(RTTNews) – The Indonesia stock market on Thursday snapped the two-day losing streak in which it had surrendered more than 250 points or 6.2 percent. The Jakarta Composite Index now rests just beneath the 4,340-point plateau and now it’s got another solid lead for Friday’s trade.
The global forecast for the Asian markets is upbeat on the expectation of massive stimulus relief for the coronavirus pandemic. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The JCI finished with huge gains on Thursday as it caught up on missed positive sentiment and cut into the losses from heavy selling in recent weeks.
For the day, the index skyrocketed 401.27 points or 10.19 percent to finish at 4,338.90 after trading between 3,935.91 and 4,370.66.
Among the actives, Bank Danamon Indonesia surged 16.42 percent, while Bank Mandiri jumped 15.80 percent, Bank Central Asia spiked 17.33 percent, Bank Negara Indonesia accelerated 13.61 percent, Indosat advanced 11.67 percent, Indocement soared 19.81 percent, Semen Indonesia added 11.02 percent, Indofood Suskes perked 18.32 percent, Astra Agro Lestari skyrocketed 21.21 percent, Aneka Tambang gained 14.29 percent, Vale Indonesia rose 17.76 percent, Timah increased 15.08 percent and Bumi Resources was unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Thursday and extended gains as the session progressed.
The Dow surged 1,351.62 points or 6.38 percent to finish at 22,552.17, while the NASDAQ added 413.24 points or 5.60 percent to 7,797.54 and the S&P 500 jumped 154.51 points or 6.24 percent to 2,630.07.
The rally on Wall Street came even though the Labor Department reported that first-time claims for unemployment benefits soared last week, as large swaths of the U.S. economy were shut down due to the coronavirus pandemic.
Any negative sentiment also seems to have been offset by last night’s news that the Senate finally voted to approve a massive $2 trillion stimulus package in response to the coronavirus pandemic. The Republican Senate passed the bill unanimously and it now moves to the House, which is expected to pass the legislation later today and send it on to President Trump.
Crude oil prices declined sharply and closed lower for the first time in four sessions as concerns about outlook for energy demand weighed on the commodity. West Texas Intermediate crude oil futures for May ended down $1.89 or 7.7 percent at $22.60 a barrel.
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