Additional Support Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Monday ended the two-day slide in which it had fallen more than 55 points or 0.8 percent. The Jakarta Composite Index now sits just above the 6,865-point plateau and it may pick up steam on Tuesday.

The global forecast for the Asian markets is cautiously optimistic after heavy selling in the previous week. The European and U.S. markets finished mostly higher and the Asian bourses are expected to follow suit.

The JCI finished slightly higher on Monday following mixed performances from the financial shares and the resource stocks.

For the day, the index added 6.12 points or 0.09 percent to finish at 6,866.03.

Among the actives, Bank CIMB Niaga tanked 2.01 percent, while Bank Mandiri advanced 0.87 percent, Bank Danamon Indonesia skidded 1.00 percent, Bank Negara Indonesia collected 0.83 percent, Bank Central Asia dropped 0.81 percent, Bank Rakyat Indonesia stumbled 1.35 percent, Indosat Ooredoo Hutchison and Astra International both sank 0.77 percent, Indocement tumbled 1.79 percent, Semen Indonesia fell 0.37 percent, Indofood Suskes declined 0.71 percent, United Tractors climbed 1.03 percent, Energi Mega Persada soared 4.35 percent, Astra Agro Lestari retreated 1.29 percent, Vale Indonesia lost 0.82 percent, Timah slumped 1.10 percent, Bumi Resources surged 6.57 percent and Aneka Tambang was unchanged.

The lead from Wall Street is mostly positive as the major averages opened mixed on Monday, slumped midday but recovered late, although the Dow still finished in the red.

The Dow shed 36.97 points or 0.11 percent to finish at 34,463.69, while the NASDAQ jumped 206.81 points or 1.56 percent to end at 13,497.59 and the S&P 500 gained 30.06 points or 0.69 percent to close at 4,399.77.

The spike by the NASDAQ came as traders picked up tech stocks at reduced levels following recent weakness, with the index bouncing off its lowest closing level in two months.

Cybersecurity company Palo Alto Networks (PANW) helped to fuel the tech rally after reporting standout gains, while Johnson & Johnson (JNJ) weighed on the Dow.

Traders continued to look ahead to the economic summit in Jackson Hole, Wyoming, where major central bankers are congregating later in the week to deliberate on monetary policy.

Crude oil prices fell on Monday, weighed down by concerns about the outlook for energy demand, although the extension of production cuts by OPEC helped limit the downside. West Texas Intermediate Crude oil futures for September fell $0.53 or 0.7 percent at $80.72 a barrel. WTI Crude futures for October settled at $80.12 a barrel, down $0.54 or 0.7 percent.