Markets

Narrow Trading Range Seen For Indonesia Shares

(RTTNews) - The Indonesia stock market on Monday ended the four-day winning streak in which it had advanced more than 110 points or 1.9 percent. The Jakarta Composite Index now rests just above the 6,290-point plateau, and it's likely to spin its wheels again on Tuesday.

The global forecast for the Asian markets suggests little movement, with solid economic data from European offset by concerns over the trade war between the United States and China. The European markets were up and the U.S. markets were off on holiday - and the Asian bourses are called flat with a touch of upside.

The JCI finished modestly lower on Monday as losses from the financial shares were mitigated by support from the resource stocks.

For the day, the index shed 37.92 points or 0.60 percent to finish at 6,290.55 after trading between 6,281.60 and 6,338.11.

Among the actives, Bank Danamon Indonesia shed 0.42 percent, while Bank Mandiri dropped 1.03 percent, Bank Central Asia tumbled 1.64 percent, Bank Negara Indonesia retreated 0.97 percent, Bank Rakyat Indonesia skidded 1.17 percent, Indosat jumped 1.92 percent, Indocement sank 1.50 percent, Semen Indonesia added 0.19 percent, Indofood Suskes advanced 0.95 percent, Bumi Resources plunged 2.13 percent, Aneka Tambang soared 9.35 percent, Vale Indonesia surged 12.46 percent and Timah skyrocketed 13.27 percent.

There is no lead from Wall Street, which was closed Monday for the Labor Day holiday - although the European markets were up for the third straight session.

The markets got a boost from the eurozone manufacturing index, which showed that the pace of regional decline slowed from the previous month.

But concerns over the ongoing trade war between the U.S. and China continued to weigh on investors.

The U.S. has imposed new tariffs on certain Chinese products worth $125 billion. In retaliation, China imposed measures targeting $75 billion worth of U.S. goods, including 5 percent duty on crude oil imported from the U.S.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos