Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has tracked lower in two straight sessions, sliding more than 80 points or 1.2 percent along the way. The Jakarta Composite Index now rests just beneath the 7,000-point plateau and it's expected to open in the red again on Tuesday.

The global forecast for the Asian markets is soft on concerns over economic growth and the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to follow that lead.

The JCI finished modestly lower on Monday following losses from the resource stocks and mixed performances from the financials and cement companies.

For the day, the index lost 32.39 points or 0.46 percent to finish at 6,994.40.

Among the actives, Bank Danamon Indonesia surged 8.52 percent, while Bank CIMB Niaga collected 0.46 percent, Bank Negara Indonesia fell 0.28 percent, Bank Central Asia climbed 1.22 percent, Bank Mandiri retreated 1.33 percent, Bank Rakyat Indonesia stumbled 1.58 percent, Indosat Ooredoo Hutchison gained 0.37 percent, Indocement dipped 0.27 percent, Semen Indonesia jumped 1.73 percent, Indofood Suskes advanced 0.82 percent, United Tractors tanked 2.12 percent, Astra International rose 0.39 percent, Energi Mega Persada spiked 2.11 percent, Astra Agro Lestari slumped 1.20 percent, Aneka Tambang declined 1.29 percent, Vale Indonesia tumbled 1.84 percent, Timah sank 0.72 percent and Bumi Resources plummeted 5.38 percent.

The lead from Wall Street is negative as the major averages opened flat on Monday but quickly turned lower, staying that way for the balance of the session.

The Dow dropped 93.91 points or 0.32 percent to finish at 29,202.88, while the NASDAQ tumbled 110.30 points or 1.04 percent to end at 10,542.10 and the S&P 500 slipped 27.27 points or 0.75 percent to close at 3,612.39.

The soft action on Wall Street may be partially attributed to light turnover, with many investors away from their desks for the Columbus Day holiday.

Soft sentiment still governed the markets after the Labor Department's closely watched monthly jobs report last week failed to ease concerns about the outlook for interest rates by coming in stronger than economists had anticipated.

U.S. inflation data, minutes from the Fed's September meeting and reports on retail sales and consumer sentiment due this week will provide more insights into policymakers' view of where inflation stands and the outlook for the future path of interest rates.

Crude oil prices drifted lower on Monday as soft data from China raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for November sank $1.51 or 1.6 percent at 91.13 a barrel.

Closer to home, Indonesia will release August numbers for retail sales later today; in July, sales climbed 6.2 percent on year.