Win Streak May End For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in six straight sessions, rising more than 130 points or 2 percent along the way. The Jakarta Composite Index now sits just above the 7,085-point plateau although it's due for consolidation on Tuesday.

The global forecast for the Asian markets is flat to slightly higher, with easing recession fears offset by interest rate concerns. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished slightly higher on Monday following gains from the financial shares, cement companies and resource stocks.

For the day, the index perked 2.19 points or 0.03 percent to finish at 7,086.85.

Among the actives, Bank Danamon Indonesia shed 0.78 percent, while Bank CIMB Niaga strengthened 1.84 percent, Bank Mandiri improved 1.21 percent, Bank Rakyat Indonesia collected 0.23 percent, Indocement added 0.52 percent, Semen Indonesia spiked 2.94 percent, United Tractors fell 0.31 percent, Astra International climbed 1.13 percent, Energi Mega Persada gained 0.75 percent, Astra Agro Lestari rallied 2.15 percent, Aneka Tambang jumped 1.98 percent, Vale Indonesia soared 3.69 percent, Timah accelerated 2.39 percent, Bumi Resources surged 5.61 percent and Bank Central Asia, Indosat Ooredoo Hutchison, Indofood Suskes and Bank Negara Indonesia were unchanged.

The lead from Wall Street offers little guidance as the major averages were unable to hold solid early gains, eventually hugging the line and finishing mixed.

The Dow rose 29.07 points or 0.09 percent to finish at 32,832.54, while the NASDAQ dipped 13.10 points or 0.10 percent to end at 12,644.46 and the S&P 500 eased 5.13 points or 0.12 percent to close at 4,140.06.

The early strength on Wall Street extended a recent upward trend; easing concerns about a potential recession may have contributed to the continued upward move following last week's much stronger than expected jobs data.

Buying interest waned over the course of the session, however, as the strong jobs data has increased the likelihood of another 75-basis point interest rate hike by the Federal Reserve next month.

Traders may also have been reluctant to make significant bets ahead of the release of closely watched U.S. inflation data later this week.

Crude oil prices recovered after early losses and settled sharply higher on Monday as data showed a significant increase in oil purchases by China so far this month. West Texas Intermediate Crude oil futures for September ended higher by $1.75 or 2 percent at $90.76 a barrel.

Closer to home, Indonesia will release June figures for retail sales later today; in May, sales were up 2.9 percent on year.