Heavy Losses Anticipated For Indonesia Shares

(RTTNews) - Ahead of the long break for Eid-ul-Fitr, the Indonesia stock market had moved higher in three straight sessions, advancing almost 350 points or 5 percent along the way. The Jakarta Composite Index now sits just above the 6,510-point plateau, although it's expected to open sharply lower on Tuesday as it catches up on missed sentiment.

The global forecast for the Asian markets suggests bargain hunting after a couple of sessions of extremely heavy losses, The European markets were sharply lower and the U.S. bourses were mixed but the Asian markets are due to tick higher - except Indonesia..

The JCI finished modestly higher on March 27 following gains from the financial and food shares and mixed performances from the resource and cement companies.

For the day, the index added 38.26 points or 0.59 percent to finish at the daily high of 6,510.62 after moving as low as 6,417.24.

Among the actives, Bank CIMB Niaga improved 0.89 percent, while Bank Mandiri and Indocement both advanced 0.97 percent, Bank Danamon Indonesia strengthened 1.67 percent, Bank Negara Indonesia dipped 0.24 percent, Bank Central Asia fell 0.29 percent, Bank Rakyat Indonesia collected 1.25 percent, Semen Indonesia and Indosat Ooredoo Hutchison both plunged 3.64 percent, Indofood Sukses Makmur rallied 2.53 percent, United Tractors rose 0.21 percent, Astra International accelerated 2.50 percent, Energi Mega Persada jumped 1.76 percent, Astra Agro Lestari slumped 1.32 percent, Aneka Tambang dropped 0.91 percent, Vale Indonesia tumbled 1.73 percent, Timah lot 0.52 percent and Bumi Resources surged 3.33 percent.

The lead from Wall Street is murky as the major averages opened lower on Monday but then hugged the line on both sides before finishing mixed and little changed.

The Dow tumbled 349.26 points or 0.91 percent to finish at 37,965.60, while the NASDAQ added 15.48 points or 0.10 percent to close at 15,603.26 and the S&P 500 fell 11.83 points or 0.23 percent to end at 5,062.25.

Stocks initially extended the sell-off seen over the two previous sessions amid ongoing concerns about the impact of President Donald Trump's new tariffs and retaliatory moves by U.S. trade partners.

Adding to worries about a global trade war, Trump threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.

Selling pressure waned shortly after the start of trading, however, leading some traders to pick up stocks at reduced levels after the major averages hit their lowest intraday levels in over a year.

Crude oil prices tumbled again on Monday, extending the nosedive seen over the two previous sessions over tariff concerns. After plummeting nearly $10 a barrel last Thursday and Friday, West Texas Intermediate crude for May delivery dropped $1.29 or 2.1 percent to $60.70 a barrel.

Closer to home, Indonesia will provide March data for consumer prices later today, with forecasts suggesting an increase of 1.79 percent on month and 1.16 percent on year for overall inflation after slipping 0.48 percent on month and 0.09 percent on year in February. Core CPI is seen higher by an annual 2.50 percent, up from 2.48 percent in the previous month.