Higher Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in four straight sessions, rising almost 110 points or 1.6 percent along the way. The Jakarta Composite Index now rests just above the 6,720-point plateau and it's expected to open in the green again on Tuesday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The JCI finished modestly higher on Monday following gains from the resource stocks and mixed performances from the financials and cement companies.

For the day, the index picked up 28.35 points or 0.42 percent to finish at 6,722.37.

Among the actives, Bank CIMB Niaga surged 5.48 percent, while Bank Mandiri shed 0.49 percent, Bank Danamon Indonesia strengthened 1.42 percent, Bank Negara Indonesia gained 0.81 percent, Bank Central Asia collected 0.55 percent, Bank Rakyat Indonesia slid 0.46 percent, Indosat Ooredoo Hutchison lost 0.57 percent, Indocement rallied 1.82 percent, Semen Indonesia spiked 2.11 percent, Indofood Suskes rose 0.34 percent, United Tractors accelerated 1.95 percent, Astra International fell 0.37 percent, Energi Mega Persada was up 2.80 percent, Astra Agro Lestari jumped 1.71 percent, Aneka Tambang climbed 1.01 percent, Vale Indonesia improved 0.79 percent, Timah soared 4.84 percent, Bumi Resources advanced 0.88 percent and Jasa Marga was unchanged.

The lead from Wall Street is upbeat as the major averages opened in the green on Monday and accelerated as the day progressed, ending near session highs.

The Dow climbed 189.55 points or 0.56 percent to finish at 34,066.33, while the NASDAQ rallied 202.78 points or 1.53 percent to end at 13,461.92 and the S&P 500 gained 40.07 points or 0.93 percent to close at 4,338.93.

The strength on Wall Street comes as traders look ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday.

The Fed is widely expected to pause its recent interest rate increases but is also likely to reiterate its commitment to bringing inflation down to its 2 percent target.

The Fed's accompanying statement is likely to have a significant impact on the outlook for rates along with some closely watched inflation data due to be released in the coming days.

Oil prices fell sharply Monday on concerns about the outlook for energy demand following a downward revision in the crude oil price forecast by Goldman Sachs. West Texas Intermediate Crude oil futures for July tumbled $3.05 or 4.4 percent at $67.12 a barrel, a three-month low.