Indonesia Stock Market Set for Consolidation Amidst Global Concerns

(RTTNews) - The Indonesia stock market has finished higher in four straight sessions, surging almost 260 points or 2.9 percent along the way. Now at a fresh record closing high, the Jakarta Composite Index sits just above the 9,130-point plateau although investors figure to lock in gains on Tuesday. The global forecast for the Asian markets is negative thanks to ongoing geopolitical concerns. The European markets were down and the U.S. markets were closed and the Asian bourses are also likely to open under water. The JCI finished modestly higher again on Monday following gains from the financial shares and cement stocks, while the resource companies were mixed. For the day, the index rallied 58.47 points or 0.64 percent to finish at the daily high of 9,133.87 after moving as low as 9,026.00. Among the actives, Bank CIMB Niaga rallied 1.38 percent, while Bank Mandiri rose 0.20 percent, Bank Danamon Indonesia fell 0.38 percent, Bank Negara Indonesia jumped 1.76 percent, Bank Central Asia collected 0.62 percent, Bank Rakyat Indonesia added 0.52 percent, Indocement gained 0.36 percent, Semen Indonesia climbed 1.14 percent, Indofood Sukses Makmur expanded 1.11 percent, United Tractors vaulted 1.45 percent, Astra International soared 4.96 percent, Energi Mega Persada accelerated 3.92 percent, Astra Agro Lestari shed 0.65 percent, Aneka Tambang slumped 1.23 percent, Vale Indonesia improved 0.79 percent, Timah stumbled 2.07 percent, Bumi Resources gained 0.49 percent and Indosat Ooredoo Hutchison was unchanged. The U.S. markets were closed on Monday for Martin Luther King Jr. Day, while the European markets spent the entire session in the red amid rising geopolitical tensions after U.S. President Donald Trump doubled down on his plan to acquire Greenland. Trump said NATO had warned Denmark for years about the "Russian threat" to Greenland and claimed Copenhagen had failed to act. "Now it is time, and it will be done!!!" Trump wrote in a post on his Truth Social platform ahead of this week's World Economic Forum Annual Meeting in Davos. Also weighing on stocks was Trump's announcement of a 10 percent tariff on several EU countries from next month, which raises the tariff on all imports to the U.S. to 25 percent. Reports suggest that the EU is considering a retaliatory move that would place tariffs on 93 billion euros of U.S. goods or restrict U.S. firms' access to its internal market. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.