Renewed Consolidation Expected For Indonesia Shares

(RTTNews) - The Indonesia stock market on Monday ended the two-day slide in which it had slipped almost 20 points or 0.3 percent. The Jakarta Composite Index now sits just above the 8,410-point plateau although it's expected to open under water again on Tuesday.

The global forecast for the Asian markets is negative on valuation concerns, especially among technology shares. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The JCI finished modestly higher on Monday following gains from the financial shares and resource stocks.

For the day, the index added 46.45 points or 0.55 percent to finish at 8,416.88 after trading between 8,392.00 and 8,452.33.

Among the actives, Bank CIMB Niaga jumped 1.73 percent, while Bank Mandiri rallied 1.47 percent, Bank Danamon Indonesia collected 0.79 percent, Bank Central Asia spiked 1.78 percent, Bank Rakyat Indonesia climbed 1.03 percent, Indocement improved 0.75 percent, United Tractors eased 0.09 percent, Astra International advanced 0.78 percent, Energi Mega Persada expanded 1.10 percent, Astra Agro Lestari added 0.65 percent, Aneka Tambang gained 0.66 percent, Vale Indonesia stumbled 3.30 percent, Timah increased 0.63 percent, Bumi Resources was up 0.91 percent and Bank Negara Indonesia, Indosat Ooredoo Hutchison, Semen Indonesia and Indofood Sukses Makmur were unchanged.

The lead from Wall Street is soft as the major averages spent the first half of Monday's trade relatively flat before tumbling in the afternoon, finishing near daily lows.

The Dow tumbled 557.24 points or 1.18 percent to finish at 46,590.24, while the NASDAQ dropped 192.51 points or 0.84 percent to close at 22,708.07 and the S&P 500 sank 61.70 points or 0.92 percent to end at 6,672.41.

The weakness on Wall Street came as valuation concerns resurfaced ahead of the release of quarterly results from Nvidia (NVDA) after the markets close on Wednesday.

Traders were also looking ahead to the release of U.S. economic data that was delayed due to the government shutdown. While the reports will be backward looking, the data could still impact the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting in December.

Crude oil prices edged lower on Tuesday as long-term oversupply concerns of a supply-demand mismatch continue to linger. West Texas Intermediate crude for December delivery dipped $0.09 or 0.13 percent at $60.01 per barrel.