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(RTTNews) - The Indonesia stock market has finished higher in three straight sessions, advancing more than 135 points or 1.9 percent along the way. The Jakarta Composite Index now rests just above the 7,090-point plateau and it may add to its winnings again on Thursday.
The global forecast for the Asian markets is positive on hopes for an end to hostilities in the Middle East. The European and U.S. markets were sharply higher and the Asian bourses are expected to follow that lead.
The JCI finished modestly higher on Wednesday following gains from the resource and telecom stocks, weakness from the food and cement companies and a mixed picture from the financial sector.
For the day, the index gained 35.36 points or 0.50 percent to finish at 7,092.47 after trading between 7,049.92 and 7,127.72.
Among the actives, Bank CIMB Niaga dropped 0.89 percent, while Bank Mandiri collected 0.45 percent, Bank Danamon Indonesia plunged 6.21 percent, Bank Negara Indonesia tanked 2.30 percent, Bank Rakyat Indonesia rose 0.32 percent, Indosat Ooredoo Hutchison advanced 0.95 percent, Indocement slumped 0.97 percent, Semen Indonesia sank 0.96 percent, Indofood Sukses Makmur vaulted 1.44 percent, United Tractors rallied 2.09 percent, Astra International tumbled 2.13 percent, Energi Mega Persada soared 5.14 percent, Astra Agro Lestari spiked 3.35 percent, Antam Tambang accelerated 2.98 percent, Vale Indonesia jumped 2.51 percent, Timah surged 5.42 percent and Bumi Resources and Bank Central Asia were unchanged.
The lead from Wall Street is strong as the major averages opened higher on Wednesday and continued to pick up steam as the day progressed, ending at session highs.
The Dow spiked 612.34 points or 1.24 percent to finish at 49,910.59, while the NASDAQ rallied 512.82 points or 2.02 percent to end at 25,838.94 and the S&P 500 jumped 105.90 points or 1.46 percent to close at 7,365.12.
The rally on Wall Street came amid optimism about an end to the conflict in the Middle East after reports said the White House believes it's getting close to an agreement with Iran on a one-page memorandum of understanding.
Adding to the optimism about a peace deal, President Donald Trump said the U.S. would pause its efforts to escort ships through the Strait of Hormuz to see whether or not the agreement can be finalized and signed.
On the U.S. economic front, payroll processor ADP released a report showing private sector employment in the U.S. jumped more than expected in April.
Crude oil prices went into freefall after Trump indicated the U.S. and Iran may reach a deal soon. West Texas Intermediate crude for June delivery was down $7.83 or 7.66 percent at $94.44 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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