Indonesia Stock Market May Add To Its Winnings

(RTTNews) - The Indonesia stock market has tracked higher in four straight sessions, advancing more than 520 points or 6 percent along the way. The Jakarta Composite Index now sits just above the 7,500-point plateau and it's expected to see a higher open again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with energy and technology stocks expected to provide support. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The JCI finished modestly higher on Monday as gains from the food and energy stocks were capped by weakness from the financial sector. For the day, the index gained 41.69 points or 0.56 percent to finish at 7,500.19 after trading between 6,225.34 and 9,174.47. Among the actives, Bank Mandiri dropped 1.50 percent, while Bank Danamon Indonesia shed 0.80 percent, Bank Negara Indonesia slumped 1.34 percent, Bank Central Asia stumbled 1.87 percent, Bank Rakyat Indonesia fell 0.59 percent, Indosat Ooredoo Hutchison lost 0.93 percent, Semen Indonesia contracted 1.66 percent, Indofood Sukses Makmur improved 0.75 percent, United Tractors declined 1.36 percent, Astra International tumbled 1.98 percent, Energi Mega Persada skyrocketed 7.62 percent, Astra Agro Lestari vaulted 1.60 percent, Aneka Tambang climbed 1.08 percent, Timah retreated 1.60 percent, Bumi Resources sank 0.81 percent and Vale Indonesia, Bank CIMB Niaga and Indocement were unchanged.

The lead from Wall Street is positive as the major averages opened under water on Monday but quickly trended to the upside and into the green, finishing at daily highs.

The Dow climbed 301.68 points or 063 percent to finish at 48,218.25, while the NASDAQ jumped 280.84 points or 1.23 percent to close at 23,183.74 and the S&P 500 rallied 69.35 points or 1.02 percent to end at 6,886.24.

The strength that emerged on Wall Street came as traders kept an eye on developments in the Middle East after weekend talks between the U.S. and Iran failed to produce an agreement.

Crude oil prices surged on Monday after U.S. President Donald Trump imposed a blockade on ships transiting to and from Iran via the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $2.67 or 2.76 percent at $99.24 per barrel. While the news contributed to a significant increase by the price of crude oil, traders seem optimistic Trump will back down once again and avoid a return to war.

Traders were also looking ahead to the start of earnings season, with companies largely expected to report strong financial results despite the Middle East conflict.