Indonesia Bourse May Be Stuck In Neutral On Tuesday

(RTTNews) - The Indonesia stock market has moved higher in back-to-back sessions, gathering almost 50 points or 0.7 percent along the way. The Jakarta Composite Index now sits just beneath the 7,290-point plateau although it may spin its wheels on Tuesday.

The global forecast for the Asian markets is a holding pattern ahead of Wednesday's FOMC rate decision and announcement. The European and U.S. markets ended mixed and flat and the Asian bourses are likely to follow suit.

The JCI finished barely higher on Monday following mixed performances from the financial shares and energy and resource stocks.

For the day, the index picked up 0.73 points or 0.01 percent to finish at 7,288.90 after trading between 7,274.25 and 7,333.90.

Among the actives, Bank CIMB Niaga added 0.56 percent, while Bank Mandiri skidded 1.15 percent, Bank Danamon Indonesia collected 0.39 percent, Bank Negara Indonesia improved 0.50 percent, Bank Central Asia sank 0.73 percent, Bank Rakyat Indonesia was up 0.32 percent, Bank Maybank Indonesia tumbled 1.89 percent, Indocement slumped 1.03 percent, Semen Indonesia shed 0.50 percent, Indofood Sukses Makmur lost 0.82 percent, United Tractors declined 1.20 percent, Energi Mega Persada dropped 0.91 percent, Astra Agro Lestari rose 0.41 percent, Aneka Tambang climbed 1.16 percent, Vale Indonesia gained 0.53 percent, Timah advanced 1.05 percent, Bumi Resources retreated 1.28 percent and Astra International, Indosat Ooredoo Hutchison and Jasa Marga were unchanged.

The lead from Wall Street offers little clarity as the major averages opened mixed on Monday and hugged the line for most of the day, finally ending mixed and little changed.

The Dow shed 49.41 points or 0.12 percent to finish at 40,539.93, while the NASDAQ added 12.32 points or 0.07 percent to close at 17,370.20 and the S&P 500 rose 4.44 points or 0.08 percent to end at 5,463.54.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy meeting this week.

While the Fed is widely expected to leave interest rates unchanged, traders will be looking to the accompanying statement for additional clues about a possible rate cut in September.

Investors are also waiting for corporate earnings this week from companies that include Microsoft (MSFT), Meta Platforms (META), Apple (AAPL) and Amazon (AMZN).

Crude oil prices fell to a seven-week low on Monday amid concerns about the outlook for demand from China, and ahead of Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for September ended down $1.35 or 1.8 percent at $75.81 a barrel.