The Indonesia stock market bounced higher again on Thursday, one session after it had ended the four-day winning streak in which it had collected almost 100 points or 1.7 percent. The Jakarta Composite Index now rests just above the 6,285-point plateau and it's got another positive lead for Friday's trade.
The global forecast for the Asian markets is upbeat on solid economic data and continued momentum from the U.S./China trade deal. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets figure to split the difference.
The JCI finished slightly higher on Thursday as gains from the food and cement sectors were offset by weakness from the financials and a mixed picture from the resource stocks.
For the day, the index rose 2.68 points or 0.04 percent to finish at 6,286.05 after trading between 6,255.49 and 6,299.54.
Among the actives, Bank Danamon Indonesia tumbled 2.21 percent, while Bank Mandiri sank 2.58 percent, Bank Central Asia fell 0.29 percent, Bank Negara Indonesia skidded 1.91 percent, Indosat plummeted 5.21 percent, Semen Indonesia climbed 1.22 percent, Indofood Suskes added 0.62 percent, Bumi Resources plunged 4.23 percent, Aneka Tambang lost 0.59 percent, Vale Indonesia soared 3.22 percent, Timah jumped 1.15 percent and Bank Rakyat Indonesia and Indocement were unchanged.
The lead from Wall Street is strong as stocks moved sharply higher on Thursday, extending recent gains as the major averages hit fresh record closing highs.
The Dow jumped 262.42 points or 0.92 percent to 29,297.64, while the NASDAQ added 98.44 points or 1.06 percent to 9.357.13 and the S&P 500 rose 27.52 points or 0.84 percent to 3,316.81.
The markets continued to benefit from upward momentum following the official signing of the U.S.-China phase one trade deal on Wednesday.
A batch of largely upbeat U.S. economic data also contributed to the buying interest as the Labor Department noted an unexpected decrease in initial jobless claims last week. The Commerce Department also said U.S. retail sales rose in line with estimates last month.
Also, the Philadelphia Federal Reserve reported substantial acceleration in the pace of growth in regional manufacturing activity in January, while the National Association of Home Builders saw a pullback in homebuilder confidence in January.
Crude oil futures settled higher on Thursday, rebounding from losses in the previous session thanks to a drop in U.S. crude inventories. West Texas Intermediate crude oil futures for February ended up $0.71 or 1.2 percent at $58.52 a barrel.
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