Markets

Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market headed south again on Monday, one session after it had ended the three-day losing streak in which it had surrendered almost 60 points or 0.9 percent. The Jakarta Composite Index now rests just beneath the 6,215-point plateau, although it's likely to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on optimism over the ongoing trade war between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly lower on Monday following losses from the financial shares, resource stocks and cement companies.

For the day, the index lost 41.09 points or 0.66 percent to finish at 6,214.51 after trading between 6,149.02 and 6,230.31.

Among the actives, Bank Danamon Indonesia skidded 1.47 percent, while Bank Mandiri tumbled 1.74 percent, Bank Central Asia eased 0.08 percent, Bank Negara Indonesia sank 1.64 percent, Bank Rakyat Indonesia fell 0.25 percent, Indosat soared 4.287 percent, Indocement plunged 3.54 percent, Semen Indonesia dropped 1.53 percent, Indofood Suskes shed 0.64 percent, United Tractors retreated 1.83 percent, Bumi Resources plummeted 3.26 percent, Aneka Tambang jumped 1.48 percent, Vale Indonesia cratered 5.15 percent and Timah lost 1.03 percent.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside in early trading on Monday and remained firmly positive throughout the session.

The Dow added 269.93 points or 1.05 percent to 25,898.83, while the NASDAQ gained 101.97 points or 1.32 percent to 7,853.74 and the S&P 500 rose 31.27 points or 1.10 percent to 2,878.38.

The early rebound on Wall Street came as President Donald Trump continued to express optimism about a potential U.S.-China trade deal despite the ever-escalating trade war. Trump told reporters at the G-7 summit in France that top Chinese officials had called asking for the resumption of trade talks.

Trump had again ramped up the trade war after the close of trading last Friday by announcing plans to raise the rate of tariffs previously imposed on Chinese imports.

In economic news, the Commerce Department said that a continued spike in orders for transportation equipment contributed to a bigger than expected jump in durable goods orders in July.

Crude oil futures failed to hold early gains and settled lower on Monday, extending losses to a fourth consecutive session on speculation that oil supply from Iran could rise. West Texas Intermediate crude oil futures for October ended down $0.53 or 1 percent at $53.64 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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