Indonesia Stock Market Tipped To Open In The Red

(RTTNews) - The Indonesia stock market on Monday snapped the two-day winning streak in which it had collected almost 100 points or 1.3 percent. The Jakarta Composite Index now sits just above the 6,720-point plateau and it's expected to open lower again on Tuesday.

The global forecast for the Asian markets is soft ahead of quarterly earnings and on renewed pandemic concerns. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The JCI finished slightly lower on Monday following losses from the financials and cement companies, while the resource stocks were mixed.

For the day, the index lost 18.07 points or 0.27 percent to finish at 6,722.15.

Among the actives, Bank CIMB Niaga shed 0.50 percent, while Bank Negara Indonesia declined 1.32 percent, Bank Central Asia slumped 0.35 percent, Bank Rakyat Indonesia tumbled 1.90 percent, Indosat climbed 1.19 percent, Indocement lost 0.54 percent, Semen Indonesia tanked 2.62 percent, United Tractors dropped 0.82 percent, Astra International strengthened 1.26 percent, Energi Mega Persada surged 6.09 percent, Bakrie Sumatera Plantations sank 0.81 percent, Astra Agro Lestari skidded 1.04 percent, Aneka Tambang rose 0.29 percent, Vale Indonesia plunged 2.83 percent, Timah fell 0.38 percent, Bumi Resources soared 4.29 percent and Bank Danamon Indonesia, Bank Mandiri and Indofood Suskes were unchanged.

The lead from Wall Street is negative as the major averages opened firmly lower on Monday and largely remained that way throughout the session.

The Dow sank 164.31 points or 0.52 percent to finish at 31.173.84, while the NASDAQ plummeted 262.71 points or 2.26 percent to finish at 11,372.60 and the S&P 500 dropped 44.95 points or 1.15 percent to end at 3,854.43.

Renewed Covid concerns contributed to the weakness on Wall Street as Shanghai reported its first case of the highly infectious BA.5 omicron sub-variant, raising fears of more lockdowns.

Macau also closed all its casinos for the first time in over two years on Monday after a coronavirus outbreak in the world's biggest gambling hub.

Light trading activity may have exaggerated the downward move, as some traders stuck to the sidelines amid a lack of major U.S. economic data and corporate earnings.

Crude oil prices slipped Monday on concerns about the outlook for energy demand amid a surge in coronavirus cases in China, while the dollar's jump amid expectations of sharp interest rate hikes also weighed on prices. West Texas Intermediate Crude oil futures for August ended lower by $0.70 or 0.7 percent at $104.90 a barrel.