Renewed Selling Pressure Tipped For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Monday barely ended the five-day losing streak in which it had stumbled more than 110 points or 1.8 percent. The Jakarta Composite Index now rests just beneath the 6,635-point plateau although it may head south again on Tuesday.

The global forecast for the Asian markets is soft, with profit taking anticipated. The European and U.S. markets finished under water and the Asian bourses are tipped to follow suit.

The JCI finished barely higher on Monday following gains from the resource stocks and a mixed picture from the financial sector.

For the day, the index rose 0.18 points or 0.00 percent to finish at 6,633.44 after trading between 6,609.91 and 6,663.71.

Among the actives, Bank CIMB Niaga rose 0.35 percent, while Bank Mandiri collected 0.50 percent, Bank Negara Indonesia shed 0.55 percent, Bank Central Asia jumped 1.66 percent, Bank Rakyat Indonesia tumbled 2.69 percent, Indosat Ooredoo Hutchison added 0.60 percent, Semen Indonesia gained 0.43 percent, Indofood Suskes rallied 2.11 percent, United Tractors spiked 2.11 percent, Astra International surged 5.81 percent, Aneka Tambang soared 4.22 percent, Vale Indonesia accelerated 4.76 percent, Timah climbed 1.08 percent, Bumi Resources skyrocketed 12.50 percent and Bank Danamon Indonesia, Astra Agro Lestari, Indocement and Energi Mega Persada were unchanged.

The lead from Wall Street ends up negative as the major averages opened higher on Monday, but a late slump sent them all into the red the close.

The Dow tumbled 199.90 points or 0.59 percent to finish at 33,562.86, while the NASDAQ slipped 11.34 points or 0.09 percent to close at 13,229.43 and the S&P 500 fell 8.58 points or 0.20 percent to end at 4,273.79.

The choppy trading on Wall Street came as some traders looked to take a break after the passage of legislation raising the U.S. debt ceiling and the release of the closely watched monthly jobs report.

Trading activity may remain somewhat subdued this week as traders look ahead to next week's Federal Reserve meeting; the Fed is widely expected to pause its recent series of interest rate hikes.

In economic news, the Institute for Supply Management said service sector activity in the U.S. saw only modest growth last month, with the index of activity in the sector falling by more than expected. Also, the Commerce Department said new orders for U.S. manufactured goods increased less than expected in April.

Crude oil prices settled higher Monday after Saudi Arabia, the world's largest crude exporter, pledged to cut its production by another 1 million barrels per day in July. West Texas Intermediate Crude oil futures ended higher by $0.41 or 0.6 percent at $72.15 a barrel, off the intra-day high of $75.06.