Indonesia Stock Market May Halt Its Slide

(RTTNews) - Ahead of Monday's holiday for Pancasila Day, the Indonesia stock market had moved lower in back-to-back sessions, sinking almost 80 points or 1.3 percent along the way. The Jakarta Composite Index now sits just above the 6,125-point plateau although it's due for support on Tuesday.

The global forecast for the Asian markets suggests mild upside on support from the technology shares. 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 barely lower on Friday following losses from the resource, financial and cement sectors.

For the day, the index dipped 2.81 points or 0.05 percent to finish at 6,127.38 after trading between 6,111.97 and 6,230.50.

Among the actives, Bank CIMB Niaga rose 0.31 percent, while Bank Mandiri slumped 1.21 percent, Bank Danamon Indonesia retreated 1.69 percent, Bank Negara Indonesia tanked 3.65 percent, Bank Central Asia tumbled 4.60 percent, Bank Rakyat Indonesia surrendered 3.91 percent, Indocement declined 1.80 percent, Semen Indonesia plunged 4.79 percent, Indofood Sukses Makmur rallied 1.47 percent, United Tractors stumbled 3.68 percent, Astra International contracted 2.44 percent, Energi Mega Persada slumped 1.82 percent, Astra Agro Lestari skidded 1.52 percent, Aneka Tambang dropped 2.03 percent, Vale Indonesia crashed 3.27 percent, Timah fell 0.31 percent, Bumi Resources jumped 1.20 percent and Indosat Ooredoo Hutchison was unchanged.

The lead from Wall Street is positive as the major averages opened under water on Monday but quickly started to trend higher, finally ending at fresh record closing highs.

The Dow added 46.42 points or 0.09 percent to finish at 51,078.88. while the NASDAQ climbed 114.19 points or 0.42 percent to end at 27,086.81 and the S&P 500 rose 19.90 points or 0.26 percent to close at 7,599.96.

The higher close on Wall Street partly reflected strength among tech stocks after Nvidia (NVDA) unveiled a new superchip RTX Spark in collaboration with Microsoft (MSFT) that the company said reinvents Windows PCs for the era of personal AI agents.

Buying interest was somewhat subdued, however, as the price of crude oil surged in reaction to the latest developments regarding the conflict in the Middle East.

Crude oil prices skyrocketed Monday on reports the U.S. and Iran exchanging attacks while the U.S. is yet to endorse a negotiated settlement to end the war. West Texas Intermediate crude for July delivery was up $4.64 or 5.31 percent at $92.00 per barrel.

However, crude oil prices pulled back off their highs after President Donald Trump said talks with Iran are continuing at a "rapid pace," while positive communications with Israeli Prime Minister Benjamin Netanyahu and Hezbollah also spurred hopes for an end to the war.

Closer to home, Indonesia will release April trade data and May numbers for consumer prices later today. In March, imports were up 1.51 percent on year and exports sank an annual 3.10 percent for a trade surplus of $3.32 billion. In April, overall inflation was up 0.13 percent on month and 2.42 percent on year, while core CPI rose an annual 2.44 percent.