Indonesia Bourse: Investors May Cash In On Tuesday

(RTTNews) - The Indonesia stock market has climbed higher in four straight sessions, advancing more than 65 points or 1.1 percent along the way. The Jakarta Composite Index now rests just above the 6,325-point plateau although it's due for consolidation on Tuesday.

The global forecast for the Asian markets is fairly rudderless, with trade uncertainties offset by rising crude oil prices. The European and U.S. markets were mixed but little changed and the Asian bourses are likely to follow that lead.

The JCI finished modestly higher again on Monday as gains from the food and resource stocks were offset by weakness from the financials and cement companies.

For the day, the index gained 17.26 points or 0.27 percent to finish at 6,326.21 after trading between 6,306.74 and 6,333.90

Among the actives, Bank Danamon Indonesia tumbled 2.52 percent, while Bank Mandiri skidded 1.06 percent, Bank Central Asia collected 0.17 percent, Bank Negara Indonesia shed 0.66 percent, Bank Rakyat Indonesia plunged 2.34 percent, Indosat dropped 1.69 percent, Indocement retreated 1.36 percent, Semen Indonesia eased 0.19 percent, United Tractors skyrocketed 8.00 percent, Unilever jumped 1.38 percent, Indofood Suskes added 0.31 percent, Bumi Resources spiked 2.15 percent, Aneka Tambang soared 4.19 percent, Vale Indonesia accelerated 2.42 percent and Timah surged 4.68 percent.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before closing mixed.

The Dow added 38.05 points or 0.14 percent to 26,835.51, while the NASDAQ lost 15.64 points or 0.19 percent to 8,087.44 and the S&P 500 fell 0.28 points or 0.01 percent to 2,978.43.

The choppy trading on Wall Street came amid a light day on the U.S. economic front, with a lack of major data keeping some traders on the sidelines.

Traders expressed some optimism about further stimulus from global central banks, with the European Central Bank expected to cut interest rates on Thursday. Expectations for another interest rate cut by the U.S. Federal Reserve next week were also bolstered by last Friday's weaker than expected jobs data.

Crude oil prices rose sharply on Monday, riding comments from Saudi Arabia that it would continue to support output cuts by OPEC and other producers. West Texas Intermediate Crude oil futures for December ended up $1.33 or 2.4 percent at $57.85 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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