The Indonesia stock market has climbed higher in back-to-back trading days, gathering more than 185 points or 3.2 percent along the way. The Jakarta Composite Index now rests just above the 5,880-point plateau and it's called higher again on Wednesday.
The global forecast for the Asian is firm on optimism ahead of earnings season and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets should follow suit.
The JCI finished sharply higher on Tuesday following gains from the financial shares and the resource stocks.
For the day, the index jumped 74.38 points or 1.28 percent to finish at 5,881.76 after trading between 5,829.68 and 5,888.59. There were 238 gainers and 135 decliners, with 114 stocks finishing unchanged.
Among the actives, SLJ Global tumbled 4.00 percent, while Bukit Darmo Property spiked 3.45 percent, L Axiata jumped 1.91 percent, Jasa Marga climbed 1.46 percent, Voksel Electric skidded 1.39 percent, Bank Pan Indonesia dropped 1.18 percent, Bank Danamon Indonesia collected 0.78 percent, Bank Mandiri added 0.39 percent, Bank Negara advanced 1.39 percent, Bank Rakyat gained 1.33 percent, Bumi Resources gathered 1.85 percent, Vale Indonesia was up 0.25 percent, Aneka Tambang jumped 1.25 percent and Bank Central Asia, Bank MNC Internasional and Tiga Pilar Sejahtera Food were unchanged.
The lead from Wall Street is upbeat as stocks saw further upside on Tuesday as the S&P 500 reached its best closing level in five months.
The Dow jumped 143.07 points or 0.58 percent to 24,919.66, while the NASDAQ added 3.00 points or 0.04 percent to 7,759.20 and the S&P 500 rose 9.67 points or 0.35 percent to 2,793.84.
The continued strength came as optimism about the upcoming earnings season overshadowed recent trade concerns.
Beverage giant PepsiCo (PEP) released its second quarter results with earnings that beat the street. Financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report results on Friday.
Oil service stocks showed a strong move to the upside, driving the Philadelphia Oil Service Index up by 1.1 percent. Th at support came amid an increase in the price of crude oil for August delivery, which rose $0.26 to $74.11 a barrel.
by P2PNews Staff Writer