The Indonesia stock market has tracked higher in eight straight sessions, climbing more than 300 points or 4.1 percent along the way. The Jakarta Composite Index now rests just beneath the 7,790-point plateau and its overdue for consolidation on Wednesday.
The global forecast for the Asian markets is soft thanks to rising treasury yields. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow suit.
The JCI finished slightly higher on Tuesday following gains from the resource stocks and mixed performances from the financial shares and cement companies.
For the day, the index rose 16.39 points or 0.21 percent to finish at 7,788.98 after trading between 7,731.96 and 7,801.40.
Among the actives, Bank CIMB Niaga rose 0.26 percent, while Bank Mandiri tumbled 1.74 percent, Bank Danamon Indonesia sank 0.76 percent, Bank Negara Indonesia collected 0.44 percent, Bank Central Asia retreated 1.64 percent, Bank Rakyat Indonesia stumbled 1.80 percent, Bank Maybank Indonesia improved 0.87 percent, Indosat Ooredoo Hutchison tanked 2.02 percent, Indocement jumped 1.95 percent, Semen Indonesia surrendered 2.27 percent, Indofood Sukses Makmur added 0.34 percent, United Tractors strengthened 1.31 percent, Astra International soared 3.43 percent, Energi Mega Persada surged 6.67 percent, Astra Agro Lestari spiked 2.60 percent, Aneka Tambang skidded 1.18 percent, Jasa Marga perked 0.21 percent, Vale Indonesia gathered 0.24 percent, Timah accelerated 2.21 percent and Bumi Resources rallied 2.17 percent.
The lead from Wall Street offers little clarity as the major averages opened slightly lower on Tuesday and hugged the line throughout the day, with the NASDAQ managing to peek above the line by the close.
The Dow shed 6.71 points or 0.02 percent to finish at 42,924.89, while the NASDAQ rose 33.12 points or 0.18 percent to end at 18,573.13 and the S&P 500 slipped 2.78 points or 0.05 percent to close at 5,851.20.
The early weakness on Wall Street reflected renewed concerns about the outlook for interest rates after a recent surge by U.S. treasury yields.
After the Fed slashed interest rates by 50 basis points last month, CME Groups FedWatch Tool is currently indicating an 89.6 percent chance of just a 25-basis point rate cut next month.
The subsequent recovery by the markets came even though the yield on the benchmark ten-year note crept up to a nearly three-month closing high, as traders are optimistic about the economic outlook.
Oil prices rose sharply on Tuesday amid hopes that Chinas latest stimulus move will push up demand, although the upside was limited by a possible a ceasefire deal in the Middle East. West Texas Intermediate Crude futures for November added $1.53 or 2.1 percent at $72.09 a barrel.