Soft Start Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market moved higher again on Monday, one session after snapping the three-day winning streak in which it had picked up almost 100 points or 1.5 percent. The Jakarta Composite Index now sits just beneath the 6,970-point plateau although it may sink lower again on Tuesday.

The global forecast for the Asian markets suggests mild consolidation amid concerns over growth and sinking oil prices. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow that lead.

The JCI finished modestly higher on Monday following gains from the resource stocks and mixed performances from the financials and cement companies.

For the day, the index added 17.66 points or 0.25 percent to finish at 6,968.78.

Among the actives, Bank Danamon Indonesia collected 0.40 percent, while Bank CIMB Niaga shed 0.48 percent, Bank Negara Indonesia increased 1.27 percent, Bank Central Asia jumped 2.04 percent, Bank Mandiri plunged 3.63 percent, Indosat Ooredoo strengthened 1.50 percent, Indocement retreated 1.88 percent, Semen Indonesia skidded 1.15 percent, Indofood Suskes improved 1.47 percent, United Tractors lost 0.39 percent, Astra International rallied 2.37 percent, Energi Mega Persada tanked 3.57 percent, Aneka Tambang surged 6.39 percent, Vale Indonesia soared 4.10 percent, Timah spiked 3.42 percent, Bumi Resources jumped 1.77 percent and Astra Agro Lestari and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street ends up mildly negative as the major averages opened lower on Monday and bounced back and forth across the unchanged line before finally ending slightly in the red.

The Dow shed 45.95 points or 0.14 percent to finish at 32,799.18, while the NASDAQ fell 21.71 points or 018 percent to close at 12,368.98 and the S&P 500 dipped 11.67 points or 0.28 percent to end at 4,118.62.

Worries about slowing growth weighed on sentiment, but fairly encouraging corporate earnings updates helped limit market's downside.

In addition, investors are looking ahead to the crucial non-farm payroll data due later in the week.

In economic news, the S&P Global US Manufacturing PMI was revised slightly lower in July, while the Commerce Department said U.S. construction spending fell more than expected in June. Also, the Institute for Supply Management's Manufacturing PMI was down slightly in July but not as much as feared.

Crude oil prices fell sharply on Monday amid concerns about outlook for energy demand and ahead of this week's OPEC+ meeting. West Texas Intermediate Crude oil futures for September ended lower by $4.73 or 4.8 percent at $93.89 a barrel.