Indonesia Stock Market Poised To Open To The Upside

(RTTNews) - The Indonesia stock market bounced higher again on Tuesday, one day after ending the three-day winning streak in which it had climbed more than 120 points or 1.7 percent. more than 120 points or 1.7 percent along the way. The Jakarta Composite Index now rests just beneath the 7,200-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat on easing tariff and trade war concerns. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

The JCI finished slightly higher on Tuesday following gains from the food and telecom companies, while the cement shares were soft and the resource and financial stocks were mixed.

For the day, the index rose 10.61 points or 0.15 percent to finish at 7,198.97 after trading between 7,162.96 and 7,212.57.

Among the actives, Bank CIMB Niaga dipped 0.28 percent, while Bank Mandiri retreated 1.37 percent, Bank Negara Indonesia collected 0.67 percent, Bank Central Asia tumbled 1.82 percent, Bank Rakyat Indonesia climbed 1.16 percent, Indosat Ooredoo Hutchison rallied 2.87 percent, Indocement dropped 0.88 percent, Semen Indonesia slumped 0.70 percent, Indofood Sukses Makmur rose 0.32 percent, United Tractors improved 0.81 percent, Astra International lost 0.63 percent, Energi Mega Persada jumped 1.82 percent, Astra Agro Lestari sank 0.84 percent, Aneka Tambang stumbled 2.57 percent, Vale Indonesia tanked 2.22 percent, Timah shed 0.42 percent, Bumi Resources advanced 0.85 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is broadly positive as the major averages opened in the green and continued to accelerate as the day progressed.

The Dow spiked 740.58 points or 1.78 percent to finish at 42,343.65, while the NASDAQ surged 461.96 points or 2.47 percent to close at 19,199.16 and the S&P 500 jumped 118.72 points or 2.05 percent to end at 5,921.54.

The rally on Wall Street came after President Donald Trump announced he is delaying a threatened 50 percent tariff on imports from the European Union.

The move by Trump came as analysts previously suggested the threatened tariff on the EU was just a negotiating tactic and not where the eventual rate will wind up.

Positive sentiment was also generated in reaction to a report released by the Conference Board showing a substantial improvement by U.S. consumer confidence in the month of May.

Crude oil prices slumped on Tuesday on continuing concerns that OPEC may boost output at its meeting later today. West Texas Intermediate crude for June delivery dropped 0.65 or 1 percent to $64.09 per barrel.