Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market bounced higher again on Monday, one session after halting the two-day winning streak in which it had gained almost 60 points or 0.78 percent. The Jakarta Composite Index now sits just above the 8,570-point plateau and it's got a solid lead for Tuesday. The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil sectors. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The JCI finished sharply higher on Monday following gains from the food, telecom and energy companies, while the financials and resource stocks were mixed. For the day, the index rallied 155.90 points or 1.85 percent to finish at a record 8,570.25 after trading between 8,429.46 and 8,570.25. Among the actives, Bank CIMB Niaga shed 0.56 percent, while Bank Mandiri rallied 3.03 percent, Bank Danamon Indonesia skidded 1.18 percent, Bank Central Asia collected 0.89 percent, Bank Rakyat Indonesia added 0.51 percent, Indosat Ooredoo Hutchison surged 5.34 percent, Indocement retreated 1.47 percent, Semen Indonesia stumbled 2.96 percent, Indofood Sukses Makmur soared 4.56 percent, United Tractors climbed 1.02 percent, Astra International improved 0.78 percent, Energi Mega Persada skyrocketed 9.14 percent, Aneka Tambang gained 0.69 percent, Vale Indonesia surrendered 2.03 percent, Timah slumped 1.32 percent, Bumi Resources dropped 0.91 percent and Bank Negara Indonesia and Astra Agro Lestari were unchanged.

The lead from Wall Street is strong as the major averages opened mixed on Monday but quickly turned higher and accelerated throughout the day, ending near session highs.

The Dow advanced 202.86 points or 0.44 percent to finish at 26,448.27, while the NASDAQ surged 598.92 points or 2.69 percent to end at 22,872.01 and the S&P 500 climbed 102.13 points r 1.55 percent to close at 6,705.12.

The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels after concerns about valuations and the outlook for interest rates weighed on the markets for much of last week.

Positive sentiment may also have been generated amid signs of progress toward an agreement to end the protracted war between Russia and Ukraine.

Semiconductor stocks led the way higher, with the Philadelphia Semiconductor Index soaring by 4.4 percent. Computer hardware and networking stocks are also seeing substantial strength, contributing to the surge by the tech-heavy NASDAQ.

Crude oil prices surged on Monday, supported by a positive economic outlook and more demand growth. West Texas Intermediate crude for January delivery was up $0.73 or 1.26 percent at $58.79 per barrel.