Indonesia Stock Market Due For Support On Tuesday

(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, slumping almost 75 points or 1.1 percent along the way. The Jakarta Composite Index now rests just beneath the 6,770-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets suggests little movement ahead of key inflation data later this week. The European and U.S. markets finished mixed and mostly flat and the Asian markets are expected to open in similar fashion.

The JCI finished slightly lower on Monday as losses from the energy stocks were offset by gains from the cement companies and mixed performances from the financials and resource stocks.

For the day, the index slipped 18.00 points or 0.27 percent to finish at 6,769.63 after trading between 6,756.66 and 6,798.32.

Among the actives, Bank CIMB Niaga surged 5.36 percent, while Bank Mandiri dropped 0.97 percent, Bank Negara Indonesia skidded 1.08 percent, Bank Rakyat Indonesia slumped 2.39 percent, Indosat Ooredoo Hutchison spiked 2.65 percent, Indocement jumped 1.75 percent, Semen Indonesia rallied 2.19 percent, Indofood Suskes accelerated 2.61 percent, United Tractors soared 3.52 percent, Astra International fell 0.41 percent, Energi Mega Persada tumbled 3.33 percent, Astra Agro Lestari climbed 1.33 percent, Aneka Tambang strengthened 1.47 percent, Vale Indonesia lost 0.36 percent, Timah climbed 1.04 percent, Bumi Resources improved 0.83 percent and Bank Central Asia and Bank Danamon Indonesia were unchanged.

The lead from Wall Street offers little guidance as the major averages opened flat on Monday and spent much of the day in negative territory before finishing mixed and little changed.

The Dow shed 55.69 points or 0.17 percent to finish at 33,618.69, while the NASDAQ added 21.50 points or 0.18 percent to close at 12,256.92 and the S&P 500 perked 1.87 points or 0.05 percent to end at 4,138.12.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead to the release of key inflation data later in the week.

The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates.

In U.S. economic news, the Commerce Department released a report showing U.S. wholesale inventories were unexpectedly unchanged in March versus expectations for a slight increase.

Crude oil prices climbed higher on Monday amid optimism about the outlook for energy demand thanks to last week's fairly encouraging non-farm payrolls data. West Texas Intermediate crude oil futures for June ended higher by $1.82 or 2.6 percent at $73.16 a barrel.

Closer to home, Indonesia will see April results for its consumer confidence index later today; in March, the index score was 123.3.