Markets

Indonesia Stock Market May Spin Its Wheels On Tuesday

(RTTNews) - The Indonesia stock market ticked higher again on Monday, one session ending the six-day winning streak in which it had surged more than 330 points or 6.5 percent. The Jakarta Composite Index now sits just beneath the 6,070-point plateau and it's expected to remain in that neighborhood again on Tuesday.

The global forecast for the Asian markets suggests directionless trade amidst a lack of catalysts, with weakness from the oil stocks offset by gains from technology shares. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.

The JCI finished slightly higher on Monday following mixed performances from the financial and cement companies, while the resource stocks were soft.

For the day, the index rose 4.77 points or 0.08 percent to finish at 6,069.94 after trading between 6,050.80 and 6,088.00.

Among the actives, Bank Danamon Indonesia shed 0.42 percent, while Bank Negara Indonesia declined 1.78 percent, Bank Central Asia dropped 0.76 percent, Bank Rakyat Indonesia was down 2.07 percent, Indosat advanced 0.75 percent, Indocement sank 0.61 percent, Semen Indonesia rose 0.24 percent, United Tractors tanked 2.34 percent, Astra International gained 0.48 percent, Astra Agro Lestari lost 0.54 percent, Aneka Tambang tumbled 2.06 percent, Vale Indonesia surrendered 2.33 percent, Timah dipped 0.32 percent, Bumi Resources retreated 1.64 percent and Bank CIMB Niaga, Bank Mandiri and Indofood Suskes were unchanged.

The lead from Wall Street is inconsistent as the major averages quickly headed south on Monday; the Dow and the S&P saw the losses accelerate as the day progressed, while the NASDAQ ended up in positive territory.

The Dow dropped 126.15 points or 0.36 percent to finish at 34,630.24, while the NASDAQ gained 67.23 points or 0.49 percent to end at 13,881.72 and the S&P 500 fell 3.37 points or 0.08 percent to close at 4,226.52.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves after the major averages climbed to their best closing levels in a month last week.

Traders remain optimistic about the economic outlook but are still on edge about the possibility of the Federal Reserve scaling back its ultra-easy monetary policy.

Crude oil prices drifted lower Monday, coming off 30-month highs after data showed a drop in China's crude oil imports in April. West Texas Intermediate Crude oil futures for July ended down by $0.39 or 0.6 percent at $69.23 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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