Indonesia Shares May Take Further Damage On Tuesday

(RTTNews) - The Indonesia stock market on Monday snapped the two-day winning streak in which it had gathered more than 30 points or 0.5 percent. The Jakarta Composite Index now rests just beneath the 6,460-point plateau and it's in line for continued consolidation on Tuesday.

The global forecast for the Asian markets is negative thanks to poor earnings news and a drop in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

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

For the day, the index lost 24.13 points or 0.37 percent to finish at 6,458.71 after trading between 6,433.82 and 6,501.09.

Among the actives, Indocement skidded 1.49 percent, while Semen Indonesia shed 0.95 percent, United Tractors lost 0.47 percent, Indofood Suskes tumbled 1.91 percent, Unilever Indonesia retreated 2.60 percent, Holcim Indonesia fell 0.53 percent, Bank Danamon Indonesia collected 0.83 percent, Bank Central Asia eased 0.09 percent, Bank Mandiri declined 2.71 percent, Indosat advanced 1.85 percent, Aneka Tambang plunged 2.15 percent, Vale Indonesia plummeted 2.47 percent and Bumi Resources, Bank Negara Indonesia and Bank Rakyat Indonesia were unchanged.

The lead from Wall Street is soft as stocks opened lower on Monday and stayed that way throughout the session, cutting into recent gains.

The Dow shed 208.98 points or 0.84 percent to 24,528.98, while the NASDAQ lost 79.18 points or 1.11 percent to 7,085.68 and the S&P 500 fell 20.91 points or 0.78 percent to 2,643.85.

The lower open followed weak earnings news from big-name companies such as Caterpillar (CAT) and chip maker Nvidia (NVDA).

Traders may also be reluctant to make big moves ahead of Wednesday's monetary policy decision from the Federal Reserve, although the central bank is widely expected to leave interest rates unchanged after last month's rate hike.

Crude oil prices fell to a two-week low on Monday as global growth worries and recent data showing a jump in U.S. oil rigs count raised concerns about energy demand. Crude oil futures for March ended down $1.70 or 3.2 percent at $51.99 a barrel.
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