Domestic Concerns May Continue To Weigh On Indonesia Bourse

(RTTNews) - The Indonesia stock market has finished lower in four straight sessions, plummeting more than 850 points or 15 percent in that span. The Jakarta Composite Index now sits just above the 5,340-point plateau although it may continue to spiral on Tuesday. The JCI finished sharply lower again on Monday with losses across the board, continuing to plummet due to currency depreciation, fiscal policy concerns and regulatory threats. For the day, the index cratered 252.63 points or 4.52 percent to finish at 5,342.14 after trading between 5,317.91 and 5,523.94. Among the actives, Bank CIMB Niaga tanked 5.16 percent, while Bank Mandiri retreated 3.39 percent, Bank Danamon Indonesia plunged 10.48 percent, Bank Negara Indonesia tumbled 6.23 percent, Bank Central Asia contracted 4.43 percent, Bank Rakyat Indonesia declined 5.47 percent, Indosat Ooredoo Hutchison surrendered 8.78 percent, Indocement slipped 1.23 percent, Semen Indonesia stumbled 4.50 percent, Indofood Sukses Makmur sank 2.07 percent, United Tractors shed 1.76 percent, Astra International retreated 4.60 percent, Energi Mega Persada crashed 6.25 percent, Astra Agro Lestari dropped 7.45 percent, Antam lost 8.00 percent, Vale Indonesia plummeted 7.22 percent, Timah cratered 7.62 percent and Bumi Resources slumped 6.47 percent.

The lead from Wall Street suggests mild upside as the major averages opened higher on Monday but faded as the day progressed, with the Dow slipping into the red.

The Dow shed 80.77 points or 0.16 percent to finish at 50,786.01, while the NASDAQ jumped 220.23 points or 0.86 percent to close at 25,929.66 and the S&P 500 added 21.99 points or 0.30 percent to end at 7,405.73.

The rebound on Wall Street comes amid bargain hunting following last Friday's plunge, which dragged the tech-heavy NASDAQ down to its lowest closing level in a month.

The upside may be limited by growing concerns about the outlook for interest rates, as last week's robust U.S. jobs report led traders to ramp up bets on a Federal Reserve rate hike this year.

Crude oil prices edged higher on Monday as delays in the reopening the Strait of Hormuz persists. West Texas Intermediate crude for July delivery was up $0.52 or 0.57 percent at $91.06 per barrel.