Renewed Consolidation Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Monday snapped the two-day slide in which it had fallen almost 40 points or 0.5 percent. The Jakarta Composite Index now sits just beneath the 8,400-point plateau although it may head south again on Tuesday. The global forecast for the Asian markets is negative due to uncertainty surrounding U.S. tariff policies. The European and U.S. markets were down and the Asian bourses are expected to follow suit. The JCI finished sharply higher on Monday following gains from the financial, resource, food and telecom sectors. For the day, the index jumped 124.32 points or 1.50 percent to finish at 8,396.08 after trading between 8,327.57 and 8,397.07. Among the actives, Bank CIMB Niaga improved 0.80 percent, while Bank Mandiri vaulted 2.93 percent, Bank Danamon Indonesia rallied 3.96 percent, Bank Negara Indonesia added 0.67 percent, Bank Central Asia advanced 1.04 percent, Bank Rakyat Indonesia collected 1.56 percent, Indosat Ooredoo Hutchison jumped 3.10 percent, Indocement gained 0.76 percent, Semen Indonesia soared 4.23 percent, Astra International climbed 1.15 percent, Energi Mega Persada tumbled 1.48 percent, Astra Agro Lestari expanded 1.65 percent, Aneka Tambang spiked 4.03 percent, Vale Indonesia accelerated 2.90 percent, Timah surged 6.12 percent, Bumi Resources added 0.68 percent and Indofood Sukses Makmur and United Tractors were unchanged.

The lead from Wall Street is bleak as the major averages opened lower and remained in the red throughout the session, ending near daily lows.

The Dow plummeted 821.91 points or 1.66 percent to finish at 48,804.06, while the NASDAQ tumbled 258.79 points or 1.13 percent to close at 22,627.27 and the S&P 500 dropped 71.76 points or 1.04 percent to end at 6,837.75.

The sell-off on Wall Street came amid renewed trade uncertainty following the Supreme Court's decision last Friday striking down most of President Donald Trump's sweeping global tariffs.

Meanwhile, the European Commission issued a statement requesting "full clarity" on the steps the U.S. intends to take following the Supreme Court decision.

Negative sentiment was also generated in reaction to a nosedive by shares of IBM Corp. (IBM) after Anthropic's Claude announced COBOL capabilities. COBOL is a programming language used widely in business data processing, which is a core business for IBM.

Crude oil prices sputtered on Monday as demand concerns reappeared following the uncertainty generated by the tariff issues. West Texas Intermediate crude for April delivery slipped $0.10 or 0.15 percent to $66.38 per barrel.