Indonesia Bourse May Hand Back Monday's Gains

(RTTNews) - The Indonesia stock market on Monday ended the four-day losing streak in which it had slumped more than 60 points or 0.9 percent. The Jakarta Composite Index now sits just above the 6,900-point plateau although it's likely to turn lower again on Tuesday.

The global forecast for the Asian markets is soft on renewed trade and tariff concerns. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished modestly higher on Monday following mixed performances from the financial shares and cement companies, while the resource stocks were soft.

For the day, the index added 35.74 points or 0.52 percent to finish at the daily high of 6,900.93 after trading as low as 6,844.86.

Among the actives, Bank CIMB Niaga collected 0.60 percent, while Bank Danamon Indonesia rose 0.41 percent, Bank Central Asia fell 0.29 percent, Bank Rakyat Indonesia advanced 0.82 percent, Indosat Ooredoo Hutchison lost 0.48 percent, Indocement sank 0.47 percent, Semen Indonesia improved 0.75 percent, United Tractors shed 0.46 percent, Astra International rallied 1.30 percent, Energi Mega Persada jumped 1.79 percent, Astra Agro Lestari added 0.43 percent, Aneka Tambang plummeted 3.00 percent, Vale Indonesia plunged 3.93 percent, Timah dropped 0.98 percent and Bumi Resources, Indofood Sukses Makmur, Bank Mandiri and Bank Negara Indonesia were unchanged.

The lead from Wall Street is negative as the major averages opened under water and trended steadily lower as the day progressed, ending near session lows.

The Dow tumbled 422.17 points or 0.94 percent to finish at 44,406.36, while the NASDAQ sank 188.59 points or 0.92 percent to end at 20,412.52 and the S&P 500 dropped 49.37 points or 0.79 percent to close at 6,229.98.

The early weakness on Wall Street partly reflect profit taking following the strong upward move seen over the past few sessions.

Further selling pressure was generated in afternoon trading after President Donald Trump shared screen shots on Truth Social of letter sent to various world leaders about new tariffs set to be imposed on August 1st.

Imports from Japan, South Korea, Malaysia and Kazakhstan are now set to face 25 percent tariffs, according to the letters Trump posted.

Crude oil prices edged higher Monday, shrugging off oversupply concerns triggered by OPEC's decision to accelerate its production increase starting in August. West Texas Intermediate crude for August delivery rose $0.93 to settle at $67.93 per barrel.