(RTTNews) - The Indonesia stock market on Monday snapped the two-day losing streak in which it had tumbled more than 210 points or 2.8 percent. The Jakarta Composite Index now sits just above the 8,030-point plateau and it may see mild upside on Tuesday. The global forecast for the Asian markets is cautiously optimistic amidst an extended rebound among technology companies and ahead of key U.S. data later this week. The European and U.S. markets were up and the Asian bourses are expected to follow that lead. The JCI finished sharply higher on Monday following gains from the resource stocks, weakness from the financial shares and telecoms and a mixed picture from the cement companies. For the day, the index jumped 96.61 points or 1.22 percent to finish at 8,031.87 after trading between 7,863.01 and 8,031.87. Among the actives, Bank CIMB Niaga rose 0.26 percent, while Bank Mandiri dropped 0.99 percent, Bank Danamon Indonesia sank 0.76 percent, Bank Negara Indonesia fell 0.22 percent, Bank Central Asia and Semen Indonesia both tanked 2.28 percent, Bank Rakyat Indonesia shed 0.26 percent, Indosat Ooredoo Hutchison tumbled 1.86 percent, Indocement jumped 1.94 percent, Indofood Sukses Makmur lost 0.36 percent, United Tractors spiked 2.27 percent, Astra International slumped 0.75 percent, Energi Mega Persada cratered 20.96 percent, Astra Agro Lestari added 0.58 percent, Aneka Tambang soared 4.85 percent, Vale Indonesia rallied 2.87 percent, Timah surged 4.29 percent and Bumi Resources skyrocketed 6.19 percent. The lead from Wall Street suggests mild upside as the major averages opened lower on Monday but eventually moved up into the green to finish with modest gains.
The Dow rose 18.98 points or 0.04 percent to finish at 50,134.65, while the NASDAQ jumped 217.80 points or 0.95 percent to close at 23,249.02 and the S&P 500 added 34.13 points or 0.49 percent to end at 6,966.43.
The strength that has emerged on Wall Street reflected an extended rebound by tech stocks, which helped the strong upward move seen last Friday.
Software giant Oracle (ORCL) has helped lead the sector higher, spiking by 9.3 percent after D.A. Davidson upgraded its rating on the company's stock to Buy from Neutral.
The choppy trading came as traders were reluctant to make significant moves ahead of the release of several key U.S. economic reports in the coming days. The Labor Department's closely watched monthly jobs report, which was delayed due to the brief government shutdown last week, is likely to be in the spotlight.
Gold prices moved sharply higher on Monday, extending last week's gains. Gold for February delivery surged $99.70 or 2 percent to $5,050.90 an ounce. The continued advance by the price of gold came amid weakness in the value of the U.S. dollar, with the U.S. dollar index sliding 0.7 percent. Closer to home, Indonesia will release December figures for retail sales later today; in November, sales were up 6.3 percent on year.
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