Renewed Selling Pressure Predicted For Indonesia Shares

(RTTNews) - The Indonesia stock market on Monday snapped the two-day slide in which it had eased almost 50 points or 0.7 percent. The Jakarta Composite Index now sits just beneath the 7,100-point plateau although it may head south again on Tuesday.

The global forecast for the Asian markets suggests little movement ahead of key inflation data later this week. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The JCI finished slightly higher on Monday as gains from the financial shares were offset by weakness from the resource stocks.

For the day, the index rose 10.47 points or 0.15 percent to finish at 7,099.26 after trading between 7,052.23 and 7,111.60.

Among the actives, Bank CIMB Niaga accelerated 2.51 percent, while Bank Mandiri retreated 1.20 percent, Bank Negara Indonesia soared 2.46 percent, Bank Central Asia strengthened 1.60 percent, Indosat Ooredoo Hutchison climbed 1.19 percent, Indocement declined 1.84 percent, Semen Indonesia surrendered 2.23 percent, Indofood Sukses Makmur stumbled 1.61 percent, United Tractors added 0.45 percent, Astra International dropped 0.98 percent, Energi Mega Persada weakened 1.52 percent, Astra Agro Lestari tumbled 2.02 percent, Aneka Tambang shed 0.65 percent, Vale Indonesia slumped 1.53 percent, Timah plunged 2.65 percent, Bumi Resources plummeted 2.91 percent and Bank Danamon Indonesia, Bank Rakyat Indonesia and Perusahaan Gas were unchanged.

The lead from Wall Street is murky as the major averages opened higher on Monday but faded as the day progressed, ending mixed and little changed.

The Dow sank 81.33 points or 0.21 percent to finish at 39,431,51, while the NASDAQ gained 47.37 points or 0.29 percent to end at 16,388.24 and the S&P 500 eased 1.26 points or 0.02 percent to close at 5,221.42.

The early strength on Wall Street came as stocks continued to benefit from renewed optimism about an interest rate cut by Federal Reserve in the coming months.

Buying interest waned over the course of the session, however, as key inflation data due this week could have a significant impact on the outlook for rates.

Oil prices advanced on Monday amid expectations about the outlook for demand after OPEC decided to extend supply cuts into the second half of the year. West Texas Intermediate Crude oil futures for June ended higher by $0.86 at $79.12 a barrel.

Closer to home, Indonesia will provide March numbers for retail sales later today; in February, sales were up 6.4 percent on year.