(RTTNews) – The Indonesia stock market on Monday snapped the two-day slide in which it had fallen almost 75 points or 1.5 percent. The Jakarta Composite Index now sits just above the 5,125-point plateau although it figures to see renewed selling pressure again on Tuesday.
The global forecast for the Asian markets is soft on doubts for stimulus to combat the rising number of coronavirus cases. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The JCI finished modestly higher on Monday following gains from the financial shares and resource stocks.
For the day, the index gained 22.92 points or 0.45 percent to finish at 5,126.33 after trading between 5,090.78 and 5,128.65.
Among the actives, Bank Danamon Indonesia advanced 0.83 percent, while Bank Mandiri rallied 2.24 percent, Bank CIMB Niaga climbed 1.32 percent, Bank Negara Indonesia perked 1.66 percent, Bank Rakyat Indonesia collected 0.92 percent, Bank Central Asia spiked 2.43 percent, Astra International was up 1.42 percent, Indosat gained 0.98 percent, Indocement added 0.85 percent, Indofood Suskes gathered 1.06 percent, Astra Agro Lestari skidded 1.14 percent, Aneka Tambang skyrocketed 12.23 percent, Vale Indonesia soared 4.04 percent, Timah surged 6.83 percent and Bukit Asam, Semen Indonesia and Bumi Resources were unchanged.
The lead from Wall Street is broadly negative as stocks showed a lack of direction early in Monday’s trade but headed firmly south as the day progressed.
The Dow tumbled 410.89 points or 1.44 percent to finish at 28,195.42, while the NASDAQ sank 192.67 points or 1.65 percent to close at 11,478.88 and the S&P 500 dropped 56.89 points or 1.63 percent to end at 3,426.92.
The weakness on Wall Street reflected concerns about whether lawmakers in Washington will reach an agreement on a new stimulus bill, with reports suggesting there remains an array of additional differences that must be addressed in a comprehensive manner in the next 48 hours.
In economic news, the National Association of Homebuilders said that homebuilder confidence climbed to a fresh record high in October versus expectations for no change.
Crude oil futures ended slightly lower on Monday, weighed down by lingering concerns about energy demand outlook due to rising coronavirus cases. West Texas Intermediate crude oil futures for November ended at $40.83 a barrel, down $0.05 or 0.1 percent at $40.83 a barrel.
A Global Asset Management Seoul Korea Magazine