The Indonesia stock market has finished higher in consecutive trading days, gathering more than 90 points or 1.5 percent along the way. The Jakarta Composite Index now rests just beneath the 5,980-point plateau and it’s expected to see additional support on Thursday.
The global forecast for the Asian markets is upbeat on reports of breakthroughs in the developments of treatments for the coronavirus. The European and U.S. markets were firmly higher and the Asian bourses are expected to follow suit.
The JCI finished modestly higher on Wednesday as gains from the financial shares and cement companies were capped by weakness from the resource stocks.
For the day, the index gained 56.17 points or 0.95 percent to finish at the daily high of 5,978.51 after moving as low as 5,924.37.
Among the actives, Bank Danamon Indonesia collected 0.87 percent, while Bank Mandiri accelerated 2.33 percent, Bank Central Asia spiked 1.97 percent, Bank Negara Indonesia climbed 1.02 percent, Indosat skyrocketed 9.59 percent, Indocement soared 6.08 percent, Semen Indonesia gathered 2.91 percent, Bumi Resources plunged 3.77 percent, Aneka Tambang shed 0.68 percent, Timah fell 0.70 percent and Vale Indonesia, Bank Rakyat Indonesia and Indofood Suskes were unchanged.
The lead from Wall Street is positive as stocks opened solidly higher on Wednesday and remained in the green throughout the session.
The Dow jumped 483.22 points or 1.68 percent to 29,290, while the NASDAQ added 40.71 points or 0.43 percent to 9,508.68 and the S&P 500 climbed 37.10 points or 1.13 percent to 3,334.69.
Traders reacted positively to reports that scientists in both China and the United Kingdom had developed an effective drug to deal with the coronavirus.
Adding to the positive sentiment, payroll processor ADP noted stronger than expected private sector job growth in January. Also, the Institute for Supply Management noted a faster