Indonesia Stock Market May End Losing Streak

(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, slumping more than 30 points or 0.4 percent in that span. The Jakarta Composite Index now sits just above the 7,300-point plateau although it may find traction on Tuesday.

The global forecast for the Asian markets is upbeat, with support expected from technology and oil stocks. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

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

For the day, the index shed 25.60 points or 0.35 percent to finish at 7,302.45 after trading between 7,300.94 and 7,358.55.

Among the actives, Bank CIMB Niaga collected 0.25 percent, while Bank Mandiri surrendered 3.04 percent, Bank Danamon Indonesia climbed 1.03 percent, Bank Rakyat Indonesia added 0.42 percent, Indosat Ooredoo Hutchison rallied 1.28 percent, Semen Indonesia tanked 2.56 percent, Indofood Sukses Makmur rose 0.39 percent, United Tractors gained 0.41 percent, Astra International shed 0.48 percent, Energi Mega Persada jumped 1.83 percent, Astra Agro Lestari spiked 2.24 percent, Aneka Tambang soared 2.48 percent, Vale Indonesia perked 0.24 percent, Timah improved 1.13 percent and Bumi Resources, Bank Negara Indonesia, Bank Central Asia and Indocement were unchanged.

The lead from Wall Street is positive as the major averages opened solidly higher on Monday and remained in the green throughout the trading day.

The Dow advanced 75.66 points or 0.20 percent to finish at 38,790.43, while the NASDAQ jumped 130.27 points or 0.82 percent to close at 16,103.45 and the S&P 500 gained 32.33 points or 0.63 percent to end at 5,149.42.

Technology stocks led the rally on Wall Street, with the tech-heavy NASDAQ showing a strong move to the upside on gains from the likes of Alphabet (GOOGL) and Nvidia (NVDA).

Meanwhile, traders continued to look ahead to the Federal Reserve's two-day monetary policy meeting on Tuesday and Wednesday. The Fed is widely expected to leave interest rates unchanged after recent inflation readings have reduced optimism about a rate cut in June.

In U.S. economic news, the National Association of Home Builders reported an unexpected improvement in U.S. homebuilder confidence in March.

Oil prices moved higher Monday amid concerns about supply due to geopolitical risks following continued drone attacks by Ukraine on Russian oil refineries, as well as data showing a drop in crude exports from Iraq and Saudi Arabia. West Texas Intermediate Crude oil futures for April jumped $1.68 or 2.1 percent at $82.72 a barrel.