Indonesia Shares Expected To Remain Rangebound

(RTTNews) - The Indonesia stock market headed south again on Monday, one session after ending the two-day slide in which it had plunged almost 250 points or 3.3 percent. The Jakarta Composite Index now rests just beneath the 7,270-point plateau although it's expected to find renewed support on Tuesday.

The global forecast for the Asian markets is positive, mostly on inertia following the U.S. election. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished modestly lower on Monday following losses from the telecoms and mixed performances from the financial shares, cement stocks and resource companies.

For the day, the index shed 20.73 points or 0.28 percent to finish at 7,266.46.

Among the actives, Bank Mandiri collected 0.40 percent, while Bank Negara Indonesia and Astra International both rose 0.20 percent, Bank Central Asia fell 0.25 percent, Bank Rakyat Indonesia retreated 1.33 percent, Indosat Ooredoo Hutchison tumbled 1.83 percent, Indocement rallied 2.20 percent, Semen Indonesia tanked 2.20 percent, Indofood Sukses Makmur strengthened 1.30 percent, United Tractors plunged 4.92 percent, Energi Mega Persada surged 9.09 percent, Astra Agro Lestari climbed 1.13 percent, Aneka Tambang stumbled 3.47 percent, Jasa Marga declined 1.67 percent, Vale Indonesia slumped 3.14 percent, Timah plummeted 4.05 percent, Bumi Resources skyrocketed 17.32 percent and Bank CIMB Niaga, Bank Danamon Indonesia and Bank Maybank Indonesia were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Monday and spent most of the day hugging line before finishing with mild gains that were all fresh record closing highs.

The Dow jumped 304.14 points or 0.69 percent to finish at 44,294.13, while the NASDAQ rose 11.99 points or 0.06 percent to close at 19,298.76 and the S&P 500 added 5.81 points or 0.10 percent to end at 6,001.35.

Investors remained optimistic that Donald Trump's policies such as tax reductions and deregulation will help boost corporate earnings.

Oil futures closed sharply lower on Monday, weighed down by a stronger dollar and concerns about demand. West Texas Intermediate Crude oil futures for December ended down $2.34 or 3.6 percent at $68.04 a barrel.