logo
Plus   Neg
Share
Email

Little Movement Expected For Indonesia Stock Market

The Indonesia stock market on Tuesday halted the four-day winning streak in which it had climbed almost 160 points or 2.6 percent. The Jakarta Composite Index now rests just above the 6,480-point plateau and it's likely to be rangebound again on Wednesday.

The global forecast for the Asian markets suggests little movement ahead of the FOMC interest rate decision later today. The European markets were up and the U.S. bourses were mixed and flat - and the Asian markets are tipped to follow the latter lead.

The JCI finished modestly lower on Tuesday following losses from the cement stocks, support from the resource companies and a mixed if volatile picture from the financial sector.

For the day, the index shed 29.17 points or 0.45 percent to finish at 6,480.28 after trading between 6,473.29 and 6,522.21.

Among the actives, Bank Danamon Indonesia jumped 1.88 percent, while Bank Mandiri surged 4.23 percent, Bank Central Asia shed 0.72 percent, Bank Rakyat Indonesia skidded 1.24 percent, Indosat added 0.33 percent, Semen Indonesia tumbled 1.50 percent, United Tractors spiked 2.04 percent, Indofood Suskes advanced 1.04 percent, Unilever dipped 0.35 percent, Bumi Resources added 0.78 percent, Aneka Tambang rose 0.52 percent, Vale Indonesia climbed 1.72 percent, Vale Indonesia accelerated 2.00 percent and Bank Negara Indonesia and Indocement were unchanged.

The lead from Wall Street offers little guidance as the major averages shook off an early spike Tuesday and finished roughly flat.

The Dow shed 26.72 points or 0.10 percent to finish at 25,887.38, while the NASDAQ added 9.47 points or 0.12 percent to 7,723.95 and the S&P 500 fell 0.37 points or 0.01 percent to 2,832.57.

The early strength on Wall Street partly reflected continued optimism about U.S.-China trade talks, although that ebbed on reports that China is pushing back against American demands.

Traders were also reluctant to make big moves ahead of the Federal Reserve's monetary policy decision later today. The Fed is widely expected to leave interest rates unchanged, although the accompanying statement may provide clues about the outlook for rates.

Crude oil futures settled marginally lower on Tuesday, as traders weighed the supply and demand situation in the market. West Texas Intermediate Crude oil futures for April ended down $0.06 or 0.1 percent at $59.03 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT