Profit Taking Expected For Indonesia Shares – Markets Insider

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(RTTNews) – The Indonesia stock market has finished higher in five consecutive sessions, climbing more than 70 points or 1.2 percent along the way. The Jakarta Composite Index now rests just above the 5,840-point plateau although it’s overdue for consolidation on Tuesday.

The global forecast for the Asian markets offers little clarity, with renewed weakness in crude oil prices weighing on investors. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow that lead.

The JCI finished slightly higher on Monday following gains from the resource stocks and cement companies, while the financials were mixed.

For the day, the index gathered 9.48 points or 0.16 percent to finish at the daily high of 5,841.28 after moving as low as 5,824.26. There were 166 decliners and 148 gainers, with 115 stocks finishing unchanged.

Among the actives, Bank Danamon Indonesia collected 0.49 percent, while Bank Mandiri added 0.18 percent, Tiga Pilar Sejahtera Food spiked 2.41 percent, Bank MNC Internasional dropped 1.79 percent, Bank Pan Indonesia climbed 1.35 percent, Lotte Chemical Titan skidded 1.27 percent, XL Axiata shed 0.30 percent, Bumi Resources jumped 1.16 percent, Vale Indonesia surged 6.63 percent, Indocement advanced 1.70 percent and Aneka Tambang soared 3.60 percent.

The lead from Wall Street is cloudy as stocks meandered slightly back and forth across the unchanged line Monday before ending mixed.

The Dow shed 8.02 points or 0.04 percent to 21,629.72, while the NASDAQ added 1.97 points or 0.03 percent to 6,314.43 and the S&P eased 0.13 points or 0.01 percent to 2,459.14.

In economic news, the Federal Reserve Bank of New York said that activity in the New York manufacturing sector grew at a slower pace in July.

On the political front, a new national survey showed that the Trump administration faces significantly declining approval as it hits the six-month mark. Trump’s approval rating fell to 36 percent, down from 42 percent in April, said a Washington Post-ABC News poll.

Crude oil futures were lower Monday amid after data showed the U.S. oil rig count rose again last week. August WTI oil lost 52 cents or 1.1 percent to $46.02/bbl. Prices jumped 5 percent last week, rising from yearly lows.

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