Indonesia Stock Market Called Higher On Tuesday

(RTTNews) - The Indonesia stock market bounced higher again on Monday, one session after ending the six-day winning streak in which it had spiked more than 150 points or 2.9 percent. The Jakarta Composite Index now rests just above the 5,275-point plateau although it may bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on rising oil prices and continued optimism for a coronavirus treatment. The European and U.S. markets were up and now the Asian bourses figure to open in similar fashion.

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

For the day, the index rose 4.23 points or 0.08 percent to finish at 5,277.04 after trading between 5,261.41 and 5,294.15.

Among the actives, Bank Mandiri tumbled 1.64 percent, while Bank Negara Indonesia advanced 0.99 percent, Indosat skidded 1.20 percent, Indocement added 0.42 percent, Semen Indonesia jumped 1.57 percent, Indofood Suskes surged 4.17 percent, Astra Agro Lestari tanked 2.69 percent, Aneka Tambang surrendered 1.89 percent, Vale Indonesia sank 1.34 percent, Timah plummeted 3.85 percent and Bank Danamon Indonesia, Bank CIMB Niaga and Bumi Resources were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Monday and remained firmly in the green throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 378.13 points or 1.35 percent to finish at 28,308.46, while the NASDAQ advanced 67.92 points or 0.60 percent to end at 11,379.72 and the S&P 500 advanced 34.12 points or 1.00 percent to close at 3,431.28.

The strength on Wall Street came following upbeat news on the coronavirus front after the Food and Drug issued an emergency authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Adding to the positive sentiment, a report from the Financial Times said the Trump administration is considering fast-tracking an experimental coronavirus vaccine from the U.K. for use in America ahead of the presidential election.

Oil prices jumped on Monday as the threat of hurricanes in the Caribbean and the Gulf of Mexico brought oil production to a halt. West Texas Intermediate (WTI) crude futures were up 31 cents or 0.72 percent at $42.58 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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