Continued Support Called For Indonesia Stock Market

The Indonesia stock market has moved higher in two straight sessions, jumping almost 85 points or 1.3 percent along the way. The Jakarta Composite Index now sits just beneath the 6,735-point plateau and it's got another green light for Wednesday's trade.

The global forecast for the Asian markets is upbeat on bargain hunting and optimism ahead of earnings season. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

The JCI finished sharply higher on Tuesday following gains from the resource stocks, cement companies and energy producers, while the financials came in mixed.

For the day, the index climbed 76.84 points or 1.15 percent to finish at 6,736.09.

Among the actives, Bank Danamon Indonesia shed 0.40 percent, while Bank CIMB Niaga collected 0.50 percent, Bank Negara Indonesia dipped 0.34 percent, Bank Central Asia rose 0.35 percent, Bank Mandiri climbed 1.02 percent, Bank Rakyat Indonesia sank 0.72 percent, Indosat Ooredoo rallied 2.47 percent, Indocement strengthened 1.08 percent, Semen Indonesia advanced 0.77 percent, Indofood Suskes jumped 1.42 percent, United Tractors gained 0.87 percent, Astra International was up 0.83 percent, Energi Mega Persada improved 3.64 percent, Bakrie Sumatera Plantations accelerated 2.52 percent, Astra Agro Lestari added 0.50 percent, Aneka Tambang skyrocketed 6.09 percent, Vale Indonesia soared 5.53 percent, Timah surged 5.77 percent and Bumi Resources spiked 2.60 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and only accelerated as the day progressed.

The Dow surged 754.44 points or 2.43 percent to finish at 31,827.05, while the NASDAQ spiked 353.10 points or 3.11 percent to close at 11,713.15 and the S&P 500 jumped 105.84 points or 2.76 percent to end at 3,936.69.

The rebound on Wall Street came as optimism about upcoming earnings news fueled a heavy wave of buying.

In earnings news, toymaker Hasbro (HAS) and oil services giant Halliburton (HAL) beat the street, while IBM Corp. (IBM) and Johnson & Johnson (JNJ) provided disappointing guidance.

In economic news, the Commerce Department unexpectedly reported a continued decline in housing starts in June.

Crude oil futures ended sharply higher Tuesday amid signs of tighter supplies in the global oil market, while the dollar's continued weakness also contributed to the sharp rise in oil prices. West Texas Intermediate Crude oil futures for August ended higher by $1.62 or 1.6 percent at $104.22 a barrel.

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