Indonesia Bourse May Reclaim Support At 6,900 Points

(RTTNews) - The Indonesia stock market has moved lower in two straight sessions, sliding almost 40 points or 0.6 percent in that span. The Jakarta Composite Index now sits just beneath the 6,900-point plateau although it's likely to rebound on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of earnings and anticipated bargain hunting after a couple days of heavy selling. The European and U.S. markets were firmly higher and the Asian markets are expected to open in similar fashion.

The JCI finished modestly lower on Monday following mixed performances from the financial shares, resource stocks and cement companies.

For the day, the index sank 30.49 points or 0.44 percent to finish at 6,896.29.

Among the actives, Bank CIMB Niaga dipped 0.29 percent, while Bank Mandiri sank 0.82 percent, Bank Danamon Indonesia plunged 3.25 percent, Bank Negara Indonesia added 0.48 percent, Bank Central Asia collected 0.28 percent, Bank Rakyat Indonesia slumped 0.47 percent, Indosat Ooredoo Hutchison eased 0.24 percent, Indocement improved 0.75 percent, Semen Indonesia tumbled 1.90 percent, Indofood Suskes rose 0.37 percent, United Tractors rallied 1.44 percent, Astra International tanked 2.09 percent, Astra Agro Lestari shed 0.69 percent, Aneka Tambang spiked 2.85 percent, Vale Indonesia jumped 1.84 percent, Timah lost 0.64 percent, Bumi Resources gained 0.80 percent and Energi Mega Persada was unchanged.

The lead from Wall Street is strong as the major averages opened sharply higher on Monday pretty much stayed that way throughout the session.

The Dow jumped 314.25 points or 0.93 percent to finish at 33,984.54, while the NASDAQ rallied 160.75 points or 1.20 percent to end at 13,567.98 and the S&P 500 gained 45.85 points or 1.06 percent to close at 4,373.63.

The strength on Wall Street came as stocks rallied ahead of earnings updates from several top-ranked companies, shrugging off rising bond yields and concerns about the ongoing war in the Middle East.

Goldman Sachs, Bank of America, Tesla, Netflix and Johnson & Johnson are among the companies scheduled to announce their quarterly results this week.

In economic news, the New York Federal Reserve released a report showing a downturn in regional manufacturing activity in the month of October.

Crude oil prices fell on Monday, retreating after rising sharply in the previous session amid fears that the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. West Texas Intermediate Crude oil futures for November shed $1.03 or 1.2 percent at $86.66 a barrel.