Consolidation Called For Indonesia Stock Market
(RTTNews) - Ahead of Tuesday's holiday for the Islamic New Year, the Indonesia stock market had jumped higher in back-to-back sessions, rallying more than 370 points or 6 percent along the way. The Jakarta Composite Index now sits just above the 6,250-point plateau although it's
(RTTNews) - Ahead of Tuesday's holiday for the Islamic New Year, the Indonesia stock market had jumped higher in back-to-back sessions, rallying more than 370 points or 6 percent along the way. The Jakarta Composite Index now sits just above the 6,250-point plateau although it's likely to open under pressure on Wednesday,
The global forecast for the Asian markets is soft, with profit taking on the docket after a few days of solid gains. The European markets were up and the U.S. bourses were mostly lower and the Asian markets are expected to follow the latter lead.
The JCI finished sharply higher on Monday following gains from the finance, food, telecom, cement and resource sectors.
For the day, the index surged 247.31 points or 4.12 percent to finish at 6,254.97 after trading between 6,118.08 and 6,345.80.
Among the actives, Bank CIMB Niaga collected 2.26 percent, while Bank Mandiri soared 7.14 percent, Bank Danamon Indonesia climbed 2.04 percent, Bank Negara Indonesia vaulted 6.74 percent, Bank Central Asia expanded 5.91 percent, Bank Rakyat Indonesia jumped 4.91 percent, Indosat Ooredoo Hutchison rose 0.81 percent, Indocement advanced 3.16 percent, Semen Indonesia increased 1.63 percent, Indofood Sukses Makmur spiked 3.50 percent, United Tractors added 1.11 percent, Astra International accelerated 3.16 percent, Energi Mega Persada perked 0.36 percent, Astra Agro Lestari slumped 1.21 percent, Antam surged 9.82 percent, Vale Indonesia rallied 7.75 percent, Timah strengthened 5.45 percent and Bumi Resources skyrocketed 10.19 percent.
The lead from Wall Street is mixed to lower as the major averages opened higher on Tuesday but only the Dow was able to hold on to its gains as the markets finished mixed.
The Dow rallied 328.64 points or 0.64 percent to finish at a record 51,999.67, while the NASDAQ dropped 307.60 points or 1.15 percent to end at 26,376.34 and the S&P 500 sank 42.94 points or 0.57 percent to close at 7,511.35.
The pullback by the NASDAQ and the S&P 500 reflected profit taking following recent strength in the markets. Optimism about an end to the monthslong U.S.-Iran contributed to the recent recovery, but some traders cashed in on gains as they wait for the peace deal to be finalized.
