Indonesia Stock Market May Be Stuck In Neutral On Tuesday

(RTTNews) - The Indonesia stock market has tracked higher in back-to-back sessions, improving more than 115 points or 15 percent along the way. The Jakarta Composite Index now sits just above the 7,600-point plateau although it's expected to open in the red on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

The JCI finished modestly higher on Monday following gains from the financial shares and cement companies, while the food stocks were down and the resource shares were mixed. For the day, the index advanced 72.54 points or 0.96 percent to finish at 7,605.92 after trading between 7,559.35 and 7,630.11. Among the actives, Bank CIMB Niaga rose 0.29 percent, while Bank Mandiri climbed 1.07 percent, Bank Danamon Indonesia jumped 1.99 percent, Bank Negara Indonesia rallied 3.19 percent, Bank Central Asia spiked 3.01 percent, Bank Rakyat Indonesia collected 2.97 percent, Indosat Ooredoo Hutchison shed 0.44 percent, Indocement skyrocketed 8.57 percent, Semen Indonesia surged 7.66 percent, Indofood Sukses Makmur dropped 0.92 percent, United Tractors added 0.52 percent, Astra International lost 0.41 percent, Energi Mega Persada tumbled 1.83 percent, Astra Agro Lestari soared 3.61 percent, Aneka Tambang plunged 4.85 percent, Vale Indonesia stumbled 2.24 percent, Timah sank 0.50 percent and Bumi Resources slumped 1.82 percent.

The lead from Wall Street is negative as the major averages opened mixed on Monday, rallied midday but then slumped in the afternoon and finished under water.

The Dow dropped 200.52 points or 0.45 percent to finish at 43,975.09, while the NASDAQ sank 64.62 points or 0.30 percent to close at 21,385.40 and the S&P 500 fell 16.00 points or 0.25 percent to end at 6,373.45.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of several closely watched economic reports in the coming days.

The Labor Department's report on consumer price inflation in the month of July is likely to be in focus later today as the data could impact the outlook for interest rates.

Ahead of the release of the data, CME Group's FedWatch Tool is indicating an 86.5 percent chance the Federal Reserve will lower interest rates by a quarter point next month.

Crude oil edged higher on Monday as Russia shrugged off the U.S. deadline to end its war with Ukraine or face sanctions. West Texas Intermediate crude for September delivery was up $0.17 or 0.27 percent at $64.05 per barrel.