Indonesia Shares Tipped To Open Under Pressure On Tuesday

(RTTNews) - The Indonesia stock market turned lower again on Monday, one session after snapping the three-day losing streak in which it had stumbled more than 180 points or 2.6 percent. The Jakarta Composite Index now sits just above the 7,030-point plateau and it may take further damage on Tuesday.

The global forecast for the Asian markets is negative, thanks to concerns over tariffs and how they affect the outlook for interest rates. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The JCI finished sharply lower on Monday following losses from the cement, food and telecom sectors, while the financials came in mixed.

For the day, the index dropped 79.14 points or 1.11 percent to finish at 7,030.06 after trading between 6,933.14 and 7,089.70.

Among the actives, Bank Mandiri tanked 3.73 percent, while Bank Danamon Indonesia skidded 1.17 percent, Bank Negara Indonesia rose 0.21 percent, Bank Central Asia slumped 1.06 percent, Bank Rakyat Indonesia collected 0.71 percent, Bank Maybank Indonesia dropped 0.99 percent, Indosat Ooredoo Hutchison stumbled 3.03 percent, Indocement surrendered 2.55 percent, Semen Indonesia retreated 1.78 percent, Indofood Sukses Makmur tumbled 2.87 percent, United Tractors added 0.50 percent, Astra International sank 0.83 percent, Energi Mega Persada plunged 4.59 percent, Astra Agro Lestari fell 0.43 percent, Aneka Tambang shed 0.72 percent, Jasa Marga cratered 3.07 percent, Vale Indonesia plummeted 5.33 percent, Timah crashed 4.98 percent, Bumi Resources lost 2.54 percent and Bank CIMB Niaga was unchanged.

The lead from Wall Street is soft as the major averages opened under water again on Monday and largely stayed that way, although they climbed up off session lows.

The Dow dropped 122.75 points or 0.28 percent to finish at 44,421.91, while the NASDAQ stumbled 235.49 points or 1.20 percent to close at 19,391.96 and the S&P 500 sank 45.96 points or 0.76 percent to end at 5,994.57.

Stocks moved sharply lower in early trading amid concerns about a global trade war after President Donald Trump officially imposed a 25 percent tariff on imports from Canada and Mexico and a 10 percent tariff on imports from China. Trump also threatened possible tariffs against the United Kingdom and the European Union, marking a significant escalation.

Canada and Mexico ordered retaliatory tariffs on American goods, while China vowed countermeasures. The EU also warned of firm retaliation if targeted.

Investors fear that a trade war could hit the earnings of major companies and dent global growth. The tariffs could also lead to renewed inflation fears, leading the Federal Reserve to keep interest rates on hold for longer.

Oil futures settled higher on Monday after Trump's imposed tariffs on imports from Canada threatened to disrupt North America's tightly integrated oil market. West Texas Intermediate Crude oil futures for March settled at $73.16 a barrel, up $0.63 or about 0.87 percent.