The Indonesia stock market has moved higher in three straight trading days, collecting almost 60 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 5,830-point plateau and it may open in the green again on Friday.
The global forecast for the Asian markets suggests mild upside, thanks mainly to a continued rebound in the price of crude oil. The European markets were mixed and the U.S. bourses were slightly higher – and the Asian markets figure to split the difference.
The JCI finished slightly higher on Thursday following mixed performances from the financial shares and the energy producers.
For the day, the index picked up 10.91 points or 0.19 percent to finish at 5,830.04 after trading between 5,809.40 and 5,843.18. There were 156 gainers and 155 decliners, with 124 stocks finishing unchanged.
Among the actives, Vale Indonesia spiked 2.62 percent, while Bumi Resources shed 1.20 percent, Bank Mandiri jumped 1.32 percent, Bank Danamon Indonesia climbed 1.91 percent, Bank Pan Indonesia skidded 3.83 percent, Tiga Pilar Sejahtera Food tumbled 2.60 percent, Lotte Chemical Titan dropped 0.62 percent and Bank MNC Internasional and XL Axiata were unchanged.
The lead from Wall Street is cautiously optimistic as stocks were lackluster on Thursday but managed to end slightly higher.
The Dow crept up 20.95 points or 0.1 percent to 21,553.09, while the NASDAQ rose 13.27 points or 0.2 percent to 6,274.44 and the S&P added 4.58 points or 0.2 percent to 2,447.83.
Crude oil futures continued to climb Thursday, a day after data confirmed the biggest drop in U.S. inventories in ten months. August WTI climbed 59 cents or 1.3 percent to $46.08/bbl.
Federal Reserve Chair Janet Yellen’s second day of testimony on Capitol Hill also attracted attention when she said gradual interest rate hikes are appropriate over the next few years.
In economic news, the Labor Department noted a modest uptick in U.S. producer prices in June, while a separate report showed a…