Indonesia Shares Expected To Remain Rangebound On Tuesday

(RTTNews) - The Indonesia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had gathered more than 95 points or 1.3 percent. The Jakarta Composite Index now sits just above the 6,735-point plateau although it's likely to move higher again on Tuesday.

The global forecast for the Asian markets is upbeat on easing treasuries and ahead of key data later this week. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The JCI finished modestly lower on Monday following losses from the cement companies and mixed performances from the financials and resource stocks.

For the day, the index slumped 22.90 points or 0.34 percent to finish at 6,735.89.

Among the actives, Bank CIMB Niaga added 0.59 percent, while Bank Mandiri collected 0.44 percent, Bank Danamon Indonesia lost 0.38 percent, Bank Central Asia jumped 1.72 percent, Indosat Ooredoo Hutchison plunged 2.54 percent, Indocement shed 0.38 percent, Semen Indonesia slumped 1.21 percent, Indofood Suskes fell 0.27 percent, United Tractors stumbled 4.41 percent, Astra International rallied 1.31 percent, Energi Mega Persada declined 1.61 percent, Astra Agro Lestari skidded 1.06 percent, Vale Indonesia jumped 1.95 percent, Timah retreated 1.43 percent, Bumi Resources plummeted 2.61 percent and Aneka Tambang, Bank Negara Indonesia and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is strong as the major averages opened higher on Monday and mostly improved as the day progressed, ending near session highs.

The Dow surged 511.37 points or 1.58 percent to finish at 32,928.96, while the NASDAQ rallied 146.47 points or 1.16 percent to end at 12,789.48 and the S&P 500 gained 49.45 points or 1.20 percent to close at 4,166.82.

The rebound on Wall Street reflected bargain hunting, with traders picking up stocks at reduced levels following last week's sell-off - which reflected ongoing concerns about the outlook for interest rates and concerns in the Middle East.

Meanwhile, traders continued to look ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday.

With the Fed widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the potential for further rate hikes.

Oil prices declined sharply Monday amid easing concerns about supply disruptions from the Middle East region. Investors are also looking ahead to the Federal Reserve's monetary policy announcement and the non-farm payroll data for October on Friday. West Texas Intermediate Crude oil futures for December slumped $3.23 or 3.8 percent at $82.31 a barrel.