The Indonesia stock market has moved lower in four straight sessions, sinking more than 90 points or 1.5 percent along the way. The Jakarta Composite Index now sits just beneath the 6,000-point plateau although it's expected to find support on Tuesday.
The global forecast for the Asian markets is positive, supported by crude oil prices and bargain hunting. The European and U.S. markets were firmly higher and the Asian bourses are tipped to follow suit.
The JCI finished slightly lower on Monday following losses from the resource stocks, support from the food companies and mixed performances from the financial and cement sectors.
For the day, the index eased 10.87 points or 0.18 percent to finish at 5,996.25 after trading between 5,884.92 and 6,021.49.
Among the actives, Bank Danamon Indonesia skidded 1.38 percent, while Bank Negara Indonesia collected 0.61 percent, Bank Central Asia declined 1.19 percent, Bank Mandiri tanked 2.82 percent, Bank Rakyat Indonesia gained 0.77 percent, Indosat surged 4.03 percent, Indocement skidded 1.59 percent, Semen Indonesia climbed 1.01 percent, Indofood Suskes advanced 0.84 percent, Kalbe Farms skyrocketed 8.82 percent, United Tractors plummeted 5.16 percent, Astra International surrendered 1.60 percent, Astra Agro Lestari tumbled 2.80 percent, Aneka Tambang retreated 1.35 percent, Timah plunged 4.32 percent and Bumi Resources, Vale Indonesia and Bank CIMB Niaga were unchanged.
The lead from Wall Street is solid as stocks opened mostly higher on Monday and only accelerated as the day progressed.
The Dow surged 586.89 points or 1.76 percent to finish at 33,876.97, while the NASDAQ climbed 111.10 points or 0.79 percent to end at 14,141.48 and the S&P 500 jumped 58.34 points or 1.40 percent to close at 4,224.79.
The rebound on Wall Street reflected bargain hunting after the steep drop seen last Friday dragged the Dow down to its lowest closing level in well over two months.
Fed Chair Jerome Powell is scheduled to testify before the House Select Subcommittee on the Coronavirus Crisis later today. Powell is due to discuss the Fed's response to the pandemic but could also face questions about the outlook for monetary policy.
Crude oil prices rose sharply Monday and lifted the most active WTI Crude futures contracts to their highest finish in more than two years amid rising optimism about energy demand. Weakness from the greenback also contributed as West Texas Intermediate Crude oil futures for July rose $2.02 or 2.8 percent at $73.66 a barrel.
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