(RTTNews) - The Indonesia stock market has climbed higher in consecutive trading days, rallying almost 175 points or 2.5 percent along the way. The Jakarta Composite Index now rests just beneath the 7,315-point plateau and it's poised to extend its gains again on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The JCI finished sharply higher on Monday following gains from the financial shares, resource stocks and energy companies.
For the day, the index jumped 118.54 points or 1.65 percent to finish at 7,314.11 after trading between 7,218.83 and 7,329.49.
Among the actives, Bank CIMB Niaga strengthened 1.42 percent, while Bank Mandiri soared 5.20 percent, Bank Danamon Indonesia climbed 1.18 percent, Bank Negara Indonesia spiked 3.10 percent, Bank Central Asia accelerated 3.30 percent, Bank Rakyat Indonesia collected 1.59 percent, Bank Maybank Indonesia jumped 1.83 percent, Indosat Ooredoo Hutchison rallied 2.46 percent, Indocement tumbled 2.50 percent, Indofood Sukses Makmur and Semen Indonesia both improved 1.67 percent, United Tractors advanced 2.22 percent, Astra International surged 5.40 percent, Aneka Tambang gained 2.41 percent, Vale Indonesia perked 0.27 percent, Timah rose 0.83 percent, Bumi Resources increased 2.10 percent and Energi Mega Persada, Astra Agro Lestari and Jasa Marga were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the S&P 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
