Indonesia Shares Due For Support On Tuesday

(RTTNews) - The Indonesia stock market has moved lower in back-to-back sessions, surrendering more than 220 points or 3.6 percent along the way. The Jakarta Composite Index now sits just above the 6,160-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is upbeat, with support expected from the technology stocks and oil companies. The European markets were slightly lower and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.

The JCI finished sharply lower in Monday following losses from the resource stocks and food companies, while the financials were mixed and the telecom and cement shares offered support.

For the day, the index dropped 96.96 points or 1.55 percent to finish at 6,161.22.

Among the actives, Bank CIMB Niaga retreated 1.22 percent, while Bank Mandiri climbed 1.13 percent, Bank Danamon Indonesia fell 0.42 percent, Bank Negara Indonesia declined 1.33 percent, Bank Central Asia collected 0.63 percent, Bank Rakyat Indonesia stumbled 2.43 percent, Bank Maybank Indonesia skidded 1.05 percent, Indosat Ooredoo Hutchison accelerated 5.99 percent, Indocement soared 5.72 percent, Semen Indonesia rallied 4.72 percent, Indofood Sukses Makmur surrendered 2.51 percent, United Tractors sank 0.77 percent, Astra International tanked 3.10 percent, Astra Agro Lestari slumped 1.35 percent, Aneka Tambang rose 0.32 percent, Jasa Marga surged 5.48 percent, Vale Indonesia tumbled 1.87 percent, Timah dropped 2.21 percent, Bumi Resources cratered 6.67 percent and Energi Mega Persada was unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and remained in the green throughout the day, ending near session highs.

The Dow jumped 597.97 points or 1.42 percent to finish at 42,583.32, while the NASDAQ rallied 404.54 points or 2.27 percent to close at 18,188.59 and the S&P 500 gained 100.01 points or 1.76 percent to end at 5,767.57.

The support on Wall Street came on reports that President Donald Trump may hold back some of the reciprocal tariffs set to take effect on April 2.

Semiconductor and networking stocks had a very good outing. Shares from steel, banking, retail and airline sectors too closed mostly higher.

Oil prices climbed higher on Monday after Trump announced a 25 percent secondary tariff on countries purchasing oil or gas from Venezuela. West Texas Intermediate Crude oil futures for May settled higher by $0.83 or 1.22 percent at $69.11 a barrel.