(RTTNews) – The Indonesia stock market has moved higher in four straight sessions, adding more than 270 points or 4.7 percent along the way. The Jakarta Composite Index now rests just above the 5,915-point plateau and it’s tipped to open in the green again on Tuesday.
The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The JCI finished modestly higher on Monday following gains from the financial shares, weakness from the food and telecom companies and a mixed picture from the resource stocks.
For the day, the index perked 40.29 points or 0.69 percent to finish at 5,916.07 after trading between 5,857.35 and 5,935.68.
Among the actives, Bank CIMB Niaga slipped 0.32 percent, while Bank Mandiri added 0.50 percent, Bank Danamon Indonesia was down 0.52 percent, Bank Negara Indonesia advanced 0.92 percent, Bank Central Asia collected 1.24 percent, Bank Rakyat Indonesia rallied 2.95 percent, Indosat Ooredoo Hutchison plunged 5.04 percent, Indocement vaulted 2.16 percent, Semen Indonesia tumbled 1.40 percent, Indofood Sukses Makmur lost 0.36 percent, United Tractors sank 0.83 percent, Astra International shed 0.62 percent, Energi Mega Persada soared 4.65 percent, Antam rose 0.34 percent, Timah fell 0.29 percent, Bumi Resources strengthened 1.44 percent and Vale Indonesia and Astra Agro Lestari were unchanged.
The lead from Wall Street is firm as the major averages opened higher on Monday and largely spent most of the day in the green, ending near daily highs.
The Dow climbed 155.84 points or 0.29 percent to finish at a record 53,055.91, while the NASDAQ jumped 288.49 points or 1.12 percent to close at 26,121.16 and the S&P 500 gained 54.19 points or 0.72 percent to end at 7,537.43.
The upward move on Wall Street came amid strength among technology stocks, with computer hardware stocks turning in some of the best performances as the NYSE Arca Computer Hardware Index shot up by 3.4 percent.
Substantial strength was also visible among networking and semiconductor stocks, with the NYSE Arca Networking Index and the Philadelphia Semiconductor Index surging by 2.8 percent and 2.2 percent, respectively.
In U.S. economic news, the Institute for Supply Management said growth in U.S. service sector activity slowed slightly in June, although it was in line with expectations.
Crude oil prices ticked lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually, while the Organization of Petroleum Exporting Countries (OPEC) agreed to increase output. West Texas Intermediate crude for August delivery was down $0.15 or 0.22 percent at $68.54 per barrel.
