Indonesia Bourse May Build On Record Close

(RTTNews) - The Indonesia stock market has tracked higher in four straight sessions, accelerating more than 320 points or 3.7 percent along the way. Now at a record closing high, the Jakarta Composite Index sits just shy of the 8,860-point plateau and it's expected to add to its winnings again on Tuesday.

The global forecast for the Asian markets is positive, with oil companies expected to lead the way - although profit-taking may creep in late in the day. The European and U.S. markets were up and the Asian bourses figure to at least open in similar fashion.

The JCI finished sharply higher on Monday following gains from the food and resource companies, while the financials were mixed and the cement stocks were soft.

For the day, the index jumped 111.06 points or 1.27 percent to finish at the daily high of 8,859.19 after trading as low as 8,732.32.

Among the actives, Bank CIMB Niaga climbed 1.13 percent, while Bank Mandiri shed 0.49 percent, Bank Danamon Indonesia vaulted 1.21 percent, Bank Negara Indonesia sank 0.70 percent, Bank Central Asia collected 0.62 percent, Bank Rakyat Indonesia fell 0.27 percent, Indosat Ooredoo Hutchison slumped 1.27 percent, Indocement tanked 2.70 percent, Semen Indonesia shed 0.38 percent, Indofood Sukses Makmur rallied 2.62 percent, United Tractors spiked 2.33 percent, Astra International expanded 1.10 percent, Energi Mega Persada soared 3.35 percent, Astra Agro Lestari improved 1.36 percent, Aneka Tambang surged 5.61 percent, Vale Indonesia accelerated 5.66 percent, Timah gained 5.73 percent and Bumi Resources skyrocketed 10.48 percent.

The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the trading day.

The Dow rallied 594.79 points or 1.23 percent to finish at 48,977.18, while the NASDAQ added 160.19 points or 0.69 percent to end at 23,395.82 and the S&P 500 gained 43.58 points or 0.64 percent to close at 6,902.05.

The jump by the Dow reflected a spike by shares of Chevron (CVX), with the energy giant soaring by 5.1 percent. Chevron, which is one of the leading private oil companies in Venezuela, surged following a U.S. attack on the country that led to the capture of President Nicolás Maduro.

The price of crude oil also shot up in reaction to the news, contributing to substantial strength among oil service stocks. The Philadelphia Oil Service Index spiked by 5.5 percent amid optimism about potential gains from rebuilding Venezuela's oil infrastructure.

On the U.S. economic front, the Institute for Supply Management said its reading on U.S. manufacturing activity unexpectedly decreased in December.

Crude oil prices surged on Monday after OPEC reaffirmed its plans to pause production increases for early 2026, thereby allaying oversupply concerns. West Texas Intermediate crude for February delivery was up $58.31 or 0.99 percent at $1.73 per barrel.