The Indonesia stock market has moved higher in two straight sessions, collecting almost 50 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 5,190-point plateau although it may run out of steam on Wednesday.
The global forecast for the Asian markets is mixed to lower, with oil and technology stocks expected to weigh heavily. The European markets were up and the U.S. bourses were down and the Asian markets are likely to follow the latter lead.
The JCI finished modestly higher on Tuesday as gains from the financials and cement companies were capped by weakness from the resource stocks.
For the day, the index gained 32.33 points or 0.63 percent to finish at 5,190.17 after trading between 5,157.93 and 5,201.45.
Among the actives, Bank Danamon Indonesia rallied 2.94 percent, while Bank Mandiri spiked 3.02 percent, Bank Negara Indonesia accelerated 3.46 percent, Indosat advanced 0.84 percent, Indocement rose 0.21 percent, Indofood Suskes climbed 1.08 percent, Aneka Tambang plunged 3.03 percent, Vale Indonesia shed 0.55 percent, Timah tumbled 1.27 percent and Semen Indonesia and Bumi Resources were unchanged.
The lead from Wall Street is negative as stocks were mixed for most of Tuesday's trade before sinking firmly into the red going into the close.
The Dow shed 104.53 points or 0.38 percent to finish at 27,686.91, while the NASDAQ tumbled 185.53 points or 1.69 percent to end at 10.782.37 and the S&P 500 fell 26.78 points or 0.80 percent to close at 3,333.69.
The late-day sell-off on Wall Street came as traders continued to cycle out of big-name tech stocks, with the NASDAQ extending the pullback seen over the two previous session - especially tech giants such as Netflix (NFLX), Apple (AAPL), and Facebook (FB).
Some optimism was generated by news that Russia has approved a vaccine for COVID-19, with Russian President Vladimir Putin claiming it works quite effectively - although the speed of the development of the vaccine has raised questions about its safety.
In economic news, the Labor Department said producer prices climbed by more than expected in July.
Crude oil futures ended with a loss Tuesday due to margin pressures following a huge sell-off in gold and silver futures. West Texas Intermediate Crude oil futures for September sank $0.33 or 0.8 percent at $41.61 a barrel after reaching a five-month high of $42.94 earlier in the session.
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