The Indonesia stock market has ticked higher in back-to-back trading days, gathering more than 65 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 6,680-point plateau although it's overdue for consolidation on Tuesday.
The global forecast for the Asian markets is soft, with profit taking likely following recent gains. A drop in crude oil prices adds to the soft sentiment. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The JCI finished modestly higher on Monday following gains from the financial shares and the resource stocks.
For the day, the index collected 20.00 points or 0.30 percent to finish at 6,680.62 after trading between 6,634.89 and 6,686.35. There were 224 gainers and 147 decliners, with 115 stocks finishing unchanged.
Among the actives, Bank Pan Indonesia surged 7.14 percent, while Bank MNC Internasional spiked 1.96 percent, Bank Danamon Indonesia jumped 1.06 percent, Bank Mandiri eased 0.30 percent, Lotte Chemical dropped 0.98 percent, Tiga Pilar Sejahtera Food added 0.85 percent, Voksel Electric shed 0.81 percent, Jasa Marga lost 0.44 percent, Bumi Resources soared 2.37 percent, Vale Indonesia advanced 4.32 percent and Indofood and XL Axiata were unchanged.
The lead from Wall Street is negative as stocks gave ground on Monday after several days of record closing highs for the major averages.
The Dow shed 177.23 points or 0.67 percent to 26,439.48, while the NASDAQ lost 39.27 points or 0.52 percent and the S&P 500 fell 19.34 points or 0.67 percent to 2,853.53.
Profit taking contributed to the weakness on Wall Street, as traders cashed in on recent gains. Also, the Federal Reserve's monetary policy announcement and the Labor Department's monthly jobs report may be keeping some traders on the sidelines.
In economic news, the Commerce Department said personal income rose slightly more than expected in December, while personal spending climbed in line with expectations.
Crude oil futures fell Monday amid indications U.S. production will be ramped up, as well as a strengthening U.S. dollar. March WTI oil was down 58 cents or 0.9 percent to $65.56/bbl.
by RTT Staff Writer
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