Indonesia Bourse Overdue For Support On Tuesday

(RTTNews) - The Indonesia stock market has moved lower in five straight sessions, sinking almost 590 points or 8 percent in that span. The Jakarta Composite Index now rests just beneath the 6,600-point plateau and it's expected to open to the upside on Tuesday.

The global forecast for the Asian markets is soft on ongoing pessimism over the conflict in the Middle East and concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished sharply lower on Monday following losses from the finance, food, cement and resource sectors.

For the day, the index tumbled 124.08 points or 1.85 percent to finish at 6,599.24 after trading between 6,398.79 and 6,631.28.

Among the actives, Bank CIMB Niaga advanced 0.90 percent, while Bank Mandiri retreated 1.67 percent, Bank Danamon Indonesia tanked 3.41 percent, Bank Negara Indonesia stumbled 1.81 percent, Bank Central Asia collected 0.41 percent, Bank Rakyat Indonesia surrendered 1.92 percent, Indosat Ooredoo Hutchison jumped 1.81 percent, Indocement plunged 3.84 percent, Semen Indonesia tumbled 2.90 percent, Indofood Sukses Makmur declined 1.47 percent, United Tractors contracted 1.58 percent, Astra International surged 4.35 percent, Energi Mega Persada slumped 2.80 percent, Astra Agro Lestari cratered 5.26 percent, Aneka Tambang plummeted 9.71 percent, Vale Indonesia crashed 8.94 percent, Timah dropped 7.08 percent and Bumi Resources sank 3.74 percent.

The lead from Wall Street is weak as the major averages opened higher on Monday but quickly turned tail, finally ending mixed.

The Dow gained 159.95 points or 0.32 percent to finish at 49,686.12, while the NASDAQ slumped 134.41 points or 0.51 percent to end at 26,090.73 and the S&P 500 dipped 5.45 points or 0.07 percent to close at 7,403.05.

The U.S.-Iran war has effectively closed the vital Strait of Hormuz, leading to a spike in crude oil prices and concerns about inflation and the outlook for interest rates.

Treasury yields soared last Friday amid speculation that the Federal Reserve's next interest rate move could be an increase rather than a cut.

The price of crude oil and treasury yields moved to the upside over the course of the day, adding to the negative sentiment on Wall Street.

Crude oil prices surged on Monday as the U.S. takes time to respond to Iran's new peace proposal. West Texas Intermediate crude for June was last up $3.27 or 3.10 percent at $108.69 per barrel.