(RTTNews) – The Indonesia stock market on Monday wrote a finish to the two-day winning streak in which it had picked up almost 150 points or 2.2 percent. The Jakarta Composite Index now sits just beneath the 6,710-point plateau although it’s expected to bounce higher again on Tuesday.
The global forecast for the Asian markets is positive on easing concerns over the health of the financial sector. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished modestly lower on Monday following losses from the cement companies, gains from the resource stocks and a mixed picture from the financial sector.
For the day, the index dropped 53.32 points or 0.79 percent to finish at 6,708.93 after trading between 6,704.75 and 6,758.41.
Among the actives, Bank Danamon Indonesia strengthened 1.41 percent, while Bank CIMB Niaga spiked 2.86 percent, Bank Negara Indonesia skidded 1.30 percent, Bank Central Asia stumbled 1.42 percent, Bank Mandiri declined 1.65 percent, Bank Rakyat Indonesia lost 0.63 percent, Indosat Ooredoo Hutchison sank 0.71 percent, Indocement slumped 1.24 percent, Semen Indonesia dropped 0.79 percent, Indofood Suskes gained 0.79 percent, United Tractors added 0.45 percent, Astra International retreated 1.26 percent, Energi Mega Persada surged 6.25 percent, Astra Agro Lestari jumped 1.57 percent, Aneka Tambang soared 3.43 percent, Timah rallied 2.01 percent, Bumi Resources skyrocketed 6.61 percent and Vale Indonesia was unchanged.
The lead from Wall Street is mixed to higher as the major averages opened in the green on Monday, although the tech-heavy NASDAQ quickly slipped into negative territory and never emerged.
The Dow jumped 194.55 points or 0.60 percent to finish at 32,432.08, while the NASDAQ sank 55.12 points or 0.47 percent to end at 11,768.84 and the S&P 500 rose 6.54 points or 0.16 percent to close at 3,977.53.
The early strength on Wall Street came as traders looked to build on last week’s gains as fears of a global banking crisis once again eased following the latest developments in the sector.
Shares of First Citizens BancShares (FCNCA) skyrocketed after the company reached an agreement with the FDIC to purchase all deposits and loans of failed Silicon Valley Bridge Bank.
U.S.-listed shares of Deutsche Bank (DB) also showed a strong move back to the upside after German Chancellor Olaf Scholz noted the bank remains profitable.
Crude oil prices climbed higher on Monday amid concerns about oil supply after Russian President Vladmir Putin said he will station tactical nuclear weapons in ally Belarus. West Texas Intermediate Crude oil futures for May surged $3.55 or 5.1 percent at $72.81 a barrel.
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