The Indonesia stock market has moved higher in two straight sessions, gathering almost 130 points or 2.1 percent along the way. The Jakarta Composite Index now rests just above the 6,135-point plateau and it's predicted to extend its gains on Wednesday.
The global forecast for the Asian markets is upbeat thanks largely to a spike in energy prices. The European markets were mixed and the U.S. bourses were higher and the Asian markets are tipped to split the difference.
The JCI finished modestly higher on Tuesday following gains from the resource stocks and a mixed picture from the financials.
For the day, the index added 32.44 points or 0.53 percent to finish at 6,137.34 after trading between 6,073.42 and 6,145.61.
Among the actives, Bank Mandiri skidded 1.15 percent, while Bank CIMB Niaga tumbled 1.47 percent, Bank Negara Indonesia accelerated 1.96 percent, Bank Central Asia surged 3.73 percent, Astra International dropped 0.80 percent, Indosat tanked 3.88 percent, Telkom Malaysia lost 0.57 percent, Indocement fell 0.34 percent, Semen Indonesia retreated 1.39 percent, Indofood Suskes rose 0.37 percent, Astra Agro Lestari shed 0.57 percent, Aneka Tambang jumped 1.83 percent, Vale Indonesia soared 4.55 percent, Timah climbed 1.24 percent and Bumi Resources and Bank Danamon Indonesia were unchanged.
The lead from Wall Street is positive as stocks bounced higher again following the pullback in the previous session, ending in the green.
The Dow climbed 167.71 points or 0.55 percent to finish at 30,391.60, while the NASDAQ advanced 120.51 points or 0.95 percent to end at 12,818.96 and the S&P 500 gained 26.21 points or 0.71 percent to close at 3,726.86.
Energy stocks helped to lead the rebound on Wall Street, benefiting from a substantial increase by the price of crude oil.
Crude oil futures ended sharply higher Tuesday, lifted by an announcement from Saudi Arabia that it will cut crude production by 1 million barrel per day from February through March. West Texas Intermediate Crude oil futures for February ended up by $2.31 or 4.9 percent at $49.93 a barrel.
Buying interest was kept in check as traders await the results of two key Senate runoffs in Georgia. The outcome of the runoff elections will determine which party controls the Senate and could have a major impact on what President-elect Joe Biden is able to accomplish.
In economic news, the Institute for Supply Management reported an unexpected acceleration in the pace of growth in manufacturing activity in December.
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