(RTTNews.com) - The Indonesia stock market on Monday wrote a finish to the two-day losing streak in which it had fallen almost 70 points or 1.2 percent. The Jakarta Composite Index now rests just above the 5,740-point plateau and the market may tick higher again on Tuesday.
The global forecast for the Asian markets is firm
thanks to positive news from Europe, although persistent weakness in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The JCI finished modestly higher on Monday following gains from the financial shares and the resource stocks.
Among the actives, Bumi Resources surged 5.33 percent, while Lotte Chemical Titan tumbled 5.85 percent, Tiga Pilar Sejahtera Food skidded 4.17 percent, XL Axiata advanced 2.22 percent, Bank MNC Internasional climbed 1.69 percent, Bank Danamon Indonesia jumped 1.93 percent and Vale Indonesia was unchanged.
The lead from Wall Street is broadly positive as stocks moved higher on Monday, allowing the Dow and the S&P 500 to both hit new record closing highs.
The Dow climbed 144.71 points or 0.7 percent to 21,528.99, while the NASDAQ surged 87.25 points or 1.4 percent to 6,239.01 and the S&P added 20.31 points or 0.8 percent to 2,453.46.
The buying interest on Wall Street was in reaction to political news out of Europe. Brexit negotiations with the EU have begun after Britain bowed to pressure for a formal opening to their long-awaited negotiations.
Also, French President Emmanuel Macron's party won a clear parliamentary majority in Sunday's election, giving him a strong mandate in parliament to pursue his pro-European Union, business-friendly reform plans.
Crude oil futures fell Monday as the dollar strengthened on expectations the Federal Reserve will again raise interest rates in the next few months. WTI light sweet crude oil was down 58 cents at $44.17 a barrel.
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