Indonesia Bourse Overdue For Consolidation

(RTTNews) - The Indonesia stock market has climbed higher in eight straight sessions, gathering almost 200 points or 3.3 percent along the way. The Jakarta Composite Index now rests just above the 6,225-point plateau although investors are likely to cash in on Wednesday.

The global forecast for the Asian markets is mixed to lower, thanks to renewed uncertainty regarding Brexit. The European markets were up and the U.S. bourses were down and the Asian markets are predicted to follow the latter lead.

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

For the day, the index advanced 26.51 points or 0.43 percent to finish at 6,225.50 after trading between 6,178.56 and 6,229.40.

Among the actives, Bank Danamon Indonesia shed 0.43 percent, while Bank Mandiri collected 0.37 percent, Bank Central Asia climbed 1.29 percent, Bank Negara Indonesia lost 0.68 percent, Bank Rakyat Indonesia added 0.49 percent, Indosat skyrocketed 9.71 percent, Semen Indonesia fell 0.40 percent, Indofood Suskes skidded 1.34 percent, United Tractors spiked 3.49 percent, Bumi Resources dropped 1.19 percent, Aneka Tambang gained 0.54 percent, Vale Indonesia retreated 1.16 percent, Timah sank 1.09 percent and Indocement was unchanged.

The lead from Wall Street soft as stocks were lackluster for much of Tuesday's trade, eventually sliding into negative territory as the day progressed.

The Dow shed 39.54 points or 0.15 percent to end at 26,788.10, while the NASDAQ lost 58.69 points or 0.72 percent to 8,104.30 and the S&P 500 fell 10.73 points or 0.36 percent to 2,995.99.

The pullback reflected renewed uncertainty about Brexit after U.K. lawmakers voted to move ahead with legislation related to Britain's withdrawal from the European Union but then voted against a shortened time frame to review the bill.

The choppy trading earlier in the session came as traders digested the latest batch of earnings news, with mixed results pulling the markets in opposite directions as McDonald's (MCD) and UPS (UPS) disappointed while Procter & Gamble (PG) and United Technologies (UTX) beat the street.

In economic news, the National Association of Realtors said existing home sales pulled back by much more than anticipated in September.

Crude oil prices moved up sharply on Tuesday, buoyed by reports that OPEC will announce more output reductions in December. West Texas Intermediate Crude oil futures for November contracts expired at $54.16 a barrel, gaining $0.85 or 1.6 percent for the session.
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