The Indonesia stock market on Monday ended the two-day winning streak in which it had collected almost 25 points or 0.4 percent. The Jakarta Composite Index now sits just beneath the 5,965-point plateau although it's likely to bounce higher again on Tuesday.
The global forecast for the Asian is mostly positive on optimism for earnings - especially tech shares - although coronavirus concerns in India may cap the upside. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow suit.
The JCI finished modestly lower on Monday following losses from the financial shares and mixed performances from the resource and cement stocks.
For the day, the index dropped 52.04 points or 0.86 percent to finish at 5,964.82 after trading between 5,955.62 and 6,027.75.
Among the actives, Bank Danamon Indonesia sank 0.76 percent, while Bank CIMB Niaga shed 0.50 percent, Bank Negara Indonesia lost 0.87 percent, Bank Central Asia tumbled 1.64 percent, Bank Mandiri tanked 2.85 percent, Bank Rakyat Indonesia plunged 2.59 percent, Indosat climbed 1.16 percent, Indocement dropped 0.98 percent, Semen Indonesia jumped 1.20 percent, Indofood Suskes declined 1.11 percent, United Tractors dipped 0.23 percent, Astra Agro Lestari retreated 1.59 percent, Aneka Tambang soared 3.02 percent, Vale Indonesia surged 3.86 percent, Timah spiked 2.53 percent, Bumi Resources surrendered 1.54 percent and Astra International was unchanged.
The lead from Wall Street is mixed to higher as the major averages opened in the green on Monday although the Dow was unable to hold its gains at the end of the day.
The Dow slipped 61.92 points or 0.18 percent to finish at 33,981.57, while the NASDAQ jumped 121.97 points or 0.87 percent to end at 14,138.78 and the S&P 500 rose 7.45 points or 0.18 percent to close at 4,187.62.
Tech stocks led the markets higher amid optimism ahead of the release of quarterly results from a number of big-name companies later this week.
Buying interest was subdued, however, as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will be paying close attention to any changes to the accompanying statement that may signal a shift in the near future.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods increased by less than expected in March.
Crude oil prices drifted lower on Monday amid continues worries about the outlook for energy demand due to rising coronavirus cases in India. West Texas Intermediate Crude oil futures for June ended lower by $0.23 or 0.4 percent at $61.91 a barrel.
For comments and feedback contact: editorial@rttnews.com
