Indonesia Stock Market Tipped To Open To The Upside

(RTTNews) - The Indonesia stock market on Wednesday ended the two-day winning streak in which it had jumped almost 130 points or 1.9 percent. The Jakarta Composite Index now sits just beneath the 6,950-point plateau although it figures to see renewed support on Thursday.

The global forecast for the Asian markets is upbeat, with energy and technology stocks expected to lead the way, The European and U.S. markets were up and the Asian bourses figure to follow suit.

The JCI finished sharply lower on Wednesday following losses from the financial shares, telecoms and resource companies.

For the day, the index tumbled 151.64 points or 2.14 percent to finish at 6,947.67 after trading between 6,934.94 and 7,118.35.

Among the actives, Bank CIMB Niaga dropped 0.86 percent, while Bank Mandiri surrendered 2.44 percent, Bank Danamon Indonesia sank 0.77 percent, Bank Negara Indonesia slid 0.65 percent, Bank Central Asia climbed 1.07 percent, Bank Rakyat Indonesia skidded 1.12 percent, Indosat Ooredoo Hutchison retreated 1.20 percent, Indocement stumbled 1.79 percent, Semen Indonesia improved 0.78 percent, Indofood Sukses Makmur rose 0.41 percent, United Tractors declined 1.74 percent, Astra International added 0.44 percent, Energi Mega Persada shed 2.75 percent, Astra Agro Lestari tumbled 2.07 percent, Aneka Tambang plunged 6.94 percent, Vale Indonesia plummeted 5.54 percent, Timah tanked 4.14 percent and Bumi Resources slumped 3.61 percent.

The lead from Wall Street is positive as the major averages opened higher on Wednesday, faded a bit but bounced solidly higher and sent the NASDAQ and S&P to fresh record closing highs.

The Dow added 96.04 points or 0.25 percent to finish at 38,807.33, while the NASDAQ surged 330.86 points or 1.96 percent to close at 17,187.90 and the S&P 500 rallied 62.69 points or 1.18 percent to end at 5,354.03.

The surge by the NASDAQ came as tech stocks continued to take their cues from Nvidia (NVDA), as the AI darling soared by 5.2 percent to a new record closing high.

The strength on Wall Street also came as a report from payroll processor ADP showing private sector job growth in the U.S. slowed by more than expected in the month of May added to optimism about the outlook for interest rates.

Treasury yields moved lower following the release of the jobs data, with the ten-year yield falling to its lowest levels in two months.

Crude oil prices bounced higher from four-month lows after OPEC decided not to extend production cuts. West Texas Intermediate for July delivery was up $1.04 or 1.42 percent to $74.29 per barrel.