Profit Taking Expected For Indonesia Stock Market – Markets Insider

(RTTNews) – The Indonesia stock market has finished higher in two straight sessions, gathering more than a dozen points or 0.2 percent along the way. The Jakarta Composite Index now rests just beneath the 5,915-point plateau although it’s expected to open under pressure on Tuesday.

The global forecast for the Asian markets is flat to lower, with a lack of catalysts offset by mild upside from crude oil prices. The European and U.S. markets were barely lower and the Asian markets figure to follow suit.

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

For the day, the index picked up 9.56 points or 0.16 percent to finish at 5,914.93 after trading between 5,902.46 and 5,926.38.

Among the actives, Bumi Resources soared 5.76 percent, while Vale Indonesia shed 0.761 percent, Astra Agro Lestari dipped 0.17 percent, Tiga Pilar Sejahtera Food surged 6.22 percent, Indofood gathered 0.58 percent, Indocement advanced 0.92 percent, Bank MNC Internasional tumbled 1.96 percent, XL Axiata dropped 1.09 percent, Bank Pan Indonesia collected 0.44 percent, Jasa Marga gained 0.43 percent and Bank Danamon Indonesia and Bank Mandiri were unchanged.

The lead from Wall Street suggests mild consolidation as stocks showed a lack of direction on Monday before ending slightly lower.

The Dow shed 12.60 points or 0.06 percent to 22,761.07, while the NASDAQ lost 10.45 points or 0.16 percent to 6,579.73 and the S&P 500 slipped 4.60 points or 0.18 percent to 2,544.73.

The choppy trading on Wall Street came as many traders were away from their desks due to the Columbus Day holiday. While the stock markets were open, the bond markets, banks, and non-essential federal government offices were closed.

WTI light sweet crude oil was up 36 cents at $49.65 a barrel, paring last week’s losses. Analysts say OPEC is pressuring Russia to extend its supply quota in hopes of getting oil to stay above $50.

Looking ahead, financial giants Citigroup (C), JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) are due to report their quarterly results later this week as the earnings season gets underway.

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