Indonesia Stock Market Predicted To Open Under Pressure On Tuesday

(RTTNews) - The Indonesia stock market turned lower again on Monday, one session after snapping the two-day slide in which it had slumped almost 60 points or 0.8 percent. The Jakarta Composite Index now rests just beneath the 6,780-point plateau and it's expected to extend its losses on Tuesday. The global forecast for the Asian markets is mixed to lower on concerns over the health of the global economy and the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Monday following losses from the financial shares, cement companies and resource stocks.

For the day, the index fell 32.49 points or 0.48 percent to finish at 6,779.70. Among the actives, Bank CIMB Niaga sank 0.83 percent, while Bank Negara Indonesia plummeted 3.83 percent, Bank Central Asia collected 0.58 percent, Bank Mandiri dropped 0.99 percent, Bank Rakyat Indonesia dipped 0.20 percent, Indosat Ooredoo Hutchison jumped 1.79 percent, Indocement shed 0.75 percent, Semen Indonesia skidded 1.07 percent, Indofood Suskes gained 0.72 percent, United Tractors climbed 1.13 percent, Astra International retreated 1.30 percent, Energi Mega Persada tanked 2.55 percent, Astra Agro Lestari declined 0.93 percent, Aneka Tambang advanced 0.99 percent, Vale Indonesia fell 0.68 percent, Timah slumped 0.84 percent, Bumi Resources plunged 2.91 percent and Bank Danamon Indonesia was unchanged. The lead from Wall Street is negative as the major averages fluctuated early Monday but then headed well into the red and finished under pressure.

The Dow dropped 162.92 points or 0.49 percent to finish at 32,757.54, while the NASDAQ retreated 159.38 points or 1.49 percent to close at 10,546.03 and the S&P 500 slumped 34.70 points or 0.90 percent to end at 3,817.66.

The extended weakness on Wall Street came as traders continue to express concerns about the outlook for the economy. The Federal Reserve said it will continue raising interest rates next year, leading to worries the aggressive policy tightening will tip the economy into a recession.

In U.S. economic news, the National Association of Home Builders reported that homebuilder confidence in the U.S. unexpectedly saw a continued deterioration in December.

Crude oil prices climbed higher on Monday amid optimism about increased demand for oil from China after the country relaxed certain COVID-related restrictions. West Texas Intermediate Crude oil futures for January ended higher by $0.91 or 1.25 percent at $75.20 a barrel.