Soft Start Anticipated For Indonesia Stock Market

The Indonesia stock market has climbed higher in consecutive trading days, accelerating more than 120 points or 2 percent along the way. The Jakarta Composite Index now rests just above the 6,800-point plateau although it may be stuck in neutral on Tuesday.

The global forecast for the Asian markets is mixed to lower on sliding oil prices and profit taking among the technology stocks. The European markets were up and the U.S. bourses were mostly lower and the Asian markets figure to follow the latter lead.

The JCI finished sharply higher on Monday following gains from the financials and cement stocks, while the resource companies were mixed.

For the day, the index advanced 73.55 points or 1.09 percent to finish at 6,804.94 after trading between 6,748.91 and 6,806.73.

Among the actives, Bank Danamon Indonesia and Bank Mandiri both collected 0.33 percent, while Bank CIMB Niaga increased 0.53 percent, Bank Negara Indonesia gained 0.68 percent, Bank Central Asia advanced 0.97 percent, Bank Rakyat Indonesia soared 4.51 percent, Indosat gathered 0.89 percent, Indocement rallied 2.76 percent, Semen Indonesia spiked 2.85 percent, Indofood Suskes improved 0.78 percent, United Tractors added 0.44 percent, Astra International shed 0.45 percent, Energi Mega Persada jumped 1.72 percent, Bakrie Sumatera Plantations sank 0.87 percent, Astra Agro Lestari strengthened 1.29 percent, Vale Indonesia fell 0.42 percent, Timah climbed 1.45 percent, Bumi Resources plunged 3.70 percent and Aneka Tambang was unchanged.

The lead from Wall Street ends up negative as the markets opened mixed on Monday, saw wild swings on either side of the unchanged line before finally ending mostly lower.

The Dow rose 1.39 points or 0.00 percent to finish at 35,091.13, while the NASDAQ sank 82.34 points or 0.58 percent to close at 14,015.67 and the S&P 500 slipped 16.66 points or 0.37 percent to end at 4,483.87.

Shares of Facebook parent Meta Platforms fell more than 5 percent on reports that a company has threatened to remove the social media platform from the European Union. Microsoft, Merck, Walmart and Salesforce.com also ended notably lower.

Boeing rallied more than 2.5 percent, while Tyson Foods, Chevron, American Express, Walgreens Boots Alliance, Coca-Cola and Caterpillar also closed on a positive note.

Crude oil futures retreated Monday amid signs that nuclear talks between the U.S. and Iran are moving in a positive way, so there could be a removal of U.S. sanctions on Iranian oil sales. West Texas Intermediate Crude oil futures for March ended lower by $0.99 or 1.1 percent at $91.32 a barrel.