Profit Taking Expected For Indonesia Bourse

(RTTNews) - The Indonesia stock market has moved higher in 11 straight sessions, gathering more than 530 points or 7.5 percent along the way. The Jakarta Composite Index now sits just beneath the 7,400-point plateau although it's overdue for consolidation on Tuesday.

The global forecast for the Asian markets offers little clarity as investors wait and see what happens with tariff deadlines. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to open in similar fashion.

The JCI finished sharply higher on Monday following gains from the resource, food and telecom sectors, while the financials shares were soft.

For the day, the index jumped 86.28 points or 1.18 percent to finish at 7,398.19 after trading between 7,306.87 and 7,408.01.

Among the actives, Bank CIMB Niaga fell 0.29 percent, while Bank Mandiri retreated 1.27 percent, Bank Danamon Indonesia slumped 1.23 percent, Bank Negara Indonesia declined 1.21 percent, Bank Central Asia collected 0.30 percent, Bank Rakyat Indonesia sank 0.78 percent, Indosat Ooredoo Hutchison soared 4.26 percent, Indocement strengthened 1.46 percent, Semen Indonesia plunged 3.86 percent, Indofood Sukses Makmur advanced 0.91 percent, United Tractors rallied 2.11 percent, Astra International rose 0.21 percent, Energi Mega Persada spiked 3.33 percent, Astra Agro Lestari improved 0.79 percent, Aneka Tambang surged 7.41 percent, Vale Indonesia skyrocketed 9.61 percent, Timah accelerated 5.97 percent and Bumi Resources gained 0.85 percent.

The lead from Wall Street is uninspired as the major averages opened solidly higher on Monday but ebbed throughout the session before ending mixed and little changed.

The Dow sank 19.12 points or 0.04 percent to finish at 44,323.07, while the NASDAQ gained 78.52 points or 0.38 percent to close at a fresh record 20,974.17 and the S&P 500 rose 8.81 points or 0.14 percent to end at 6,305.60 - also a record.

The early strength on Wall Street reflected optimism about potential trade deals, with Commerce Secretary Howard Lutnick saying he is confident the U.S. will reach an agreement with the European Union.

Buying interest waned over the course of the session, however, as traders looked ahead to the release of earnings news from several big-name companies this week, including Google parent Alphabet (GOOGL), Tesla (TSLA) and Intel (INTC).

On the U.S. economic front, a report released by the Conference Board showed its reading on leading U.S. economic indicators fell by slightly more than expected in the month of June.

Crude oil prices slipped on Monday as investors seem concerned that heavy tariffs could block international trade and reduce demand for oil and energy. West Texas Intermediate crude for August delivery dipped $0.11 to $69.17 per barrel.