The Indonesia stock market has climbed higher in three straight, collecting more than 70 points or 1.1 percent along the way. The Jakarta Composite Index now rests just above the 6,270-point plateau although the rally is likely to stall on Wednesday.
The global forecast for the Asian is mixed and flat, with oil and technology stocks likely to continue to weigh. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow that lead.
The JCI finished modestly higher again on Tuesday following mixed performances from the financial shares and resource stocks.
For the day, the index gained 17.50 points or 0.28 percent to finish at 6,272.81 after trading between 6,241.95 and 6,279.14.
Among the actives, Bank Danamon Indonesia tumbled 1.90 percent, while Bank CIMB Niaga shed 0.52 percent, Bank Negara Indonesia collected 0.42 percent, Bank Central Asia added 0.52 percent, Bank Mandiri fell 0.78 percent, Indosat tanked 3.33 percent, Telkom Indonesia skyrocketed 9.46 percent, Indocement skidded 1.12 percent, Semen Indonesia was down 0.71 percent, United Tractors lost 0.54 percent, Astra International rose 0.44 percent, Astra Agro Lestari was down 0.45 percent, Aneka Tambang slipped 0.34 percent, Vale Indonesia advanced 0.78 percent, Timah sank 0.42 percent, Bumi Resources climbed 1.64 percent and Indofood Suskes and Bank Rakyat Indonesia were unchanged.
The lead from Wall Street suggests a hint of support as stocks staged a recovery after opening sharply lower on Tuesday as the Dow and S&P managed to pick into positive territory.
The Dow added 15.66 points or 0.05 percent to finish at 31,537.35, while the NASDAQ fell 67.85 points or 0.50 percent to end at 13,465.20 and the S&P 500 rose 4.87 points or 0.13 percent to close at 3,881.37.
The early sell-off on Wall Street reflected concerns about the outlook for inflation and the potential for higher interest rates due to the recent increase in bond yields. The yields on ten-year notes and thirty-year bonds reached their highest intraday levels since the early days of the coronavirus pandemic earlier in the day.
However, selling pressure waned after Federal Reserve Chair Jerome Powell's remarks before the Senate Banking Committee. Powell reiterated interest rates will remain at near-zero levels and the Fed will continue its asset purchases at the current rate until "substantial further progress" has been made toward its goals of maximum employment and price stability.
In U.S. economic news, the Conference Board said consumer confidence has improved more than expected in February.
Crude oil prices ended slightly lower on Tuesday after surging in the previous session. West Texas Intermediate Crude oil futures for April ended down $0.03 at $61.67 a barrel.
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