The Indonesian stock market rebounded on Thursday, following a brief dip that interrupted a three-day winning streak in which it gained over 80 points or 1 percent. The Jakarta Composite Index (JCI) now stands slightly above the 7,900 mark and is poised for another robust start on Friday.
The global outlook for Asian markets is optimistic, buoyed by positive sentiments regarding economic prospects and interest rates. Both European and U.S. markets saw significant gains, suggesting that Asian markets could open similarly strong. However, some profit-taking might occur as the day progresses.
On Thursday, the JCI experienced a sharp rise, driven by notable gains in financial and resource stocks. The index climbed by 76.26 points or 0.97 percent, concluding at 7,905.39, after fluctuating between 7,853.35 and 7,910.56.
In terms of specific stock movements:
- Bank CIMB Niaga increased by 0.50 percent.
- Bank Danamon Indonesia rose by 1.14 percent.
- Bank Negara Indonesia surged by 2.19 percent.
- Bank Central Asia jumped by 2.59 percent.
- Bank Rakyat Indonesia gained 0.93 percent.
- Bank Maybank Indonesia advanced by 0.85 percent.
- Indosat Ooredoo Hutchison fell by 0.23 percent.
- Indocement climbed 0.37 percent.
- Semen Indonesia decreased by 0.51 percent.
- United Tractors lost 0.37 percent.
- Astra International added 0.48 percent.
- Energi Mega Persada soared by 4.00 percent.
- Astra Agro Lestari increased by 1.97 percent.
- Aneka Tambang improved by 0.73 percent.
- Jasa Marga slid 0.50 percent.
- Vale Indonesia rose by 0.27 percent.
- Timah surged by 1.48 percent.
- Bumi Resources skyrocketed by 11.43 percent.
- Bank Mandiri and Indofood Sukses Makmur remained unchanged.
Wall Street provided a broadly positive lead as major indices opened strong and maintained gains throughout the session. The Dow Jones Industrial Average surged by 522.09 points or 1.26 percent to close at 42,025.19, the NASDAQ Composite rallied by 440.68 points or 2.51 percent to end at 18,013.98, and the S&P 500 advanced by 95.38 points or 1.70 percent to finish at 5,713.64.
The rally on Wall Street was driven by investor digestion of the Federal Reserve's decision on Wednesday to cut interest rates by half a percentage point. Additionally, Fed officials projected continued rate cuts over the coming months and into next year, fostering optimism that the central bank could achieve a soft landing for the economy.
Adding to the positive sentiment, the U.S. Labor Department reported a nearly four-month low in first-time unemployment benefit claims last week.
Oil prices also rose on Thursday due to increasing tensions in the Middle East, which heightened concerns about potential supply disruptions. West Texas Intermediate Crude oil futures for October closed up by $1.04 or 1.5 percent, settling at $71.55 per barrel.
