Indonesia Bourse Overdue For Support On Tuesday

(RTTNews) - The Indonesia stock market has finished lower in four straight sessions, slumping more than 420 points or 6.1 percent in that span. The Jakarta Composite Index now sits just beneath the 6,650-point plateau although it may halt its slide on Tuesday. The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit. The JCI finished sharply lower on Monday following losses among the financials, telecoms, cement stocks and resource companies. For the day, the index stumbled 94.43 points or 1.40 percent to finish at 6,648.14 after trading between 6,585.98 and 6,713.95. Among the actives, Bank CIMB Niaga tanked 2.33 percent, while Bank Mandiri stumbled 2.91 percent, Bank Danamon Indonesia shed 0.79 percent, Bank Negara Indonesia surrendered 2.81 percent, Bank Central Asia retreated 2.14 percent, Bank Rakyat Indonesia dropped 1.49 percent, Bank Maybank Indonesia tumbled 2.02 percent, Indosat Ooredoo Hutchison cratered 13.51 percent, Indocement sank 3.57 percent, Semen Indonesia declined 1.85 percent, Indofood Sukses Makmur rallied 1.63 percent, United Tractors slumped 2.72 percent, Astra International lost 1.72 percent, Energi Mega Persada plunged 2.00 percent, Astra Agro Lestari fell 1.32 percent, Aneka Tambang plummeted 3.15 percent, Jasa Marga eased 0.49 percent, Vale Indonesia cratered 3.41 percent, Timah skidded 1.02 percent and Bumi Resources was down 2.16 percent. The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.

The Dow climbed 167.01 points or 0.38 percent to finish at 44,470.41, while the NASDAQ rallied 190.87 points or 0.98 percent to close at 19,714.27 and the S&P 500 gained 40.45 points or 0.67 percent to end at 6,066.44.

The rebound on Wall Street reflected bargain hunting, as traders picked up stocks at somewhat reduced levels following Friday's sharp pullback.

While Friday's slump partly reflected new tariff threats from President Donald Trump, traders largely shrugged off his latest threat to impose a 25 percent tariff on all steel and aluminum imports into the U.S.

Amid a light day on the U.S. economic front, traders were also looking ahead to the release of several key events in the coming days, especially consumer and producer inflation reports and congressional testimony by Federal Reserve Chair Jerome Powell.

Oil prices climbed higher on Monday amid concerns about possible supply shortage due to the latest sanctions by U.S. on Iran's crude exports. West Texas Intermediate Crude oil futures for March settled higher by $1.32 or about 1.85% at $72.32 a barrel. Closer to home, Indonesia will see January results for its consumer confidence index later today; in December, the index score was 127.7.