Indonesia Shares Due For Support On Tuesday

(RTTNews) - The Indonesia stock market has finished lower in two straight sessions, sinking almost 70 points or 1 percent along the way. The Jakarta Composite Index now sits just beneath the 7,095-point plateau although it's expected to open in the green on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and U.S. markets managed some mild upside and the Asian bourses figure to open in similar fashion.

The JCI finished modestly lower on Monday following losses from the resource and cement stocks, while the financials came in mixed.

For the day, the index slumped 36.00 points or 0.50 percent to finish at 7,093.28 after trading between 7,081.30 and 7,156.92. Among the actives, Bank Danamon Indonesia added 0.39 percent, while Bank CIMB Niaga climbed 1.35 percent, Bank Negara Indonesia perked 0.29 percent, Bank Central Asia collected 0.32 percent, Bank Mandiri fell 0.29 percent, Bank Rakyat Indonesia was down 0.46 percent, Indosat Ooredoo Hutchison lost 0.34 percent, Indocement tumbled 2.05 percent, Semen Indonesia retreated 1.42 percent, United Tractors soared 2.85 percent, Astra International skidded 1.08 percent, Energi Mega Persada jumped 1.43 percent, Aneka Tambang plunged 4.05 percent, Vale Indonesia plummeted 5.00 percent, Timah slumped 1.92 percent, Bumi Resources declined 1.50 percent and Astra Agro Lestari and Indofood Suskes were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Monday, broke into the green midway into the session and finished near daily highs.

The Dow jumped 151.39 points or 0.45 percent to finish at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62 percent to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40 percent to end at 4,297.14.

The lower open on Wall Street came on lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China's central bank.

In U.S. economic news, the New York Federal Reserve reported an unexpected contraction in regional manufacturing activity in August. Also, the National Association of Home Builders noted continued deterioration in U.S. homebuilder confidence in August.

Crude oil prices tumbled Monday on worries about energy demand after data showed slower than expected growth of the Chinese economy in July. The lowering of the oil demand forecast for 2022 by OPEC also weighed on prices. West Texas Intermediate Crude oil futures for September dropped $2.68 or 2.9 percent at $89.41 a barrel.