Indonesia Stock Market Due For Support On Tuesday

(RTTNews) - The Indonesia stock market has tracked lower in four straight sessions, slumping almost 370 points or 4.8 percent in that span. The Jakarta Composite Index now sits just beneath the 6,790-point plateau although it's tipped to open in the green on Tuesday. The global forecast for the Asian markets in positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The JCI finished sharply lower on Monday following losses from the financial shares, cement stocks and resource companies. For the day, the index plunged 120.00 points or 1.74 percent to finish at 6,787.14 after trading between 6,745.15 and 6,834.77. Among the actives, Bank CIMB Niaga retreated 1.49 percent, while Bank Mandiri eased 0.20 percent, Bank Danamon Indonesia stumbled 2.82 percent, Bank Negara Indonesia weakened 1.22 percent, Bank Central Asia sank 0.86 percent, Bank Rakyat Indonesia tumbled 1.85 percent, Indosat Ooredoo Hutchison plunged 3.81 percent, Indocement cratered 3.64 percent, Semen Indonesia plummeted 5.60 percent, Indofood Sukses Makmur declined 1.55 percent, Astra International slumped 1.34 percent, Energi Mega Persada skyrocketed 7.82 percent, Astra Agro Lestari skidded 1.29 percent, Aneka Tambang fell 0.31 percent, Vale Indonesia dropped 4.62 percent, Timah crashed 8.60 percent and Bumi Resources lost 1.67 percent.

The lead from Wall Street is upbeat as the major averages shook off early weakness, using a late-day surge to finish solidly in the green.

For the day, the Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17.

The late rally came as Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. Additionally, reports of potential tariff reductions between the U.S. and China helped ease market anxieties.

The major averages had opened lower and hugged the unchanged line for much of the day as investors waited for Iran's response to the weekend U.S. air strikes on its nuclear sites.

In economic news, the National Association of Realtors said that existing home sales rose 0.8 percent on month in May and saw a 6.2 percent increase in unsold inventory. On a yearly basis, existing home sales fell 0.7 percent.

Crude oil prices were on a roller coaster ride on Monday, moving sharply higher earlier in the day in response to the U.S. bombing attack in Iran. But as it looks like Iran won't try to block the straight of Hormuz, prices plummeted later in the day. West Texas Intermediate crude for August delivery plunged $5.00 of 6.77 percent to $68.84 per barrel.