Indonesia Bourse May Crack Resistance At 7,500 Points

(RTTNews) - The Indonesia stock market on Tuesday ended the two-day slide in which it had slumped almost 100 points or 1.4 percent. The Jakarta Composite Index now rests just above the 7,490-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Tuesday following gains from the cement and resource sectors, while the financials came in mixed.

For the day, the index rose 12.40 points or 0.17 percent to finish at 7,491.90.

Among the actives, Bank CIMB Niaga dropped 0.81 percent, while Bank Mandiri spiked 2.59 percent, Bank Negara Indonesia climbed 1.89 percent, Bank Central Asia collected 1.20 percent, Bank Rakyat Indonesia dipped 0.21 percent, Bank Maybank Indonesia sank 0.89 percent, Indosat Ooredoo Hutchison shed 0.83 percent, Indocement improved 1.09 percent, Semen Indonesia added 0.55 percent, Indofood Sukses Makmur surged 5.70 percent, United Tractors stumbled 1.28 percent, Astra International advanced 0.98 percent, Energi Mega Persada strengthened 1.47 percent, Astra Agro Lestari rose 0.37 percent, Aneka Tambang rallied 3.28 percent, Jasa Marga perked 0.21 percent, Vale Indonesia jumped 1.86 percent, Timah skyrocketed 11.36 percent, Bumi Resources accelerated 2.22 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.

The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the S&P 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.

The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.

Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.

In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department noted a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.

Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.