Higher Open Tipped For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in three straight sessions, collecting more than 75 points or 1.3 percent along the way. The Jakarta Composite Index now rests just above the 6,020-point plateau and it's expected to extend its gains on Tuesday.

The global forecast for the Asian markets is upbeat on surging crude oil prices and global trade optimism. The European and U.S. markets were up and the Asian markets are tipped to follow suit.

The JCI finished modestly higher on Monday as gains from the financials and cement companies were tempered by weakness from the resource stocks.

For the day, the index picked up 16.58 points or 0.28 percent to finish at 6,022.78 after trading between 5,990.98 and 6,025.99.

Among the actives, Bumi Resources plummeted 10.60 percent, while Bukit Asam plunged 8.58 percent, Aneka Tambang dropped 3.20 percent, Vale Indonesia skidded 2.42 percent, Voksel Electric jumped 1.98 percent, XL Axiata shed 0.45 percent, Jasa Marga lost 0.50 percent, Indocement soared 2.71 percent, Semen Indonesia gained 1.08 percent, Indofood added 0.40 percent, United Tractors declined 3.69 percent, Bank Danamon Indonesia climbed 1.02 percent, Bank Central Asia collected 0.50 percent, Bank Mandiri advanced 1.03 percent, Bank Rakyat Indonesia spiked 1.72 percent, Indosat tumbled 3.79 percent and Bank Negara Indonesia, Lotte Chemical, Bukit Darmo Property, SLJ Global, Bank MNC Internasional and Bank Pan Indonesia all were unchanged.

The lead from Wall Street is broadly positive and stocks opened sharply higher on Monday and remained in the green throughout the session, offsetting last week's selloff.

The Dow jumped 354.29 points or 1.46 percent to 24,640.24, while the NASDAQ soared 142.87 points or 2.06 percent to 7,081.85 and the S&P climbed 40.89 points or 1.55 percent to 2,673.45.

The rebound on Wall Street came as traders looked to pick up stocks at reduced levels on the heels of recent weakness.

Traders are also looking ahead to a meeting between President Donald Trump and Chinese President Xi Jinping later this week. Trump and Xi are due to meet at the G20 summit in Buenos Aires, Argentina, beginning on Friday - looking for signs of progress on a potential trade deal.

Crude oil prices rebounded on Monday on hopes OPEC members will cut production to prevent a supply glut in the market. U.S. West Texas Intermediate crude futures for January ended up $1.21 or 2.4 percent at $51.63 a barrel.
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