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Indonesia Stock Market Likely To Crack 6,300-Point Level

(RTTNews) - The Indonesia stock market has finished higher in two straight sessions, gathering almost 40 points or 0.6 percent along the way. The Jakarta Composite Index now rests just beneath the 6,300-point plateau and it's tipped to open in the green again on Tuesday.

The global forecast for the Asian markets is positive on renewed hopes for stimulus and optimism over trade talks between the United States and China. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The JCI finished slightly higher on Monday following gains from the cement stocks, weakness from the resource companies and a mixed picture from the financial sector.

For the day, the index rose 10.06 points or 0.16 percent to finish at 6,296.71 after trading between 6,284.78 and 6,329.74.

Among the actives, Bank Danamon Indonesia collected 0.49 percent, while Bank Mandiri shed 0.34 percent, Bank Central Asia advanced 0.92 percent, Bank Negara Indonesia lost 0.63 percent, Bank Rakyat Indonesia sank 0.71 percent, Indosat surged 4.93 percent, Indocement spiked 2.38 percent, Semen Indonesia soared 2.71 percent, Indofood Suskes climbed 1.32 percent, Unilever dropped 1.06 percent, Bumi Resources skidded 1.05 percent, Aneka Tambang plummeted 3.12 percent, Vale Indonesia tumbled 1.97 percent and Timah retreated 1.44 percent.

The lead from Wall Street is solid as stocks moved significantly higher on Monday, continuing to offset the sell-off last Wednesday.

The Dow jumped 249.78 points or 0.96 percent to 26,135.79, while the NASDAQ climbed 106.82 points or 1.35 percent to 8,002.81 and the S&P 500 rose 34.97 points or 1.21 percent to 2,923.65.

The strength on Wall Street came amid a continued rebound in bond yields on optimism about new global stimulus. The People's Bank of China said it would use market-based reform methods to help lower real lending rates and prop up a slowing economy.

News that President Donald Trump's administration is once again delaying restrictions on Chinese tech giant Huawei also generated buying interest.

Crude oil futures settled sharply higher on Monday after a drone attack sparked fire in a remote Saudi oil and gas field, while renewed optimism about U.S.-China trade talks also fueled the surge. West Texas Intermediate crude oil futures for September ended up $1.33 or 2.4 percent at $56.14 a barrel.
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