The Indonesia stock market has finished higher in two of three trading days since the end of the two-day slide in which it had fallen almost 30 points or 0.6 percent. The Jakarta Composite Index now sits just above the 5,260-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian is broadly positive as the contentious election in the United States remains unsettled. The European and U.S. bourses were sharply higher and the Asian markets are tipped to open in similar fashion.
The JCI finished sharply higher on Thursday following gains from the financial shares, resource stocks and cement companies.
For the day, the index soared 155.13 points or 3.04 percent to finish at the daily high of 5,260.33 after moving as low as 5,161.39.
Among the actives, Bank Danamon Indonesia spiked 3.73 percent, while Bank Mandiri rallied 4.82 percent, Bank CIMB Niaga collected 2.68 percent, Indosat soared 6.27 percent, Indocement jumped 4.17 percent, Semen Indonesia skyrocketed 9.04 percent, Indofood Suskes gathered 2.52 percent, Astra Agro Lestari gained 2.13 percent, Aneka Tambang climbed 1.81 percent, Vale Indonesia accelerated 4.40 percent, Timah was up 2.99 percent and Bumi Resources was unchanged.
The lead from Wall Street continues to be form as stocks opened sharply higher on Thursday and stayed that way, extending gains from the previous two sessions.
The Dow soared 542.52 points or 1.95 percent to finish at 28,390.18, while the NASDAQ surged 300.15 points or 2.59 percent to end at 11,890.93 and the S&P 500 jumped 67.01 points or 1.95 percent to close at 3,510.45.
The continued strength on Wall Street came as traders kept an eye on the latest news regarding the presidential election. Democratic nominee Joe Biden currently seems poised to unseat President Donald Trump, although Democrats are not expected to take control of the Senate.
Meanwhile, the members of the Federal Reserve decided to keep the target range for the federal funds rate at 0 to 0.25 percent, as widely expected. The accompanying statement said the Fed expects rates to remain unchanged until labor market reaches levels consistent with the central bank's assessments of maximum employment.
In U.S. economic news, the Labor Department reported a modest decrease in first-time claims for U.S. unemployment benefits last week; later today, the Labor Department will release its more closely watched report on employment in October.
Crude oil prices drifted lower Thursday, snapping a three-day winning streak as rising coronavirus cases and the delay in outcome of the U.S. Presidential election weighed on the commodity. West Texas Intermediate Crude oil futures for December settled with a loss of $0.36 or 0.9 percent at $38.79 a barrel.
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