The Indonesia stock market on Tuesday halted the four-day losing streak in which it had dropped more than 90 points or 1.5 percent. The Jakarta Composite Index now sits just beneath the 6,090-point plateau and it's expected to open higher again on Wednesday.
The global forecast for the Asian is positive on easing concerns over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The JCI finished sharply higher on Tuesday following gains from the financial shares and resource stocks.
For the day, the index spiked 91.59 points or 1.53 percent to finish at 6,087.84 after trading between 6,006.67 and 6,118.86.
Among the actives, Bank Danamon Indonesia rallied 2.34 percent, while Bank CIMB Niaga collected 1.09 percent, Bank Negara Indonesia fell 0.40 percent, Bank Central Asia increased 1.44 percent, Bank Mandiri accelerated 2.49 percent, Bank Rakyat Indonesia advanced 2.54 percent, Indosat climbed 1.41 percent, Semen Indonesia plunged 3.00 percent, Indofood Suskes soared 2.49 percent, United Tractors rose 0.12 percent, Astra Agro Lestari spiked 3.21 percent, Aneka Tambang added 2.73 percent, Vale Indonesia gained 2.55 percent, Timah surged 4.17 percent, Bumi Resources jumped 1.72 percent and Astra International, Indocement and Perusahaan Gas were unchanged.
The lead from Wall Street is upbeat as stocks opened slightly lower on Tuesday but quickly turned positive and picked up steam as the day progressed.
The Dow added 68.61 points or 0.20 percent to finish at 33,945.58, while the NASDAQ jumped 111.79 points or 0.79 percent to end at 14,253.27 and the S&P 500 gained 21.65 points or 0.51 percent to close at 4,246.44.
The strength that emerged on Wall Street was partly attributed to a significant rebound by the value of bitcoin - which turned higher over the course of the trading day after the cryptocurrency tumbled below $30,000 earlier in the day.
The higher close by stocks also came as Federal Reserve Chair Jerome Powell continued to downplay the risks of inflation during testimony before the House Select Subcommittee on the Coronavirus Crisis.
In economic news. the National Association of Realtors released a report showing existing home sales extended a recent pullback in May but fell by less than economists had expected.
Crude oil futures settled lower on Tuesday, weighed down by speculation that OPEC and its allies will agree to increase crude production. West Texas Intermediate Crude oil futures for July ended down $0.60 or 0.8 percent at $73.06 a barrel on the expiration day. WTI Crude oil futures for August, the new front-month contract, fell $0.27 or 0.4 percent at $72.85 a barrel.
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