Indonesia Stock Market May Be Stuck In Neutral On Monday

(RTTNews) - Ahead of the long weekend for Wesak Day, the Indonesia stock market had ended the two-day slide in which it had stumbled more than 130 points or 1.9 percent. The Jakarta Composite Index now sits just above the 7,220-point plateau - although it may open lower again on Monday as it catches up on missed soft sentiment.

The global forecast for the Asian markets is cautiously optimistic, with technology shares expected to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The JCI finished modestly higher on Tuesday following mixed performances from the finance and resource companies.

For the day, the index added 36.34 points or 0.51 percent to finish at 7,222.38 after trading between 7,191.11 and 7,239.86.

Among the actives, Bank CIMB Niaga advanced 0.82 percent, while Bank Mandiri rose 0.41 percent, Bank Danamon Indonesia fell 0.37 percent, Bank Negara Indonesia dipped 0.21 percent, Bank Central Asia collected 0.53 percent, Bank Rakyat Indonesia rallied 0.85 percent, Indosat Ooredoo Hutchison tumbled 1.71 percent, Semen Indonesia skidded 1.00 percent, United Tractors improved 0.78 percent, Astra International perked 0.21 percent, Energi Mega Persada declined 1.04 percent, Astra Agro Lestari strengthened 1.23 percent, Aneka Tambang tanked 2.56 percent, Vale Indonesia surrendered 2.97 percent, Timah slumped 1.06 percent, Bumi Resources climbed 1.09 percent and Indocement and Indofood Sukses Makmur were unchanged.

The lead from Wall Street is upbeat but inconsistent as the major averages opened higher on Friday; the S&P and NASDAQ remained firmly higher all day, while the Dow struggled to stay above water.

The Dow rose 4.33 points or 0.01 percent to finish at 39,069.59, while the NASDAQ jumped 184.76 points or 1.10 percent to close at a record high of 16,920.79 and the S&P 500 gained 36.88 points or 0.70 percent to end at 5,304.72.

For the week, the NASDAQ jumped 1.4 percent, the S&P 500 was nearly unchanged and the Dow tumbled 2.3 percent.

The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the downturn seen on Thursday, which saw the Dow post its worst daily drop since March 2023.

In economic news, the Commerce Department noted an unexpected increase in durable goods orders in April. Also, the University of Michigan said in a report that consumer sentiment in the U.S. deteriorated less than estimated in May.

Crude oil prices moved higher Friday, snapping a four-day losing streak despite concerns about the outlook for demand. West Texas Intermediate crude oil futures for July ended higher by $0.85 at $77.72 a barrel; for the week, WTI crude futures slumped 3 percent.