JCI Poised for Further Gains Amid Wall Street Rally and Oil Price Correction
The Jakarta Composite Index (JCI) is expected to continue its upward trend in Friday's trading session, following a 0.40% gain on Thursday.
This optimism is partly due to gains in Wall Street stocks, which saw their best daily performance in over a month, driven by a correction in oil prices and increases in technology stocks, according to Phintraco Sekuritas analysts.
The market sentiment has also recovered following the Federal Reserve's decision to raise its benchmark interest rate at the FOMC meeting on September 16, with market participants anticipating negative sentiments during recent index corrections.
Easing concerns over oil supply disruptions from Saudi Arabia have led to a correction in global crude oil prices, which is expected to be a positive factor for the JCI, analysts said.