The Indonesia stock market has moved higher in two straight sessions, collecting almost 50 points or 0.9 percent along the way. The Jakarta Composite Index now rests just above the 5,810-point plateau and it's looking at another firm open for Wednesday.
The global forecast for the Asian markets is firm thanks to solid earnings news and economic data, plus a surge in crude oil prices. The European and U.S. markets were up and the Asian markets figure to follow suit.
The JCI finished modestly higher on Tuesday as gains from the financials and resource stocks were tempered by weakness from the food and cement companies.
For the day, the index gathered 11.95 points or 0.21 percent to finish at the daily high of 5,813.54 after moving as low as 5,780.48. There were 187 decliners and 134 gainers, with 126 stocks finishing unchanged.
Among the actives, Bank Danamon advanced 2.96 percent, while Bank Mandiri added 0.56 percent, Tiga Pilar Sejahtera Food plunged 5.58 percent, Lotte Chemical Titan tumbled 3.53 percent, XL Axiata spiked 2.50 percent, Bank Pan Indonesia collected 0.92 percent, Bumi Resources was unchanged, Vale Indonesia surged 5.99 percent and Indocement fell 0.69 percent.
The lead from Wall Street is positive as stocks moved mostly higher on Tuesday, allowing the NASDAQ and the S&P 500 to hit new record closing highs.
The NASDAQ added 1.37 points or 0.1 percent to 6,412.17, while the Dow added 100.26 points or 0.5 percent to 21,613.43 and the S&P 500 climbed 7.17 points or 0.3 percent to 2,477.08.
The strength reflected a positive reaction to the latest earnings news, with Caterpillar (CAT) and McDonald's (MCD) posting notable gains after reporting better than expected results.
Buying interest also followed a report from the Conference Board showing an unexpected improvement in consumer confidence in July.
Crude oil futures surged Tuesday to a six-week high as OPEC vowed to re-balance oil markets even if it takes supply quotas through 2018. WTI light sweet crude oil was up $1.49 to $47.82 a barrel, up 3.1 percent from the previous session.
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