Plus   Neg

Steady Start Eyed For Indonesia Stock Market

The Indonesia stock market has finished higher in two of three trading days since the end of the three-day slide in which it had stumbled more than 110 points or 1.9 percent. The Jakarta Composite Index now sits just above the 6,000-point plateau and it's expected to hold steady on that level on Wednesday.

The global forecast for the Asian markets is mixed and fairly flat amid a lack of strong catalysts. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished modestly higher on Tuesday following gains from the resource stocks and mixed performances from the financials and cement companies.

For the day, the index gained 32.48 points or 0.54 percent to finish at 6,002.77 after trading between 5,944.42 and 6,008.50.

Among the actives, Bank Danamon Indonesia retreated 1.39 percent, while Bank CIMB Niaga spiked 3.35 percent, Bank Negara Indonesia climbed 1.30 percent, Bank Central Asia rose 0.16 percent, Bank Mandiri collected 0.80 percent, Indosat skyrocketed 8.24 percent, Indocement shed 0.41 percent, Semen Indonesia advanced 0.73 percent, Indofood Suskes jumped 1.50 percent, United Tractors added 0.56 percent, Aneka Tambang soared 5.91 percent, Vale Indonesia rallied 5.19 percent, Timah surged 6.27 percent and Bank Rakyat Indonesia, Astra International, Bumi Resources, Astra Agro Lestari and Energi Mega Persada were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages opened lower but then spent the day bouncing back and forth across the unchanged line before eventually closing slightly in the red.

The Dow shed 96.95 points or 0.29 percent to finish at 33,430.24, while the NASDAQ dipped 7.21 points or 0.05 percent to end at 13,698.38 and the S&P 500 eased 3.97 points or 0.10 percent to close at 4,073.94.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.

Meanwhile, traders largely shrugged off news the International Monetary Fund raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.

Crude oil prices moved higher on Tuesday, riding a weaker U.S. dollar. West Texas Intermediate Crude oil futures for May ended higher by $0.68 or 1.2 percent at $59.33 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT