The Indonesian stock market has seen a positive trajectory over the last two sessions, gaining close to 120 points, marking a rise of 1.7%. As a result, the Jakarta Composite Index is now hovering just below the 7,100 mark, with expectations for it to open higher again on Tuesday.
The outlook for Asian markets is promising, buoyed by anticipated gains in technology stocks. While European markets remained stable, the upward movement in U.S. markets suggests a similar trend for Asian indices.
On Monday, the Jakarta Composite Index ended significantly higher, driven by advances in financials, cement producers, and resource stock segments. The index surged 112.57 points or 1.61%, concluding at 7,096.44.
Among the active stocks, Bank CIMB Niaga rose by 1.49%, Bank Mandiri spiked by 2.64%, Bank Danamon Indonesia saw a 0.40% increase, Bank Negara Indonesia jumped 2.82%, and Bank Central Asia improved by 1.30%. Bank Rakyat Indonesia rallied with a 3.69% increase, while Bank Maybank Indonesia advanced 0.96%. Indosat Ooredoo Hutchison saw a 4.64% leap, Indocement climbed 1.35%, Semen Indonesia advanced 2.76%, and Indofood Sukses Makmur added 1.31%. On the other hand, United Tractors fell by 0.88%. Astra International rose by 1.64%, Energi Mega Persada dropped 1.77%, Aneka Tambang rose 2.46%, Jasa Marga surged 6.36%, and while Vale Indonesia decreased by 0.85%, Timah fell by 1.47%, Bumi Resources gained 0.87%, with Astra Agro Lestari remaining unchanged.
Following a positive lead from Wall Street, major U.S. indices, which initially opened flat on Monday, ultimately climbed higher, finishing in positive territory. The Dow increased by 66.69 points or 0.16% to close at 42,906.95, the NASDAQ jumped 192.29 points or 0.98% to 19,764.88, and the S&P 600 climbed 43.22 points or 0.73% to end at 5,974.07.
Notably, the NASDAQ's rise was spurred by a rally in semiconductor stocks, and strong performances in computer hardware stocks contributed to the gains. However, overall trading was muted, reflecting traders' hesitation to make large moves in anticipation of a quiet week due to the Christmas holiday on Wednesday.
In economic reports, the Commerce Department revealed that new orders for U.S. manufactured durable goods fell more than anticipated in November. Additionally, the Conference Board reported an unexpected dip in consumer confidence for December.
Oil futures experienced a decline on Monday, amidst worries of potential oversupply in the market, coupled with the impact of a strengthening dollar. West Texas Intermediate Crude oil futures for February decreased by $0.26 or 0.3%, settling at $69.20 a barrel.
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