We forecast the IHSG to show a limited uptrend today to follow the global stock exchanges.Jakarta (ANTARA) - The Jakarta Composite Share Price Index (IHSG) is forecast to show a limited uptrend in mid-week amid a positive trend at the US stock exchange.
The Indonesian Stock Exchange (BEI) index rose 16.76 points, or 0.32 percent, to reach 5,327, while the index of the 45 most liquid stocks increased 4.04 points, or 0.48 percent, to touch 845.29.
"We forecast the IHSG to show a limited uptrend today to follow the global stock exchanges," the Samuel Sekuritas Research Team noted in a report quoted by Antara on Wednesday.
The US Stock Exchange showed a positive trend during overnight trading. According to the US ISM, Purchasing Managers Index (PMI) hit a 19-month record high of 56, indicative of expansive manufacturing activities in the US.
The other positive sentiment arose from the expectation of new stimulus for economic recovery. US Secretary of Treasury Steven Mnuchin unveiled a potential bill on new assistance for COVID-19 to be announced next week.
In the commodity market, crude prices recorded a hike, with Brent rising 0.7 percent and WTI increasing 0.4 percent, fueled by rising economic activities and declining US crude stocks, at 3.63 million barrels, well above the consensus forecast of 1.95 million barrels.
On the domestic front, the Indonesia stock exchange rose on Tuesday, driven by PMI data at 50.6 percent, suggesting that the domestic manufacturing activities have begun expanding.
In regional markets on Wednesday morning, the Nikkei Index jumped 84.15 points, or 0.36 percent, to 23,222.22; the Hang Seng Index tumbled 229.51 points, or 0.91 percent, to 24,955.34; and the Straits Times Index weakened 5.19 points, or 0.2 percent, to 2,533.36.
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