Losses May Accelerate For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Monday ended the three-day winning streak in which it had surged more than 350 points or 5.4 percent. The Jakarta Composite Index now sits just beneath the 6,600-point plateau and it may extend its losses on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well.

The JCI finished modestly lower on Monday as losses from the financial shares and resource stocks were mitigated by support from the cement companies. For the day, the index shed 37.79 points or 0.57 percent to finish at 6,598.21 after trading between 6,568.13 and 6,629.44. Among the actives, Bank CIMB Niaga dropped 0.90 percent, while Bank Mandiri stumbled 2.69 percent, Bank Danamon Indonesia collected 0.41 percent, Bank Negara Indonesia declined 1.98 percent, Bank Rakyat Indonesia slumped 1.31 percent, Indocement rallied 3.05 percent, Semen Indonesia soared 3.39 percent, Indofood Sukses Makmur surged 4.14 percent, United Tractors retreated 1.66 percent, Astra International surrendered 3.25 percent, Energi Mega Persada added 0.57 percent, Astra Agro Lestari sank 0.86 percent, Aneka Tambang plummeted 8.59 percent, Jasa Marga dipped 0.26 percent, Vale Indonesia crashed 9.68 percent, Timah tumbled 2.96 percent, Bumi Resources skyrocketed 8.51 percent and Bank Central Asia, Bank Maybank Indonesia and Indosat Ooredoo Hutchison were unchanged.

The lead from Wall Street suggests continued consolidation as the major averages opened lower on Monday and continued to weaken as the day progressed.

The Dow plummeted 890.01 points or 2.08 percent to finish at 41,911.71, while the NASDAQ crashed 727.90 points or 4.00 percent to close at 17,468.32 and the S&P 500 stumbled 155.64 points or 2.70 percent to end at 5,614.56.

The weakness on Wall Street came amidst rising concerns about the outlook for economic growth and corporate earnings after U.S. President Donald Trump declined to rule out the possibility of a recession following his tariff actions on Mexico, Canada and China.

With a slew of crucial economic data due later in the week, the mood in the market is extremely cautious. On tap are reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations.

Oil prices fell to six-month lows on Monday as worries about global economic growth and fears of a U.S. recession fueled demand concerns. West Texas Intermediate Crude oil futures settled lower by $1.01 or 1.5 percent at $66.03 a barrel, the lowest settlement since September 10, 2024.