(RTTNews) - The Indonesia stock market bounced higher again on Monday, one session after snapping the two-day winning streak in which it had improved almost 60 points or 0.8 percent. The Jakarta Composite Index now rests just above the 7,275-point plateau although it's likely to head south again on Tuesday.
The global forecast for the Asian markets is mixed and flat to lower ahead of the start of earnings season. The European markets were up and the U.S. markets were down and the Asian markets figure to split the difference.
The JCI finished modestly higher on Monday following mixed performances from the financial shares, cement companies and resource stocks.
For the day, the index improved 39.76 points or 0.55 percent to finish at 7,275.29 after trading between 7,243.36 and 7,277.08.
Among the actives, Bank Danamon Indonesia dropped 0.85 percent, while Bank Negara Indonesia collected 0.30 percent, Bank Mandiri shed 0.65 percent, Bank Rakyat Indonesia rose 0.22 percent, Indosat surged 5.74 percent, Indocement dipped 0.25 percent, Semen Indonesia rallied 2.07 percent, United Tractors added 0.67 percent, Astra International jumped 1.82 percent, Energi Mega Persada tanked 3.30 percent, Astra Agro Lestari climbed 1.36 percent, Aneka Tambang soared 4.32 percent, Vale Indonesia spiked 4.08 percent, Timah skyrocketed 6.77 percent, Bumi Resources plummeted 5.88 percent and Bank CIMB Niaga, Indofood Suskes, Bakrie Sumatera Plantations and Bank Central Asia were unchanged.
The lead from Wall Street ends up slightly soft as the major averages spent most of Monday bouncing back and forth across the unchanged line before finally finishing barely in the red.
The Dow shed 39.54 points or 0.11 percent to finish at 34.411.69, while the NASDAQ dipped 18.72 points or 0.14 percent to close at 13,332.36 and the S&P 500 fell 0.90 points or 0.02 percent to end at 4,391.69.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of a slew of earnings news this week.
In economic news, the National Association of Home Builders reported continued deterioration in U.S. homebuilder confidence in April.
Crude oil futures settled at a three-week high on Monday as prices rebounded amid concerns about tight supply due to the ongoing Russian invasion of Ukraine and news about the shutdown of Libya's biggest oil field. West Texas Intermediate Crude oil futures for May ended higher by $1.26 or 1.2 percent at $108.21 a barrel.
Closer to home, the central bank in Indonesia will wrap up its monetary policy meeting later today and then announce its decision on interest rates. The benchmark lending rate (3.5 percent), deposit facility rate (2.75 percent) and the lending facility rate (4.25 percent) all are expected to be unchanged.
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