Indonesia Stock Market May Add To Its Winnings

(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had advanced more than 130 points or 1.9 percent. The Jakarta Composite Index now rests just shy of the 7,200-point plateau and it's expected to extend its gains on Tuesday.

The global forecast for the Asian markets is cautiously optimistic as some traders believe the heavy selling in recent sessions has been overdone. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The JCI finished modestly higher on Monday as gains from the financial shares were offset by weakness from the resource stocks.

For the day, the index added 26.62 points or 0.37 percent to finish at 7,195.49.

Among the actives, Bank Danamon Indonesia collected 0.37 percent, while Bank CIMB Niaga rose 0.45 percent, Bank Negara Indonesia perked 0.28 percent, Bank Central Asia spiked 2.37 percent, Bank Mandiri climbed 1.37 percent, Bank Rakyat Indonesia improved 1.56 percent, Indosat Ooredoo Hutchison jumped 1.77 percent, Semen Indonesia accelerated 1.82 percent, Indofood Suskes declined 1.59 percent, United Tractors eased 0.07 percent, Astra International rallied 3.26 percent, Energi Mega Persada plunged 5.22 percent, Astra Agro Lestari retreated 1.65 percent, Aneka Tambang added 0.49 percent, Timah surrendered 2.41 percent, Bumi Resources plummeted 6.67 percent and Indocement and Vale Indonesia were unchanged.

The lead from Wall Street ends up positive as the major averages opened lower on Monday, bounced back and forth across the unchanged line before ending in the green.

The Dow jumped 197.26 points or 0.64 percent to finish at 31,019.68, while the NASDAQ jumped 86.62 points or 0.76 percent to close at 11,535.02 and the S&O 500 gained 26.56 points or 0.69 percent to end at 3,899.89.

Trading activity was subdued as traders looked ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100 basis point rate hike.

A number of other major central banks around the world are also scheduled to announce their latest monetary policy decisions this week, including the Bank of England and the Bank of Japan.

Traders largely shrugged off a report from the National Association of Home Builders showing U.S. homebuilder confidence declined for the ninth consecutive month in September.

Oil prices recovered Monday after falling sharply, rebounding to end on a firm note amid concerns about supplies. A fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside. West Texas Intermediate Crude oil futures for October ended higher by $0.62 or 0.7 percent at $85.73 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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