Indonesia Bourse May Extend Winning Streak

(RTTNews) - The Indonesia stock market has moved higher in two straight sessions, advancing more than 80 points or 1 percent along the way. The Jakarta Composite Index sits just beneath the 8,120-point plateau and it may add to its winnings again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, with support from technology shares likely offset by weakness from the oil companies. The European and U.S. markets saw mild upside and the Asian bourses are expected to open in similar fashion.

The JCI finished modestly higher on Monday following gains from the resource and cement companies, weakness from the food stocks and a mixed picture from the financial sector.

For the day, the index added 23.91 points or 0.30 percent to finish at 8,123.25 after trading between 8,100.02 and 8,157.33.

Among the actives, Bank CIMB Niaga rose 0.29 percent, while Bank Mandiri shed 0.45 percent, Bank Danamon Indonesia collected 0.42 percent, Bank Negara Indonesia fell 0.24 percent, Bank Central Asia jumped 1.97 percent, Bank Rakyat Indonesia retreated 1.49 percent, Indosat Ooredoo Hutchison soared 4.09 percent, Indocement strengthened 1.52 percent, Semen Indonesia improved 1.41 percent, Indofood Sukses Makmur dropped 0.98 percent, United Tractors rallied 2.18 percent, Astra International tumbled 1.70 percent, Energi Mega Persada slumped 1.20 percent, Astra Agro Lestari sank 0.91 percent, Aneka Tambang spiked 2.80 percent, Vale Indonesia surged 4.67 percent, Timah skyrocketed 14.07 percent and Bumi Resources accelerated 4.76 percent.

The lead from Wall Street is mildly positive as the major averages opened mixed on Monday but eventually managed to finish with modest gains.

The Dow added 68.78 points or 0.15 percent to finish at 46,316.07, while the NASDAQ gained 107.09 points or 0.48 percent to end at 22,591.15 and the S&P 500 rose 17.51 points or 0.26 percent to close at 6,661.21 percent.

The upswing on Wall Street reflected strength among technology stocks, with AI darling and market leader Nvidia (NVDA) jumping 2.1 percent and video game maker Electronic Arts (EA) surging 4.5 percent.

However, traders seemed reluctant to make more significant moves amid concerns about a potential U.S. government shutdown ahead of a deadline later today.

Traders were also looking ahead to the release of the Labor Department's closely watched monthly jobs report on Friday, which could impact the outlook for interest rates. But the data could be delayed if the government shuts down.

Crude oil prices tumbled on Monday in the wake of oversupply concerns thanks to OPEC's plans for increasing output. West Texas Intermediate crude for November delivery was down $2.50 or 3.80 percent at $63.22 per barrel.