Mild Upside Seen For Indonesia Stock Market

(RTTNews) - The Indonesia stock market bounced higher again on Monday, one session after snapping the two-day winning streak in which it had gathered more than 120 points or 2 percent. The Jakarta Composite Index now rests just above the 6,100-point plateau and it may tick higher again on Tuesday.

The global forecast for the Asian markets is murky, with little movement expected among ongoing Covid-19 concerns. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The JCI finished barely higher on Monday following mixed performances from the resource stocks and weakness from the financial and cement companies.

For the day, the index rose 4.70 points or 0.08 percent to finish at 6,106.39 after trading between 6,091.02 and 6,137.05.

Among the actives, Bank Danamon Indonesia tanked 2.24 percent, while Bank CIMB Niaga retreated 1.55 percent, Bank Negara Indonesia shed 0.49 percent, Bank Central Asia lost 0.50 percent, Bank Mandiri plunged 2.93 percent, Bank Rakyat Indonesia declined 1.03 percent, Indosat jumped 1.58 percent, Indocement skidded 1.22 percent, Semen Indonesia tumbled 1.72 percent, Indofood Suskes rose 0.39 percent, United Tractors spiked 2.28 percent, Astra International cratered 3.64 percent, Aneka Tambang added 0.38 percent, Vale Indonesia advanced 0.93 percent, Timah plummeted 4.05 percent and Bumi Resources and Astra Agro Lestari were unchanged.

The lead from Wall Street suggests mild upside as the major averages shook off a soft open on Monday, climbing gradually throughout the day to finish at fresh record closing highs. The Dow gained 82.76 points or 0.24 percent to finish at 35,144.31, while the NASDAQ rose 3.72 points or 0.03 percent to end at 16,565.31 and the S&P 500 added 10.51 points or 0.24 percent to close at 4,422.30. The choppy trading on Wall Street came as upbeat earnings news warred with concerns about the spread of new coronavirus variants. Traders may also have been reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Fed is expected to leave interest rates unchanged, but traders will pay close attention to any comments regarding its asset purchase program. In economic news, the Commerce Department showed another steep drop in new home sales in June. Crude oil futures settled lower Monday amid worries about the outlook for energy demand due to the rapidly spreading delta variant of the coronavirus in several countries around the world. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $71.91 a barrel after four straight days of gains.

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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