Indonesia's Jakarta Composite Set to Extend Rally as Central Bank Decision Looms

Indonesia's Jakarta Composite Index is poised to extend Tuesday's gains, opening Wednesday's session with a positive lead after snapping a three-day losing streak that had erased more than 950 points, or 16.6 percent. The index sits just above the 5,275-point plateau. The JCI surged 282.28 points, or 5.65 percent, to close at a daily high of 5,278.89 on Tuesday, rebounding from a low of 4,980.16, driven by bargain hunting across financial, technology, infrastructure, property and industrial sectors. The advance tracks a cautiously optimistic Wall Street session, with the Dow rising 1.02 percent to 52,495.88 while the NASDAQ slipped 0.02 percent. Crude oil fell 1.82 percent to $101.84 a barrel on reports Qatar and Pakistan are pushing for a U.S.-Iran peace deal. Indonesia's central bank concludes its monetary policy meeting later today, with benchmark, deposit and lending facility rates expected to rise 25 basis points each, to 6.00 percent, 5.00 percent and 6.75 percent.