Indonesia Stock Market May Spin Its Wheels
(RTTNews) - The Indonesia stock market has moved higher in five straight sessions, advancing more than 75 points or 1.3 percent along the way. The Jakarta Composite Index now rests just above the 6,335-point plateau although the rally may stall on Wednesday.
The global forecast for the Asian markets suggests mild upside on expectations of further stimulus. The European markets were up and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The JCI finished slightly higher on Tuesday as gains from the financial shares were mitigated by weakness from the cement and resource companies.
For the day, the index rose 10.46 points or 0.17 percent to finish at 6,336.67 after trading between 6,311.34 and 6,342.01.
Among the actives, Bank Danamon Indonesia added 0.22 percent, while Bank Mandiri climbed 1.08 percent, Bank Central Asia collected 0.33 percent, Bank Negara Indonesia spiked 2.65 percent, Bank Rakyat Indonesia gained 0.48 percent, Indosat rose 0.57 percent, Indocement tumbled 1.61 percent, Semen Indonesia plunged 4.28 percent, Indofood Suskes shed 0.64 percent, Bumi Resources dropped 1.05 percent, Aneka Tambang advanced 0.89 percent, Vale Indonesia tumbled 1.31 percent and Timah retreated 2.03 percent.
The lead from Wall Street continues to be murky as stocks saw another lackluster performance on Tuesday, eventually closing mixed and roughly flat for the third consecutive session.
The Dow added 73.92 points or 0.28 percent to 26,909.43, while the NASADQ fell 3.28 points or 0.04 percent to 8,084.16 and the S&P 500 rose 0.96 points or 0.03 percent to 2,979.39.
The early weakness on Wall Street reflected uncertainty ahead of the European Central Bank's monetary policy decision on Thursday as well as next week's Federal Reserve meeting. Both the ECB and the Fed are expected to cut interest rates in reaction to indications of a global slowdown.
The weaker than expected jobs data released last Friday raised concerns about the economic outlook but also reinforced expectations of another interest rate cut by the Fed next week.
Crude oil prices edged lower on Tuesday, with traders taking profits after recent strong gains and looking ahead to weekly inventory reports. West Texas Intermediate Crude oil futures for October were down $0.45 or 0.8 percent at $57.40 a barrel.
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