The Indonesia Stock Market concluded its two-day rally on Thursday, during which it gained over 150 points or 2.1 percent. The Jakarta Composite Index (JCI) now hovers just below the 7,200 mark, but it is expected to regain support on Friday.
The global outlook for Asian markets is optimistic due to diminishing concerns about the U.S. economy's health. While European markets were mixed with little change, U.S. markets saw a sharp rise, a trend expected to be mirrored by Asian markets.
On Thursday, the JCI saw a slight dip, driven by losses in cement companies along with mixed results from financial and resource stocks. By the day's end, the index fell 17.01 points or 0.24 percent, closing at 7,195.12, with a trading range between 7,181.77 and 7,234.45.
Among the active stocks:
- Bank CIMB Niaga dropped 0.56 percent
- Bank Mandiri went up 0.37 percent
- Bank Danamon Indonesia increased by 0.81 percent
- Bank Negara Indonesia rose by 0.50 percent
- Bank Central Asia improved by 1.24 percent
- Bank Rakyat Indonesia and Astra Agro Lestari both increased by 0.87 percent
- Bank Maybank Indonesia and Jasa Marga each fell 0.93 percent
- Indosat Ooredoo Hutchison plummeted 4.18 percent
- Indocement slid 1.78 percent
- Semen Indonesia decreased 0.79 percent
- Indofood Sukses Makmur jumped 1.63 percent
- United Tractors dipped 0.40 percent
- Astra International rallied by 2.38 percent
- Aneka Tambang dropped 1.93 percent
- Vale Indonesia slipped 1.10 percent
- Timah edged up 0.54 percent
- Bumi Resources retreated 1.33 percent
- Energi Mega Persada remained unchanged
The positive momentum from Wall Street is expected to influence the Asian markets. Major U.S. indices opened higher and maintained an upward trajectory, closing near session highs.
The Dow Jones Industrial Average surged 683.04 points or 1.76 percent to close at 39,446.49. The NASDAQ climbed 464.22 points or 2.87 percent to finish at 16,660.02, and the S&P 500 jumped 119.81 points or 2.30 percent to end at 5,319.31.
The rally was fueled by the Labor Department's report showing a larger-than-expected drop in first-time claims for U.S. unemployment benefits. This data alleviated concerns about the labor market's strength, which had been a factor in recent market sell-offs.
On the corporate front, stocks of Under Armour (UAA) and Eli Lilly (LLY) surged following strong results, while Warner Brothers Discovery (WBD) declined due to disappointing numbers.
Oil futures also closed higher on Thursday, driven by potential supply disruptions amidst Middle East tensions and hopes for increased demand in the U.S. West Texas Intermediate Crude oil futures for September rose by $0.96 or 1.28 percent, settling at $76.19 a barrel.
