Rebound Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Monday wrote a finish to the three-day winning streak in which it had advanced almost 130 points or 1.8 percent. The Jakarta Composite Index now sits just above the 7,080-point plateau although it's expected to find renewed support on Tuesday.

The global forecast for the Asian markets is positive, with technology stocks expected to lead the markets higher. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow suit.

The JCI finished sharply lower on Monday following losses from the financial shares, cement companies and resource stocks.

For the day, the index slumped 83.96 points or 1.17 percent to finish at 7,080.47 after trading between 7,073.95 and 7,182.02.

Among the actives, Bank CIMB Niaga retreated 1.69 percent, while Bank Mandiri stumbled 2.16 percent, Bank Danamon Indonesia sank 0.77 percent, Bank Negara Indonesia surrendered 2.42 percent, Bank Central Asia tumbled 1.78 percent, Bank Rakyat Indonesia weakened 1.20 percent, Indosat Ooredoo Hutchison declined 1.67 percent, Indocement plunged 2.83 percent, Semen Indonesia slumped 1.53 percent, Indofood Sukses Makmur skidded 2.32 percent, United Tractors fell 0.68 percent, Astra International dropped 1.82 percent, Energi Mega Persada advanced 0.83 percent, Astra Agro Lestari shed 1.21 percent, Aneka Tambang plummeted 3.62 percent, Jasa Marga surged 3.15 percent, Vale Indonesia lost 2.25 percent, Timah crashed 2.84 percent, Bumi Resources cratered 4,03 percent and Bank Maybank Indonesia was unchanged.

The lead from Wall Street is mostly upbeat as the major averages opened higher on Monday and largely remained that way, although the Dow dipped into the red by the day's end.

The Dow shed 25.57 points or 0.06 percent to finish at 42,706.56, while the NASDAQ rallied 243.30 points or 1.24 percent to close at 19,864.98 and the S&P 500 added 32.91 points or 0.55 percent to end at 5,975.38.

The early rally on Wall Street reflected continued strength among tech stocks after contract electronics giant Foxconn reported record fourth quarter revenue amid strong AI server demand.

Early buying interest was also generated in reaction to reports suggesting President-elect Donald Trump may scale back his tariff plans.

Crude oil prices were unable to hold early gains on Monday, snapping a five-day winning streak - although the downside was capped after top oil exporter Saudi Arabia raised prices for Asian buyers for the first time in three months. West Texas Intermediate Crude for February delivery fell $0.46 or 0.5 percent to $73.50 a barrel.