Losing Streak May Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in two straight sessions, shedding almost 100 points or 1.4 percent along the way. The Jakarta Composite Index now rests just beneath the 7,480-point plateau and it may take further damage again on Tuesday. The global forecast for the Asian markets is flat to lower ahead of the U.S. presidential election and the Federal Reserve rate decision this week. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion. The JCI finished modestly lower on Monday following losses from the cement companies, gains from the food sector and mixed performances from the financial and resource shares. For the day, the index sank 25.75 points or 0.34 percent to finish at 7,479.50 after trading between 7,415.81 and 7,529.70. Among the actives, Bank CIMB Niaga jumped 1.64 percent, while Bank Mandiri collected 1.50 percent, Bank Danamon Indonesia rose 0.40 percent, Bank Negara Indonesia spiked 1.92 percent, Bank Central Asia shed 0.48 percent, Bank Rakyat Indonesia added 0.43 percent, Bank Maybank Indonesia tumbled 1.75 percent, Indosat Ooredoo Hutchison dropped 0.82 percent, Indocement plunged 4.51 percent, Semen Indonesia plummeted 5.25 percent, Indofood Sukses Makmur rallied 2.05 percent, United Tractors gained 0.37 percent, Astra International advanced 0.99 percent, Energi Mega Persada surrendered 2.86 percent, Astra Agro Lestari sank 0.74 percent, Aneka Tambang improved 0.33 percent, Jasa Marga slumped 1.67 percent, Vale Indonesia declined 0.79 percent, Timah skyrocketed 7.91 percent and Bumi Resources was unchanged.

The lead from Wall Street is soft as the major averages opened lower on Monday, hugged the line for much of the day and finished in the red.

The Dow stumbled 257.59 points or 0.61 percent to finish at 41,794.60, while the NASDAQ shed 59.93 points or 0.33 percent to close at 18,179.98 and the S&P 500 sank 16.11 points or 0.28 percent to end at 5,712.69.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the U.S. elections on Tuesday, as Vice President Kamala Harris faces off against former President Donald Trump.

With polls showing an extremely tight race between Harris and Trump, the outcome of the presidential election may not be known on Election Day.

Traders were also looking ahead to the Federal Reserve's monetary policy decision, which is due to be announced on Thursday. The Fed is widely expected to lower interest rates by another 25 basis points, but traders will be looking to the accompanying statement for clues about the likelihood of future rate cuts.

Oil prices rose sharply on Monday, buoyed by OPEC's decision to delay plans to increase production, and on rising concerns about tensions in the Middle East. West Texas Intermediate crude oil futures for December closed up $1.98 or about 2.85% at $71.47 a barrel, extending gains to a fourth straight session.

Closer to home, Indonesia will release Q3 data for its gross domestic product later today, with expectations for an increase of 1.6 percent on quarter and 5.0 percent on year - easing from 3.79 percent on quarter and 5.05 percent on year in the three months prior.