The Indonesia stock market on Monday halted the two-day slide in which it had fallen almost 15 points or 0.3 percent. The Jakarta Composite Index now rests just above the 6,165-point plateau although it's expected to turn lower again on Tuesday.
The global forecast for the Asian markets is negative on renewed coronavirus concerns. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished sharply higher on Monday following gains from the telecoms and mixed performances from the financials and resource companies.
For the day, the index climbed 61.30 points or 1.00 percent to finish at 6,165.62 after trading between 6,119.92 and 6,195.15.
Among the actives, Bank Danamon Indonesia collected 0.60 percent, while Bank Negara Indonesia lost 0.75 percent, Bank Central Asia rose 0.44 percent, Indosat skyrocketed 20.61 percent, Indocement shed 0.34 percent, Semen Indonesia lost 0.40 percent, Indofood Suskes spiked 3.30 percent, United Tractors surged 6.20 percent, Aneka Tambang advanced 0.77 percent, Vale Indonesia added 0.47 percent, Timah sank 0.62 percent, Bumi Resources plunged 3.70 percent and Bank Mandiri, Bank CIMB Niaga and Astra Agro Lestari were unchanged.
The lead from Wall Street is soft as stocks opened sharply lower on Monday but recovered as the day progressed to end mixed and little changed.
The Dow rose 37.40 points or 0.12 percent to finish at 30,216.45, while the NASDAQ fell 13.12 points or 0.10 percent to end at 12,742.52 and the S&P 500 slid 14.49 points or 0.39 percent to close at 3,694.92.
The early sell-off on Wall Street came on concerns about a new coronavirus strain in the U.K., with the variant said to be 70 percent more infectious than the original strain. This led Canada as well as several European countries, including Germany, France, Italy and the Netherlands, to order a suspension of flights from Britain.
Selling pressure waned over the course of the session, however, as traders also reacted to news that Congressional leaders finally agreed on a new $900 billion relief package. The bill will purportedly provide more federal assistance to small businesses, healthcare providers, and the unemployed and includes direct payments worth up to $600 per adult and child.
Crude oil prices plunged sharply on Monday as reports of a surge in a new strain of coronavirus in the U.K. raised concerns about energy demand. West Texas Intermediate Crude oil futures for February ended down $1.27 or 2.6 percent at $47.97 a barrel.
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