The Indonesia stock market has moved higher in two of three trading days since the end of the three-day losing streak in which it had stumbled more than 100 points or 1.4 percent. The Jakarta Composite Index now sits just above the 7,320-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is positive, with bargain hunting among the technology stocks expected to fuel the rally. The European and U.S. markets were up and the Asian markets are expected to follow suit.
The JCI finished modestly higher on Monday following gains from the financial shares and mixed performances from the cement and resource companies.
For the day, the index gained 27.48 points or 0.38 percent to finish at 7,321.98 after trading between 7,301.42 and 7,341.91.
Among the actives, Bank CIMB Niaga collected 0.28 percent, while Bank Mandiri spiked 2.68 percent, Bank Central Asia dipped 0.25 percent, Bank Rakyat Indonesia perked 0.20 percent, Indosat Ooredoo Hutchison soared 3.91 percent, Indocement retreated 1.36 percent, Semen Indonesia rallied 1.48 percent, Indofood Sukses Makmur dropped 0.82 percent, United Tractors accelerated 2.64 percent, Astra International eased 0.22 percent, Energi Mega Persada sank 0.89 percent, Astra Agro Lestari added 0.43 percent, Aneka Tambang lost 0.74 percent, Vale Indonesia slumped 1.56 percent, Timah skidded 1.00 percent, Bumi Resources improved 1.28 percent and Bank Danamon Indonesia and Bank Negara Indonesia were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher and mostly stayed that way throughout the trading day.
The Dow climbed 127.91 points or 0.32 percent to finish at 40,415.44, while the NASDAQ surged 280.63 points or 1.58 percent to end at 18,007.57 and the S&P 500 rallied 59.41 points or 1.08 percent to close at 5,564.41.
The strength on Wall Street came as tech stocks regained ground following the steep drop seen last week, which saw the NASDAQ plunge by 3.7 percent. AI darling and tech sector leader Nvidia (NVDA) led the rebound, spiking 4.8 percent.
The advance by Nvidia also lent considerable strength to the semiconductor stocks, with the Philadelphia Semiconductor Index soaring 4.0 percent after ending last week at its lowest closing level in over a month.
Stocks also moved higher after President Joe Biden announced his decision to drop out of the presidential race and endorsed his Vice President Kamala Harris.
Crude oil futures eased on Monday, declining for the third consecutive session on concerns about the outlook for oil demand and renewed hopes of a ceasefire in Gaza. West Texas Intermediate Crude oil futures for August ended down $0.35 or at $79.78 a barrel.