Indonesia Bourse May Halt Its Slide On Tuesday

(RTTNews) - The Indonesia stock market has finished lower in four straight sessions, dropping almost 160 points or 2.1 percent along the way. The Jakarta Composite Index now rests just beneath the 7,635-point plateau although it's due for support on Tuesday.

The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished modestly lower on Monday following losses from the financial shares and cement companies, while the resource sector was mixed.

For the day, the index sank 60.03 points or 0.78 percent to finish at 7,634.63 after trading between 7,599.62 and 7,714.74.

Among the actives, Bank CIMB Niaga sank 0.79 percent, while Bank Mandiri tanked 3.19 percent, Bank Danamon Indonesia fell 0.38 percent, Bank Negara Indonesia stumbled 2.65 percent, Bank Central Asia retreated 1.40 percent, Bank Rakyat Indonesia dipped 0.21 percent, Bank Maybank Indonesia dropped 0.88 percent, Indosat Ooredoo Hutchison plunged 4.78 percent, Indocement declined 1.64 percent, Semen Indonesia plummeted 5.69 percent, Indofood Sukses Makmur rose 0.33 percent, Astra International added 0.48 percent, Energi Mega Persada improved 0.73 percent, Astra Agro Lestari skidded 1.11 percent, Aneka Tambang rallied 1.58 percent, Jasa Marga slumped 0.85 percent, Vale Indonesia weakened 1.23 percent, Timah surged 3.50 percent, Bumi Resources tumbled 1.42 percent and United Tractors was unchanged.

The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.

The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the S&P 500 added 15.40 points or 0.27 percent to end at 5,823.52.

The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.

Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.

The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.