(RTTNews) – Ahead of Tuesday’s holiday for the Lunar New Year, the Indonesia stock market had halted the three-day winning streak in which it had advanced more than 75 points or 1.2 percent. The Jakarta Composite Index now rests just above the 6,630-point plateau although it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets is upbeat, with markets continuing to ride positive momentum as they turn the calendar page after a tough month. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The JCI finished slightly lower on Tuesday following mixed performances from the financial shares and the resource stocks.
For the day, the index slipped 14.36 points or 0.22 percent to finish at 6,631.15 after trading between 6,626.66 and 6,669.91.
Among the actives, Bank Danamon Indonesia rallied 2.13 percent, Bank CIMB Niaga dropped 1.04 percent, Bank Negara Indonesia retreated 2.33 percent, Bank Central Asia surrendered 1.93 percent, Bank Mandiri stumbled 2.29 percent, Bank Rakyat Indonesia plunged 3.41 percent, Indosat declined 2.14 percent, Semen Indonesia skidded 1.47 percent, Indofood Suskes sank 0.78 percent, United Tractors shed 0.54 percent, Energi Mega Persada advanced 0.88 percent, Bakrie Sumatera Plantations jumped 1.82 percent, Astra Agro Lestari spiked 2.33 percent, Vale Indonesia rose 0.21 percent, Timah lost 0.72 percent and Bumi Resources, Indocement, Astra International, Aneka Tambang and Bakrieland Development were unchanged.
The lead from Wall Street ends up being positive as the major averages opened mixed and spent most of Tuesday hugging the unchanged line before a late rally pushed them firmly into the green.
The Dow jumped 273.38 points or 0.78 percent to finish at 35,405.24, while the NASDAQ climbed 106.12 points or 0.75 percent to close at 14,346.00 and the S&P 500 gained 30.99 points or 0.69 percent to end at 4,546.54.
The strength that emerged on Wall Street came as traders continued to pick up stocks at relatively reduced levels following a disappointing January.
A positive reaction to the latest earnings news also contributed to the continued advance, led by solid numbers from UPS (UPS) and ExxonMobil (XOM).
In U.S. economic news, the Institute for Supply Management said growth in U.S. manufacturing activity continued to slow in January.
Crude oil futures settled slightly higher Tuesday ahead of the OPEC meeting later today, which is expected to see the group maintain current production plans. West Texas Intermediate Crude oil futures for March edged up by $0.05 or 0.06 percent at $88.20 a barrel.
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