Indonesia Shares May Open Under Water On Tuesday

(RTTNews) - The Indonesia stock market has alternated between positive and negative finishes through the last nine trading days since the end of the two-day winning streak in which it had picked up almost 110 points or 1.3 percent. The Jakarta Composite Index now sits just beneath the 8,650-point plateau and it's looking at another soft start on Tuesday.

The global forecast for the Asian markets is flat to lower, with weakness from the technology and oil sectors limiting the upside. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished slightly lower on Monday following losses from the energy companies, gains from the financials and mixed performances from the resource and cement sectors.

For the day, the index dipped 10.84 points or 0.13 percent to finish at 8,649.66 after trading between 8,622.99 and 8,720.68.

Among the actives, Bank CIMB Niaga advanced 0.86 percent, while Bank Mandiri rallied 3.53 percent, Bank Danamon Indonesia added 0.41 percent, Bank Negara Indonesia surged 4.72 percent, Bank Central Asia accelerated 3.75 percent, Bank Rakyat Indonesia vaulted 4.13 percent, Indosat Ooredoo Hutchison gained 0.42 percent, Indocement collected 0.36 percent, Semen Indonesia sank 0.72 percent, United Tractors tumbld 1.82 percent, Energi Mega Persada plummeted 13.12 percent, Astra Agro Lestari expanded 1.35 percent, Aneka Tambang shed 0.66 percent, Vale Indonesia strengthened 1.30 percent, Timah soared 4.41 percent, Bumi Resources plummeted 6.52 percent and Astra International and Indofood Sukses Makmur were unchanged.

The lead from Wall Street is weak as the major averages opened slightly higher on Monday but quickly slipped under water and spent the balance of the day hugging the line from below.

The Dow slumped 41.49 points or 0.09 percent to finish at 48,416.56, while the NASDAQ dropped 137.76 points or 0.59 percent to end at 23,057.41 and the S&P 500 sank 10.90 points or 0.16 percent to close at 6,816.51.

The weakness that emerged on Wall Street came on continued uncertainty about AI spending and the possibility of a tech bubble.

Traders were also reluctant to make significant moves ahead of the release of some key U.S. economic data in the coming days, including retail sales and inflation.

The data could impact the outlook for interest rates following the Federal Reserve's monetary policy announcement last Wednesday. While the Fed cut rates by another quarter point, as widely expected, officials' projections showed significant differences of opinion about further rate cuts.

The price of crude oil retreated on Monday as lingering oversupply concerns offset worries about potential supply disruptions. West Texas Intermediate crude for January delivery was down $0.62 or 1.1 percent to $56.82 per barrel.