Indonesia Shares Due For Consolidation On Tuesday

(RTTNews) - Ahead of the long break for Eid-ul-Fitr, the Indonesia stock market had finished higher in two straight sessions, collecting more than 120 points or 1.7 percent along the way. The Jakarta Composite Index now sits just above the 7,285-point plateau and it's likely to return to action to the downside.

The global forecast for the Asian markets suggests consolidation on rising concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead. The JCI finished modestly higher on April 5 as gains from the resource stocks were offset by weakness from the financial shares.

For the day, the index added 32.48 points or 0.45 percent to finish at 7,286.88 after trading between 7,239.27 and 7,298.86.

Among the actives, Bank CIMB Niaga shed 0.47 percent, while Bank Mandiri sank 0.73 percent, Bank Danamon Indonesia skidded 1.06 percent, Bank Negara Indonesia dropped 0.93 percent, Bank Central Asia fell 0.25 percent, Bank Rakyat Indonesia and Semen Indonesia both slumped 0.88 percent, Indosat Ooredoo Hutchison strengthened 1.58 percent, Indocement retreated 1.15 percent, United Tractors advanced 0.80 percent, Astra International jumped 1.93 percent, Energi Mega Persada declined 0.91 percent, Astra Agro Lestari added 0.36 percent, Aneka Tambang gained 0.60 percent, Vale Indonesia slid 0.24 percent, Timah plunged 2.70 percent, Bumi Resources rallied 1.19 percent and Indofood Sukses Makmur was unchanged.

The lead from Wall Street is broadly negative as the major averages opened higher on Monday but quickly head south and finished deep in the red.

The Dow dropped 248.13 points or 0.65 percent to finish at 37,735.11, while the NASDAQ tumbled 290.08 points or 1.79 percent to close at 15,885.02 and the S&P 500 sank 61.59 points or 1.20 percent to end at 5,061.82.

The initial strength on Wall Street reflected a positive reaction to earnings news from Goldman Sachs (GS) as the investment banking company reported Q1 earnings that exceeded estimates on better than expected revenues.

Traders also initially reacted positively to a Commerce Department report showing much stronger than expected U.S. retail sales growth in March - but the data triggered another spike by treasury yields.

The yield on the benchmark 10-year note has surged to its highest levels in five months, as the data has led to renewed concerns about the outlook for interest rates.

Crude oil prices fell on Monday amid slightly easing concerns about supply disruptions after Iran's drone and missile attack on Israel did not cause any big damage. Concerns about the outlook for oil demand in China and a strong U.S. dollar also weighed on oil prices. West Texas Intermediate Crude futures for May ended lower by $0.25 at $85.41 a barrel.

Closer to home, Indonesia will release March figures for imports, exports and trade balance later today. In February, imports were up 15.84 percent on year and exports slumped an annual 9.45 percent for a trade surplus of $0.87 billion.