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Losing Streak Likely To Continue For Indonesia Bourse

(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, sinking more than 160 points or 2.6 percent along the way. The Jakarta Composite Index now rests just beneath the 6,220-point plateau and it's tipped t open in the red again on Tuesday.

The global forecast for the Asian markets is negative thanks to geopolitical concerns in the Middle East and the resulting spike in crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

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

For the day, the index plunged 115.41 points or 1.82 percent to finish at 6,219.44 after trading between 6,193.51 and 6,266.14.

Among the actives, Bank Danamon Indonesia retreated 1.88 percent, while Bank Mandiri skidded 2.78 percent, Bank Central Asia shed 0.41 percent, Bank Negara Indonesia sank 2.23 percent, Bank Rakyat Indonesia tumbled 2.78 percent, Indosat plunged 4.80 percent, Indocement spiked 2.17 percent, Semen Indonesia advanced 0.78 percent, Indofood Suskes soared 3.33 percent, Bumi Resources spiked 2.08 percent, Aneka Tambang lost 1.87 percent, Vale Indonesia declined 2.99 percent and Timah plummeted 5.88 percent.

The lead from Wall Street is soft as stocks saw moderate weakness on Monday, reflecting concerns about the impact of skyrocketing oil prices.

The Dow shed 142.70 points or 0.52 percent to 27,076.82, while the NASDAQ lost 23.17 points or 0.28 percent to 8,153.54 and the S&P 500 fell 9.43 points or 0.31 percent to 2,997.96.

The weakness on Wall Street came amid a spike by the price of crude oil, with Brent crude futures showing the biggest intraday jump on record after a coordinated drone attack on Saudi Arabia's oil industry - raising concerns about the impact higher energy prices could have on the already fragile global economy.

Crude oil prices surged Monday, hitting their biggest single-session intraday gain in 20 years after drone attacks on Saudi oil facilities resulted in a loss of about 5 percent of global crude output. West Texas Intermediate crude oil futures for October ended up $8.05 or 14.7 percent at $62.90 a barrel, a four-month high.

U.S. President Donald Trump also tweeted the U.S. is "locked and loaded" to the respond to the attacks, with Secretary of State Mike Pompeo pointing the finger at Iran. A potential military conflict between the U.S. and Iran would weigh on a global economy that is already being dragged down by the U.S.-China trade war.

Later this week, the Federal Reserve is scheduled to announce its latest monetary policy decision, with the central bank widely expected to cut interest rates by another 25 basis points. Trump has been pressuring the Fed for a larger rate cut, pointing to the stimulus announced by other central banks around the world.
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