Indonesia Shares Expected To Remain Rangebound On Tuesday

(RTTNews) - The Indonesia stock market bounced higher again on Monday, one session after ending the modest two-day winning streak in which it had collected more than 30 points or 0.4 percent. The Jakarta Composite Index now sits just above the 6,785-point plateau although it may tick lower again on Tuesday. The global forecast for the Asian markets is mixed to lower on continuing fears of a financial crisis. The European markets were sharply lower and the U.S. bourses were mixed and little changed and the Asian markets figure to follow the latter lead. The JCI finished modestly higher on Monday following mixed performances from the financials and transportation companies, while the resource stocks were soft. For the day, the index added 21.65 points or 0.32 percent to finish at 6,786.96 after trading between 6,727.44 and 6,812.87. Among the actives, Bank Danamon Indonesia tumbled 2.14 percent, while Bank CIMB Niaga collected 0.81 percent, Bank Negara Indonesia eased 0.28 percent, Bank Central Asia climbed 1.18 percent, Bank Mandiri dipped 0.24 percent, Bank Rakyat Indonesia was up 0.21 percent, Indosat Ooredoo Hutchison advanced 1.07 percent, Indocement plummeted 3.92 percent, Semen Indonesia tanked 2.21 percent, United Tractors surged 4.66 percent, Astra International sank 0.84 percent, Astra Agro Lestari rose 0.31 percent, Aneka Tambang retreated 1.60 percent, Vale Indonesia plunged 3.52 percent, Timah surrendered 2.62 percent and Bumi Resources, Indofood Suskes and Energi Mega Persada were unchanged. The lead from Wall Street offers little clarity as the major averages spent most of Monday bouncing back and forth across the unchanged line before finally ending mixed and little changed.

The Dow dropped 90.50 points or 0.28 percent to finish at 31,819.14, while the NASDAQ added 49.96 points or 0.45 percent to close at 11,188.84 and the S&P 500 dipped 5.83 points or 0.15 percent to end at 3,855.76.

The weakness that emerged on Wall Street came on continued concerns over the fallout from the Silicon Valley Bank collapse - which triggered heavy selling, particularly in the banking sector.

Over the weekend, the U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation said they would "fully protect" depositors, including those with assets above the federally guaranteed $250,000 limit, but traders were not reassured.

Investors are also nervous ahead of the ECB meeting and key inflation data due out later this week.

Crude oil prices fell sharply on Monday amid worries that a U.S. banking debacle may follow last week's collapse of Silicon Valley Bank. West Texas Intermediate Crude oil futures settled lower by $1.88 or 2.4 percent at $74.80 a barrel.