12.02.2019 03:00:03

Indonesia Stock Market May Find Traction On Tuesday

(RTTNews) - The Indonesia stock market has finished lower in three consecutive trading days, sliding more than 50 points or 0.8 percent along the way. The Jakarta Composite Index now rests just above the 6,495-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is mixed and flat amid uncertainty about the outlook for global trade, while weakness in crude oil prices is likely to cap any upside. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets are tipped to follow the latter lead.

The JCI finished modestly lower on Monday following losses from the resource and cement stocks, while the financials came in mixed.

For the day, the index shed 26.66 points or 0.41 percent to finish at 6,495.00 after trading between 6,494.12 and 6,535.18.

Among the actives, Bumi Resources plunged 3.90 percent, while Aneka Tambang plummeted 4.39 percent, Vale Indonesia retreated 3.48 percent, Timah lost 0.75 percent, Indocement skidded 1.58 percent, Semen Indonesia dipped 0.20 percent, United Tractors dropped 1.36 percent, Indofood Suskes added 0.65 percent, Unilever Indonesia tumbled 1.91 percent, Holcim Indonesia gained 0.25 percent, Bank Central Asia shed 0.45 percent, Bank Mandiri collected 0.66 percent, Bank Negara rose 0.84 percent, Bank Rakyat Indonesia fell 0.51 percent, Indosat jumped 1.73 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street provides little guidance as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before ending mixed.

The Dow shed 53.22 points or 0.21 percent to finish at 25,053.11, while the NASDAQ added 9.71 points or 0.13 percent to 7,307.90 and the S&P rose 1.92 points or 0.07 percent to 2,709.80.

The choppy trading on Wall Street came amid uncertainty ahead of the next round of trade talks between the U.S. and China due to take place later this week as the world's two largest economies try to make a deal before an early March deadline.

A jump in tariffs on Chinese goods is currently set to take effect at that time, although they could be delayed if talks between U.S. and Chinese officials continue to make progress toward a trade deal.

Crude oil prices recovered from early weakness on Monday but still settled lower as weak global growth outlook raised concerns about energy demand. West Texas Intermediate Crude oil futures for March ended down $0.31 or 0.6 percent at $52.41 a barrel, well off the day's low of $51.23.

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