Indonesia Stock Market May Find Traction On Tuesday

(RTTNews) - The Indonesia stock market has closed lower in four consecutive trading days, surrendering almost 270 points or 3.9 percent in that span. The Jakarta Composite Index now sits just beneath the 7,050-point plateau although it's overdue for support on Tuesday. The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference. The JCI finished sharply lower on Monday following losses from the resource stocks, financial shares and cement companies. For the day, the index dropped 67.28 points or 0.95 percent to finish at 7,046.99 after trading between 7,041.34 and 7,153.03. Among the actives, Bank CIMB Niaga skidded 1.14 percent, while Bank Mandiri tanked 2.44 percent, Bank Danamon Indonesia strengthened 1.59 percent, Bank Negara Indonesia plunged 5.42 percent, Bank Rakyat Indonesia tumbled 1.88 percent, Bank Maybank Indonesia dropped 0.93 percent, Indosat Ooredoo Hutchison sank 0.83 percent, Semen Indonesia stumbled 2.29 percent, United Tractors rallied 2.33 percent, Astra International surrendered 3.14 percent, Energi Mega Persada retreated 2.48 percent, Astra Agro Lestari declined 1.21 percent, Aneka Tambang slumped 1.40 percent, Jasa Marga shed 0.67 percent, Vale Indonesia weakened 1.39 percent, Timah plummeted 7.11 percent, Bumi Resources crashed 6.12 percent and Bank Central Asia, Indocement and Indofood Sukses Makmur were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.

The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the S&P 500 added 14.77 points or 0.24 percent to end at 6,047.15.

Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.

In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.

Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.