Renewed Consolidation Likely For Indonesia Bourse

(RTTNews) - The Indonesia stock market on Monday snapped the two-day slide in which it had dropped almost 110 points or 1.3 percent. The Jakarta Composite Index now rests just beneath the 8,650-point plateau although it may hand back those gains on Tuesday.

The global forecast for the Asian markets is soft, with profit taking expected ahead of the end of the year. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished sharply higher on Monday following gains from the financial shares, resource stocks and telecoms.

For the day, the index climbed 106.34 points or 1.25 percent to finish at 8,644.26 after trading between 8,545.72 and 8,652.18.

Among the actives, Bank CIMB Niaga perked 0.29 percent, while Bank Mandiri and Vale Indonesia both added 0.50 percent, Bank Negara Indonesia slipped 0.23 percent, Bank Rakyat Indonesia collected 0.27 percent, Indosat Ooredoo Hutchison jumped 1.67 percent, Indocement lost 0.36 percent, Semen Indonesia tumbled 1.87 percent, Indofood Sukses Makmur fell 0.37 percent, United Tractors eased 0.17 percent, Astra International improved 0.75 percent, Energi Mega Persada soared 5.15 percent, Astra Agro Lestari rose 0.34 percent, Aneka Tambang rallied 2.48 percent, Timah shed 0.62 percent, Bumi Resources climbed 1.10 percent and Bank Danamon Indonesia and Bank Central Asia were unchanged.

The lead from Wall Street is weak as the major averages opened under water on Monday and stayed that way throughout the trading day.

The Dow dropped 249.04 points or 0.49 percent to finish at 48,461.93, while the NASDAQ sank 118.75 points or 0.50 percent to and at 23,474.35 and the S&P 500 shed 24.20 points or 0.35 percent to close at 6,905.74.

The pullback on Wall Street reflected profit taking, as some traders looked to cash in on recent gains going into the end of the year.

A pullback by big-name tech companies also weighed on the markets, with Nvidia (NVDA) and Oracle (ORCL) showing notable moves to the downside.

In U.S. economic news, the National Association of Realtors said pending home sales in the U.S. shot up much more than expected in November.

Crude oil prices surged on Monday, with Russia-Ukraine attacks continuing, the U.S.-Venezuela conflict escalating, and fresh conflicts brewing in the Middle East - all increasing supply concerns. West Texas Intermediate crude for February delivery was up $1.25 or 2.20 percent at $57.99 per barrel.