Additional Support Anticipated For Indonesia Shares

(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had picked up almost 100 points or 1.2 percent. The Jakarta Composite Index now sits just beneath the 8,320-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat on bargain hunting and positive data. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Wednesday following gains from the financial shares and resource stocks.

For the day, the index jumped 76.62 points or 0.93 percent to finish at the daily high of 8,318.53 after trading as low as 8,181.90.

Among the actives, Bank CIMB Niaga advanced 0.87 percent, while Bank Mandiri collected 0.85 percent, Bank Danamon Indonesia fell 0.39 percent, Bank Negara Indonesia rose 0.22 percent, Bank Central Asia added 0.58 percent, Bank Rakyat Indonesia gathered 0.25 percent, Indosat Ooredoo Hutchison climbed 1.04 percent, Semen Indonesia improved 1.08 percent, Indofood Sukses Makmur gained 0.71 percent, United Tractors sank 0.74 percent, Astra International dropped 0.79 percent, Energi Mega Persada soared 4.71 percent, Astra Agro Lestari shed 0.32 percent, Aneka Tambang increased 0.68 percent, Vale Indonesia strengthened 1.30 percent, Timah skyrocketed 19.67 percent, Bumi Resources jumped 1.43 percent and Indocement was unchanged.

The lead from Wall Street is solid as the major averages opened barely on Wednesday in the red but quickly accelerated into the green and stayed there for the balance of the day.

The Dow jumped 225.76 points or 0.48 percent to finish at 47,311.00, while the NASDAQ rallied 151.16 points or 0.65 percent to end at 23,499.80 and the S&P 500 gained 24.74 points or 0.37 percent to close at 6,796.29.

The strength for most of the day came as some traders looked to pick up stocks at reduced levels following the steep drop on Tuesday, which reflected concerns about valuations.

Positive sentiment may also have been generated by some upbeat U.S. economic data, including a report from payroll processor ADP showing private sector employment in the U.S. rebounded by more than expected in October.

Also, the Institute for Supply Management released a report showing U.S. service sector activity returned to expansion in October.

Crude oil prices fell on Wednesday as concerns about excess supply and lower demand compelled investors to refrain from big moves. West Texas Intermediate crude for December delivery was down $0.92 or 1.52 percent at $59.64 per barrel.