Indonesia Stock Market Tipped To Open In The Green

(RTTNews) - The Indonesia stock market on Tuesday wrote a finish to the four-day winning streak in which it had rallied more than 250 points or 3.7 percent. The Jakarta Composite Index now rests just above the 7,125-point plateau although it's likely to see renewed support on Wednesday.

The global forecast for the Asian markets suggests little movement ahead of Friday's U.S. employment data. 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 slightly lower on Tuesday following mixed performances from the financial shares and resource stocks, while the cement companies offered support.

For the day, the index dipped 14.48 points or 0.20 percent to finish at 7,125.14 after trading between 7,099.05 and 7,176.87

Among the actives, Bank CIMB Niaga retreated 1.14 percent, while Bank Mandiri sank 0.80 percent, Bank Danamon Indonesia collected 0.39 percent, Bank Central Asia rose 0.25 percent, Bank Rakyat Indonesia declined 1.30 percent, Indosat Ooredoo Hutchison slumped 1.19 percent, Indocement spiked 2.04 percent, Semen Indonesia climbed 1.02 percent, Astra International tumbled 1.95 percent, Energi Mega Persada soared 3.09 percent, Aneka Tambang dropped 0.77 percent, Vale Indonesia surrendered 2.38 percent, Timah improved 1.08 percent, Bumi Resources surged 3.85 percent, Astra Agro Lestari lost 0.46 percent and Bank Negara Indonesia and Indofood Sukses Makmur were unchanged.

The lead from Wall Street is positive as the major averages opened lower on Tuesday and hugged the line for much of the day before a late surge sent them firmly into the green by the close.

The Dow jumped 162.33 points or 0.41 percent to finish at 39,331.85, while the NASDAQ rallied 149.46 points or 0.84 percent to close at 18,028.76 and the S&P 500 gained 33.92 points or 0.62 percent to end at 5,509.01.

The soft start on Wall Street followed comments from Fed Chair Jerome Powell, who expressed satisfaction with the progress on inflation but said he wants to see more before being confident enough to start cutting interest rates.

Stocks moved higher after bond yields drifted down as investors look ahead to key employment data later in the week.

Oil prices fell on Tuesday amid easing fears about supply disruptions caused by Hurricane Beryl. West Texas Intermediate Crude oil futures for August ended down $0.57 or about 0.7 percent at $82.81 a barrel.