The Indonesia stock market has moved lower in consecutive trading days, sliding more than 60 points or 1 percent along the way. The Jakarta Composite Index now sits just above the 5,950-point plateau and it’s expected to find traction on Tuesday.
The global forecast for the Asian markets is mixed to higher, with bargain hunting and support from crude oil prices capped by a renewed spike in coronavirus cases in Asia. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished modestly lower on Monday following losses from the financial shares and cement stocks, while the resource companies were mixed.
For the day, the index dropped 43.02 points or 0.72 percent to finish at 5,952.60 after trading between 5,938.88 and 6,004.01.
Among the actives, Bank Danamon Indonesia tanked 2.69 percent, while Bank CIMB Niaga dropped 1.00 percent, Bank Negara Indonesia retreated 2.19 percent, Bank Central Asia dipped 0.23 percent, Bank Mandiri tumbled 2.02 percent, Bank Rakyat Indonesia declined 0.99 percent, Indosat plunged 4.56 percent, Indocement surrendered 2.33 percent, Semen Indonesia sank 2.40 percent, Indofood Suskes shed 0.77 percent, United Tractors skidded 1.06 percent, Astra International fell 1.36 percent, Astra Agro Lestari climbed 1.07 percent, Aneka Tambang jumped 1.20 percent, Vale Indonesia lost 0.87 percent, Timah slid 0.58 percent and Bumi Resources surged 6.35 percent.
The lead from Wall Street is mixed as stocks opened higher on Monday, although the NASDAQ soon fell into negative territory and could not recover.
The Dow climbed 238.38 points or 0.70 percent to finish at 34,113.23, while the NASDAQ shed 67.56 points or 0.48 percent to end at 13,895.12 and the S&P 500 advanced 11.49 points or 0.27 percent to close at 4,192.66.
Reopening plans sparked notable strength on the day after New York Governor Andrew Cuomo announced capacity limits for most businesses in New York, New Jersey and Connecticut will be lifted beginning May 19.
Traders remain optimistic about the economic outlook, but analysts have raised some concerns about valuations and a potential correction.
In economic news, the Institute for Supply Management reported an unexpected slowdown in the pace of growth in U.S. manufacturing activity in April.
Crude oil futures closed higher on Monday amid hopes energy demand will increase in the U.S. following the reopening of businesses ahead of the summer, while a weak dollar also contributed to oil’s advance. West Texas Intermediate Crude oil futures for June ended up by $0.91 or 1.4 percent at $64.49 a barrel.
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