Indonesia Stock Market Has A Red Light For Tuesday's Trade

(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day winning streak in which it had surged more than 170 points or 3 percent. The Jakarta Composite Index now rests just beneath the 6,460-point plateau and it's tipped to open in the red again on Tuesday.

The global forecast for the Asian markets is murky, with interest rate concerns offset by support from crude oil prices. The European markets were mostly higher and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished modestly lower on Monday following losses from the cement companies, gains from the resource stocks and a mixed picture from the financials.

For the day, the index lost 22.07 points or 0.34 percent to finish at 6,459.70 after trading between 6,451.68 and 6,506.09.

Among the actives, Bank Danamon Indonesia retreated 1.77 percent, while Bank CIMB Niaga skidded 1.44 percent, Bank Negara Indonesia accelerated 4.07 percent, Bank Central Asia lost 0.48 percent, Bank Rakyat Indonesia collected 0.48 percent, Indosat sank 0.79 percent, Indocement declined 1.47 percent, Semen Indonesia tanked 2.48 percent, Indofood Suskes dropped 1.12 percent, United Tractors advanced 0.86 percent, Astra International was down 2.12 percent, Energi Mega Persada improved 0.80 percent, Astra Agro Lestari rallied 2.24 percent, Aneka Tambang spiked 3.42 percent, Vale Indonesia soared 4.04 percent, Timah surged 5.97 percent, Bumi Resources skyrocketed 9.30 percent and Bank Mandiri and Jasa Marga were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Monday but faded as the day progressed and ended firmly in the red.

The Dow dropped 250.19 points or 0.72 percent to finish at 34,496.06, while the NASDAQ sank 93.34 points or 0.64 percent to close at 14,486.20 and the S&P 500 lost 30.15 points or 0.69 percent to end at 4,361.19.

Lingering concerns about the Federal Reserve scaling back its asset purchases weighed on Wall Street, as last Friday's disappointing job report is not seen as likely to dissuade the central bank from tapering.

Trading activity was somewhat subdued, however, as some traders remained away from their desks for Columbus Day, also known as Indigenous Peoples' Day.

Crude oil futures spiked Monday with falling inventories, the OPEC decision to stick with a gradual production increase, and the ongoing energy crunch supporting oil prices. West Texas Intermediate Crude oil futures for November rose $1.17 or 1.5 percent to $80.52 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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