Indonesia Stock Market Tipped To Open In The Green

(RTTNews) - The Indonesia stock market on Tuesday snapped the two-day slide in which it had stumbled more than 265 points or 3.6 percent. The Jakarta Composite Index now sits just beneath the 7,130-point plateau and it's expected to extend its gains on Wednesday.

The global forecast for the Asian markets is cautiously optimistic after recent volatility, with bargain hunting expected. The European markets were mixed and the U.S. bourses were higher and the Asian markets figure to split the difference.

The JCI finished modestly higher on Tuesday following gains from the financial shares and resource stocks. For the day, the index advanced 0.99 percent to finish at 7,129.21 after trading between 7,066.50 and 7,167.26. Among the actives, Bank CIMB Niaga rallied 1.42 percent, while Bank Mandiri collected 0.76 percent, Bank Danamon Indonesia rose 0.41 percent, Bank Negara Indonesia gathered 1.31 percent, Bank Central Asia strengthened 1.27 percent, Bank Rakyat Indonesia jumped 1.55 percent, Bank Maybank Indonesia rallied 1.90 percent, Indosat Ooredoo Hutchison soared 3.92 percent, Indocement skidded 1.04 percent, Semen Indonesia perked 0.26 percent, Indofood Sukses Makmur advanced 0.83 percent, United Tractors retreated 1.13 percent, Astra International climbed 1.10 percent, Aneka Tambang gained 0.78 percent, Jasa Marga accelerated 2.36 percent, Vale Indonesia added 0.55 percent, Timah increased 1.67 percent, Bumi Resources improved 1.39 percent and Astra Agro Lestari and Energi Mega Persada were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the trading day.

The Dow jumped 294.39 points or 0.76 percent to finish at 38,997.66, while the NASDAQ rallied 166.77 points or 1.03 percent to end at 16,366.85 and the S&P 500 gained 53.70 points or 1.04 percent to close at 5,240.03.

The support on Wall Street came as investors picked up stocks at reduced levels following Monday's data-induced heavy selling.

Investors also reacted positively to the latest batch of corporate earnings news from the likes of Uber, CSX, Nvidia, Texas Instruments, Microsoft and JP Morgan Chase, among others.

Economic data was also better as the Commerce Department said the U.S. trade deficit narrowed in June. Also, the Atlanta Fed raised its third quarter growth projection for the U.S. economy, citing latest economic data.

Oil futures settled modestly higher on Tuesday, snapping a four-session losing streak, as the shutdown of Libya's 270,000 barrel per day Sharara oil field offered mild support. West Texas Intermediate Crude oil futures for September ended up $0.26 or 0.36 percent at $73.20 a barrel.