Indonesia's stock benchmark rises 0.4% to 6,968.80 at open

Indonesia's stock benchmark rises 0.4% to 6,968.80 at open

The Jakarta Composite Index (JCI) opened higher on Wednesday, rising 0.4% to 6,968.80, according to data from the Indonesia Stock Exchange. This marks the third consecutive session of gains for the benchmark, which has added almost 80 points or 1.2% to its value over the past three days [1].

The positive opening was supported by a generally upbeat global market sentiment, with technology stocks expected to lead the way higher in the Asian markets. The European and U.S. markets had closed with modest gains, setting the stage for a similar performance in Asia [1].

The JCI's performance was driven by gains from various sectors, including food, financial, and cement stocks. Resource companies showed a mixed picture, with some experiencing gains while others remained unchanged. Among the active stocks, Bank CIMB Niaga collected 1.49%, while Bank Mandiri dipped 0.21% and Bank Danamon Indonesia added 0.83% [1].

Wall Street provided a lead that was upbeat, with major averages opening higher and remaining in the green throughout the session. The Dow jumped 217.54 points or 0.49% to finish at 44,458.30, the NASDAQ rallied 192.88 points or 0.94% to end at 20,611.34, and the S&P 500 added 37.74 points or 0.61% to close at 6,263.26. The optimism on Wall Street was fueled by potential trade deals between the U.S. and the European Union [1].

Nvidia (NVDA) played a significant role in driving the markets higher, with the AI darling jumping by 1.8% and briefly becoming the first company to reach a market capitalization of $4 trillion. Meanwhile, the Federal Reserve released the minutes of its June monetary policy meeting, revealing that most participants generally agreed that the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates [1].

Crude oil prices inched higher on Wednesday, with Saudi projections for increased demand offset by a jump in U.S. oil inventories. West Texas Intermediate crude for August delivery ticked higher by $0.05 to settle at $68.38 per barrel [1].

Indonesia's stock market is expected to continue its upward trajectory, with the JCI poised to add to its winnings on Thursday. The global forecast for Asian markets remains positive, with technology stocks likely to lead the way higher. Investors will be closely watching the release of the Federal Reserve's minutes on Wednesday for any insights into the central bank's monetary policy [1].

References:
[1] https://www.rttnews.com/3552051/indonesia-stock-market-may-extend-winning-streak.aspx?type=glcom