between 6,921.61 and 7,069.21.

Among the actives, Bank CIMB Niaga jumped 1.81 percent, while Bank Mandiri strengthened 1.58 percent, Bank Danamon Indonesia accelerated 2.35 percent, Bank Negara Indonesia collected 2.08 percent, Bank Central Asia improved 0.85 percent, Bank Rakyat Indonesia surged 3.62 percent, Indosat Ooredoo Hutchison expanded 1.44 percent, Indocement added 0.49 percent, Semen Indonesia spiked 2.97 percent, United Tractors slumped 1.20 percent, Astra International vaulted 1.59 percent, Energi Mega Persada rallied 2.34 percent, Astra Agro Lestari dropped 0.91 percent, Aneka Tambang tumbled 2.89 percent, Vale Indonesia cratered 13.09 percent, Timah plunged 2.89 percent and Bumi Resources and Indofood Sukses Makmur were unchanged.

The lead from Wall Street is firm as the major averages started higher and picked up steam as the day progressed, finishing near daily highs.

The Dow jumped 356.35 points or 073 percent to finish at 49,298.25, while the NASDAQ rallied 258.32 points or 1.03 percent to end at a record 25,326.13 and the S&P 500 gained 58.47 points or 0.81 percent to close at 7,259.22, also a record.

The strength on Wall Street came amid a sharp pullback by the price of crude oil, with U.S. crude oil futures plunging by more than 3 percent after spiking by more than 4 percent on Monday.

Crude oil prices plummeted on Tuesday after U.S. attempts to unblock Strait of Hormuz traffic boosted market sentiments and eased supply concerns. West Texas Intermediate crude for June delivery was down $3.80 or 3.57 percent at $102.62 per barrel.

A positive reaction to some of the latest earnings news also contributed to the strength on Wall Street, led by Anheuser-Busch InBev (BUD), which handily beat the street.

In U.S. economic news, a report released by the Institute for Supply Management showed a slight slowdown in the pace of growth in U.S. service sector activity in the month of April.