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Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market moved lower again on Monday, one session after it had snapped the two-day losing streak in which it had fallen almost 100 points or 1.6 percent. The Jakarta Composite Index now rests just above the 6,135-point plateau and it's likely to extend its misery again on Tuesday.

The global forecast for the Asian markets is broadly negative on concerns of a full-fledged trade war between the U.S. and China. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

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

For the day, the index stumbled 73.72 points or 1.19 percent to finish at the daily low of 6,135.40 after peaking at 6,238.26.

Among the actives, Bank Danamon Indonesia plunged 5.19 percent, while Bank Mandiri collected 0.67 percent, Bank Negara Indonesia dropped 1.16 percent, Bank Rakyat Indonesia fell 0.49 percent, Indosat tumbled 4.15 percent, Indocement retreated 1.80 percent, Semen Indonesia plummeted 6.05 percent, Indofood Suskes skidded 3.76 percent, United Tractors declined 2.76 percent, Unilever lost 1.36 percent, Bumi Resources added 0.81 percent, Aneka Tambang sank 2.01 percent, Vale Indonesia fell 3.51 percent, Timah plunged 5.39 percent and Bank Central Asia was unchanged.

The lead from Wall Street is brutal as stocks moved sharply lower on Monday, with the Dow sliding to a three-month closing low and the NASDAQ and S&P 500 hitting one-month lows.

The Dow shed 617.38 points or 2.38 percent to 25,324.99, while the NASDAQ plummeted 269.92 points or 3.41 percent to 7,647.02 and the S&P 500 fell 69.53 points or 2.41 percent to 2,811.87.

The sell-off on Wall Street came after China announced plans to raise tariffs on $60 billion worth of U.S. goods, shrugging off a warning from U.S. President Donald Trump. The move by China comes in retaliation for Trump's recent decision to raise tariffs on approximately $200 billion worth of Chinese goods to 25 percent from 10 percent.

Trump has previously threatened to raise tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.

Crude oil futures settled notably lower Monday as worries about global growth following an escalation in U.S.-China trade tensions raised concerns about energy demand. West Texas Intermediate crude oil futures for June ended down $0.62 or 1 percent at $61.04 a barrel.
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