Plus   Neg

Higher Open Called For Indonesia Stock Market

The Indonesia stock market has alternated between positive and negative finishes through the last give trading days since the end of the two-day slide in which it had dropped almost 50 points or 1 percent. The Jakarta Composite Index now rests just above the 5,115-point plateau and it's expected to rise again on Tuesday.

The global forecast for the Asian markets is upbeat on hopes for further stimulus in the face of the coronavirus pandemic. The European markets were slightly lower and the U.S. bourses were firmly higher and the Asian markets are tipped to follow the latter lead.

The JCI finished modestly higher on Monday following gains from the financial shares, resource stocks and cement companies.

For the day, the index advanced 33.67 points or 0.66 percent to finish at the daily high of 5,116.67 after trading as low as 5,080.12.

Among the actives, Bank Mandiri soared 4.91 percent, while Bank Negara Indonesia collected 0.87 percent, Indosat spiked 1.99 percent, Indocement added 0.61 percent, Semen Indonesia climbed 1.08 percent, United Tractors skyrocketed 7.97 percent, Aneka Tambang rallied 5.84 percent, Vale Indonesia accelerated 5.79 percent, Timah surged 6.62 percent and Bank Danamon Indonesia, Bank Central Asia, Indofood Suskes and Bumi Resources were unchanged.

The lead from Wall Street is positive as stocks rebounded from last week's weakness as traders cycled back into big-name tech stocks.

The Dow added 114.88 points or 0.43 percent to finish at 26,584.77, while the NASDAQ jumped 173.09 points or 1.67 percent to end at 10,536.27 and the S&P 500 rose 23.78 points or 0.74 percent to close at 3,239.41.

The strength on Wall Street partly reflected optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.

In economic news, the Commerce Department released report showing durable goods orders continued to move sharply higher in June.

Crude oil prices rebounded after early losses on Monday as the dollar fell to its lowest level in two years. West Texas Intermediate Crude oil futures for September ended up $0.31 or 0.8 percent at $41.60 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT