(RTTNews.com) – The Indonesia stock market gave up less than a single point on Monday – but that was enough to extend its losing streak to four sessions, costing it almost 40 points or 0.7 percent along the way. The Jakarta Composite Index remains just above the 6,020-point plateau although it may find support on Tuesday.
The global forecast for the Asian markets suggests mild upside, thanks to a slight bump in crude oil prices. The European markets were down and the U.S. bourses were slightly higher – and the Asian markets figure to follow the latter lead.
The JCI finished barely lower on Monday as losses from the food and chemical companies were tempered by mixed performances from the financials and resource stocks.
Among the actives, Bumi Resources shed 0.79 percent, while Vale Indonesia added 0.32 percent, Bank Danamon spiked 2.25 percent, Tiga Pilar Sejahtera Food soared 6.55 percent, Indofood tumbled 0.93 percent, Lotte Chemical plunged 2.83 percent, Jasa Marga skidded 1.15 percent, Indocement plummeted 2.63 percent and Bank Mandiri, XL Axiata, Bank MNC Internasional and Bank Pan Indonesia all were unchanged.
The lead from Wall Street is cautiously optimistic as stocks opened lower but remained fairly rangebound on Monday before moving slightly higher, reversing gains from the previous session.
The Dow added 17.49 points or 0.07 percent to 23,439.70, while the NASDAQ gained 6.66 points or 0.10 percent to 6,757.60 and the S&P 500 was up 2.54 points or 0.10 percent to 2,584.84.
The initial weakness on Wall Street partly reflected concerns about the outlook for tax reform, but selling pressure was subdued amid a quiet day on the U.S. economic front.
Crude oil futures inched higher Monday, staying near two-year highs after OPEC predicted oil demand will surge in 2018. WTI light sweet crude oil was up 2 cents at $57.76 a barrel.
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