The Indonesia stock market bounced higher again on Monday, one session after halting the modest two-day winning streak in which it had gathered more than 20 points or 0.3 percent. The Jakarta Composite Index now sits just beneath the 6,610-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is positive as the markets look to recover from heavy selling following the discovery of a new coronavirus strain. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.
The JCI finished modestly higher on Monday following gains from the food stocks, weakness from the resource and cement companies and a mixed picture from the financials.
For the day, the index added 46.74 points or 0.71 percent to finish at 6,608.29 after trading between
6,487.75 and 6,617.29.
Among the actives, Bank Danamon Indonesia tanked 2.43 percent, while Bank CIMB Niaga retreated 1.49 percent, Bank Negara Indonesia advanced 1.09 percent, Bank Central Asia rallied 1.72 percent, Bank Mandiri climbed 1.06 percent, Bank Rakyat Indonesia collected 0.24 percent, Indosat surged 6.08 percent, Indocement shed 0.71 percent, Semen Indonesia dropped 0.91 percent, Indofood Suskes spiked 2.36 percent, United Tractors rose 0.11 percent, Astra International improved 1.27 percent, Energi Mega Persada jumped 1.75 percent, Astra Agro Lestari dipped 0.25 percent, Aneka Tambang slid 0.43 percent, Vale Indonesia fell 0.42 percent, Timah sank 0.94 percent and Bumi Resources plunged 2.99 percent.
The lead from Wall Street is upbeat as the major averages opened firmly higher on Monday and remained in the green throughout the trading day.
The Dow climbed 236.60 points or 0.68 percent to finish at 35,135.94, while the NASDAQ surged 291.18 points or 1.88 percent to close at 15,782.83 and the S&P 500 gained 60.65 points or 1.32 percent to end at 4,655.
Bargain hunting contributed to the strength on Wall Street after Friday’s steep drop dragged the major averages down to their lowest closing levels in at least a month. News of a new coronavirus variant contributed to the sell-off as traders worried the pandemic would continue to weigh on the global economy.
But the South African doctor who treated early cases of the new variant told the BBC countries could be panicking unnecessarily and the symptoms she had seen were extremely mild.
President Joe Biden also told reporters there is no need for the U.S. to reimpose lockdowns as a result of the new variant, helping lift stocks to new highs.
In U.S. economic news, the National Association of Realtors said pending home sales rebounded by much more than expected in October.
Crude oil futures settled sharply higher Monday, bouncing back and regaining some ground after Friday’s setback as traders looked ahead to OPEC meetings. West Texas Intermediate Crude oil futures for January ended higher by $1.80 or 2.6 percent at $69.95 a barrel.
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