The Indonesian stock market has experienced an upward trend over the past four consecutive sessions, amassing nearly 150 points or 2.2%. Consequently, the Jakarta Composite Index now stands just above 7,460 points, with projections to further ascend on Thursday.
Global market forecasts for Asia are positive, primarily due to enhanced optimism regarding future interest rates. European markets exhibited growth, US indices were predominantly bullish, and Asian markets are expected to align with this trend.
On the latest trading day, the index advanced by 11.46 points or 0.15%, concluding at 7,464.75, after fluctuating between 7,444.17 and 7,530.56. In specific market movements: Bank CIMB Niaga fell by 0.83%, while Bank Danamon Indonesia increased by 0.38%. Bank Negara Indonesia declined by 0.49%, whereas Bank Central Asia climbed by 0.72%. Bank Rakyat Indonesia went up 0.46%, Bank Maybank Indonesia advanced 0.92%, Indosat Ooredoo Hutchison rose 0.40%, and Indocement surged 2.86%. Semen Indonesia also experienced significant growth, surging 3.93%, while Indofood Sukses Makmur ascended 0.61%. United Tractors fell 1.51%, Astra International gained 0.48%, Energi Mega Persada advanced 1.61%, with Astra Agro Lestari decreasing by 0.40%. Aneka Tambang receded by 1.54%, Jasa Marga rallied with an increase of 2.02%, Vale Indonesia dipped 0.27%, Timah rose by 0.41%, and Bumi Resources declined 2.03%, whereas Bank Mandiri remained stable.
Wall Street's lead indicated mixed results with a tendency towards rise. Early Wednesday, key averages commenced positively, but the Dow could not maintain its gains. The Dow descended by 99.27 points or 0.22% to close at 44,148.56. In contrast, the NASDAQ escalated by 347.65 points or 1.77% to a new peak at 20,034.89, and the S&P 500 progressed by 49.28 points or 0.82% to settle at 6,084.19.
This market vigor follows the announcement of highly anticipated inflation figures that aligned with predictions, bolstering confidence in a forthcoming interest rate cut by the Federal Reserve by a quarter-point next week. Currently, the CME Group's FedWatch Tool reflects a 98.6% probability that the Fed will decrease rates by 25 basis points in their December meeting.
Oil futures concluded Wednesday on an upward trajectory due to potential Russian sanctions by the European Union, anticipated increased demand from China, and a reported rise in gasoline inventories. West Texas Intermediate crude oil futures for January saw a $1.70 increment, or 2.5%, finishing at $70.29 per barrel.
The material has been provided by InstaForex Company -
www.instaforex.com
