Indonesia Stock Market May Test Resistance At 6,500 Points

(RTTNews) - The Indonesia stock market has moved higher in consecutive trading days, gathering more than 75 points or 1.2 percent along the way. The Jakarta Composite Index now rests just above the 6,480-point plateau although it's got a firm lead again on Wednesday.

The global forecast for the Asian markets is upbeat on positive earnings news and support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The JCI finished modestly higher on Tuesday following gains from the cement companies and mixed performances from the financials and resource stocks.

For the day, the index collected 46.39 points or 0.72 percent to finish at 6,481.54 after trading between 6,438.40 and 6,485.12.

Among the actives, Bank Danamon Indonesia plunged 3.83 percent, while Bank Mandiri soared 3.74 percent, Bank Central Asia dipped 0.18 percent, Bank Negara Indonesia collected 0.52 percent, Bank Rakyat Indonesia slid 0.23 percent, Indocement spiked 2.50 percent, Semen Indonesia jumped 3.90 percent, United Tractors advanced 1.83 percent, Indofood Suskes added 0.78 percent, Unilever gained 1.23 percent, Bumi Resources rose 0.89 percent, Aneka Tambang accelerated 1.13 percent, Vale Indonesia tumbled 2.67 percent, Timah fell 0.37 percent and Indosat was unchanged.

The lead from Wall Street suggests mild upside as stocks fluctuated on Tuesday but managed to finish in the green.

The Dow added 67.89 points or 0.26 percent to 26,452.66, while the NASDAQ gained 24.21 points or 0.30 percent to 8,000.23 and the S&P 500 rose 1.48 points or 0.05 percent to 2,907.06.

Early buying interest was generated in reaction to solid earnings news from Dow components Johnson & Johnson (JNJ) and UnitedHealth (UNH).

The buying interest was offset by Federal Reserve report showing industrial production unexpectedly fell in March. Also, the National Association of Home Builders noted a modest improvement in U.S. homebuilder confidence in April.

Crude oil prices moved higher on Tuesday amid prospects of tight supply conditions in the market. West Texas Intermediate Crude oil futures for May ended up $0.65 or 1 percent at $64.05 a barrel.
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