Indonesia Bourse May Crack Resistance At 6,900 Points
(RTTNews) - The Indonesia stock market has finished higher in two of three trading days since the end of the five-day losing streak in which it had stumbled almost 200 points or 3 percent. The Jakarta Composite Index now rests just shy of the 6,890-point plateau and it may tick higher again on Tuesday.
The global forecast for the Asian markets is mixed, with continued profit taking among technology stocks likely to cap any upside. The European markets were up and the U.S. bourses were mostly lower and the Asian markets figure to follow the latter lead.
For the day, the index gained 9.19 points or 0.13 percent to finish at 6,889.17.
The lead from Wall Street continues to be a dichotomy as the major averages opened mixed and finished the same way, with only the Dow finishing in the green.
The Dow rallied 260.88 points or 0.67 percent to finish at 39,411.21, while the NASDAQ tumbled 192.54 points or 1.09 percent to close at 17,496.82 and the S&P 500 fell 16.75 points or 0.31 percent to end at 5,447.87.
The weakness on Wall Street came as technology stocks dragged the markets lower, with Nvidia Corporation, Dell Technologies and QualComm all plummeting on profit taking.
Traders also were looking ahead to Friday's Commerce Department's report on personal income and spending in May, which includes readings on inflation said to be preferred by the Federal Reserve.
Oil prices gained Monday on optimism about the outlook for demand and likely supply disruptions due to tensions in the Middle East. West Texas Intermediate Crude oil futures for August rose $0.90 or 1.1 percent at $81.63 a barrel.
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