Indonesia Stock Market May Find Traction On Tuesday

(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, sinking more than 90 points or 1.2 percent along the way. The Jakarta Composite Index now sits just beneath the 7,075-point plateau although it's expected to open higher on Tuesday. The global forecast for the Asian markets is upbeat on bargain hunting, especially among the technology tocks that were battered last week. The European and U.S. markets were up and the Asian bourses are expected to follow suit. The JCI finished slightly lower on Monday following mixed performances from the financial shares, cement stocks and resource companies. For the day, the index dipped 13.50 points or 0.19 percent to finish at 7,073.82 after trading between 7,026.48 and 7,117.02. Among the actives, Bank CIMB Niaga perked 0.14 percent, while Bank Negara Indonesia rallied 2.39 percent, Bank Central Asia retreated 1.32 percent, Bank Rakyat Indonesia collected 0.47 percent, Indosat Ooredoo Hutchison tanked 2.83 percent, Indocement advanced 0.98 percent, Semen Indonesia dropped 0.99 percent, Indofood Sukses Makmur improved 0.82 percent, United Tractors dipped 0.20 percent, Astra International climbed 1.02 percent, Energi Mega Persada plunged 3.67 percent, Astra Agro Lestari fell 0.38 percent, Aneka Tambang added 0.57 percent, Vale Indonesia rose 0.23 percent, Timah surged 6.50 percent and Bumi Resources, Bank Mandiri and Bank Danamon Indonesia were unchanged.

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

The Dow rallied 253.58 points or 0.67 percent to finish at 38,239.98, while the NASDAQ jumped 169.30 points or 1.11 percent to close at 15,451.31 and the S&P 500 gained 43.37 points or 0.87 percent to end at 5,010.60.

The strength that emerged on Wall Street came on easing fears of a wider Middle East conflict after Iran and Israel completed 'measured' counterattacks that were calibrated to avoid any casualties.

Investors scooped up bargains ahead of the release of a slew of U.S. economic data including reports on new home sales, durable goods orders and personal income and spending.

Earnings season also starts to pick up steam this week, with Tesla (TSLA), Boeing (BA), IBM (IBM), Caterpillar (CAT), Honeywell (HON), Alphabet (GOOGL), Intel (INTC), Microsoft (MSFT), Chevron (CVX) and Exxon Mobil (XOM) among the companies due to report their quarterly results.

Oil prices drifted lower on Monday on concerns about the outlook for global oil demand, while recent data showing a sharp jump in U.S. crude inventories also weighed on oil prices. West Texas Intermediate Crude oil futures for May fell $0.29 or 0.34 percent at $82.85 a barrel.