Indonesia Shares Due For Profit Taking On Tuesday

(RTTNews) - The Indonesia stock market has moved higher in six straight sessions, advancing more than 225 points or 3.6 percent along the way. The Jakarta Composite Index now rests just above the 6,830-point plateau although investors may lock in gains on Tuesday.

The global forecast for the Asian markets is soft on tariff concerns and sinking oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished modestly higher on Monday following gains from the telecoms and mixed performances from the financial shares, cement companies and resource stocks.

For the day, the index added 16.22 points or 0.24 percent to finish at 6,831.95 after trading between 6,824.40 and 6,879.11.

Among the actives, Bank Mandiri collected 0.40 percent, while Bank Negara Indonesia rose 0.24 percent, Bank Rakyat Indonesia and Energi Mega Persada both shed 0.52 percent, Indosat Ooredoo Hutchison strengthened 1.32 percent, Indocement tumbled 1.90 percent, Semen Indonesia added 0.39 percent, Indofood Sukses Makmur retreated 1.30 percent, United Tractors perked 0.11 percent, Astra International dipped 0.21 percent, Astra Agro Lestari advanced 0.83 percent, Aneka Tambang rallied 1.31 percent, Vale Indonesia improved 0.81 percent, Timah gained 0.45 percent, Bumi Resources tumbled 2.68 percent and Bank CIMB Niaga, Bank Danamon Indonesia and Bank Central Asia were unchanged.

The lead from Wall Street is negative as the major averages opened lower on Monday, rallied midday but turned lower into the finish to end in the red.

The Dow shed 98.60 points or 0.24 percent to finish at 41,218.83, while the NASDAQ dropped 133.49 points or 0.74 percent to close at 17,844.24 and the S&P 500 sank 36.29 points or 0.64 percent to end at 5,650.38.

The early pullback on Wall Street came as some traders looked to cash in on the recent strength in the markets, which had lifted the major averages to their best levels in a month.

Renewed trade concerns also weighed on stocks after President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.

However, early selling pressure waned following the release of a report from the Institute for Supply Management showing an unexpected increase in U.S. service sector activity in April.

Crude oil futures moved sharply lower on Monday to a four-year low after several members of OPEC+ agreed to increase oil production for a second month. West Texas Intermediate crude for June delivery tumbled $1.16 or 2 percent to $57.13 a barrel.