Indonesia Stock Market May Reclaim 9,000-Point Level

(RTTNews) - The Indonesia stock market on Monday snapped the three-day losing streak in which it had slumped more than 80 points or 0.9 percent. The Jakarta Composite Index now sits just above the 8,975-point plateau and it's expected to open higher again on Tuesday. The global forecast for the Asian markets suggests mild upside ahead of the U.S. rate decision later this week. The European markets were mixed and little changed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The JCI finished slightly higher again on Monday as gains from the resource companies were capped by weakness from the financials and cement stocks. For the day, the index rose 24.32 points or 0.27 percent to finish at 8.975.33 after trading between 8,923.53 and 9,058.05. Among the actives, Bank CIMB Niaga shed 0.54 percent, while Bank Mandiri tumbled 1.60 percent, Bank Danamon Indonesia fell 0.39 percent, Bank Negara Indonesia retreated 1.52 percent, Indocement skidded 1.07 percent, Semen Indonesia declined 1.48 percent, Indofood Sukses Makmur slipped 0.37 percent, Astra International added 0.73 percent, Energi Mega Persada slumped 1.28 percent, Astra Agro Lestari dropped 0.98 percent, Aneka Tambang surged 10.96 percent, Vale Indonesia gained 0.74 percent, Timah soared 3.01 percent, Bumi Resources plummeted 7.78 percent and Bank Central Asia, Bank Rakyat Indonesia, Indosat Ooredoo Hutchison and United Tractors were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained modestly in the green throughout the session. The Dow jumped 313.69 points or 0.64 percent to finish at 49,412.40, while the NASDAQ climbed 100.11 points or 0.43 percent to end at 23,601.36 and the S&P 500 added 34.62 points or 0.50 percent to close at 6,950.23.

The strength on Wall Street comes ahead of the Federal Reserve's monetary policy announcement on Wednesday. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the outlook for rates.

Traders are also keeping an eye on the latest geopolitical developments, with President Donald Trump threatening to impose a 100 percent tariff on goods from Canada over a potential free trade deal with China.

The U.S. government is also facing the possibility of another shutdown, as several Democratic senators have threatened to oppose a spending bill if it includes appropriations for the Department of Homeland Security. This comes after federal immigration agents shot and killed another U.S. citizen in Minneapolis over the weekend.

Crude oil prices slid on Monday following the resumption of production in Kazakhstan, although geopolitical tensions in the Middle East limited the decline. West Texas Intermediate crude for March delivery was down by $0.42 or 0.69 percent at $60.65 per barrel.