Higher Open Anticipated For Indonesia Shares

(RTTNews) - The Indonesia stock market on Monday ended the three-day losing streak in which it had tumbled almost 280 points or 3.9 percent. The Jakarta Composite Index now sits just above the 7,035-point plateau and it may open to the upside again on Tuesday.

The global forecast for the Asian markets suggests mild upside ahead of key data later in the week, although slumping oil prices may cap the upside. The European and U.S. markets were mixed and little changed and the Asian markets are likely to open in similar fashion.

The JCI finished modestly higher on Monday as gains from the financial shares and cement companies were capped by weakness from the resource stocks.

For the day, the index advanced 65.46 points or 0.94 percent to finish at 7,036.19 after trading between 6,993.09 and 7,088.40.

Among the actives, Bank CIMB Niaga spiked 2.94 percent, while Bank Mandiri soared 3.37 percent, Bank Danamon Indonesia climbed 1.17 percent, Bank Negara Indonesia skyrocketed 5.00 percent, Bank Central Asia collected 0.27 percent, Bank Rakyat Indonesia increased 4.38 percent, Indosat Ooredoo Hutchison accelerated 2.70 percent, Indocement added 0.39 percent, Semen Indonesia strengthened 1.72 percent, Indofood Sukses Makmur improved 2.98 percent, United Tractors rallied 4.08 percent, Astra International surged 4.90 percent, Energi Mega Persada gained 2.91 percent, Astra Agro Lestari jumped 2.13 percent, Aneka Tambang rose 0.34 percent, Vale Indonesia slumped 1.81 percent, Timah plunged 3.91 percent and Bumi Resources stumbled 2.20 percent.

The lead from Wall Street offers little guidance as the major averages opened higher on Monday but quickly turned lower and spent most of the day in the red before a late push saw them end mixed and little changed.

The Dow slumped 115.29 points or 0.30 percent to finish at 38,571.03, while the NASDAQ added 93.65 points or 0.56 percent to close at 16,828.67 and the S&P 500 rose 5.89 points or 0.11 percent to end at 5,283.40.

Investors locked in recent gains in the first half of the day, consolidating positions ahead of key data later in the week. Late bargain hunting boosted the averages going into the close.

In U.S. economic news, the Institute for Supply Management said that manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in May. Also, the U.S. Census Bureau said U.S. construction spending unexpectedly shrunk in April.

Oil prices fell to a four-month low on Monday after OPEC said it will begin phasing out voluntary production cuts over the next year. West Texas Intermediate Crude oil futures for July ended down by $2.77 or about 3.6 percent at $74.22 a barrel.