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Indonesia Stocks Tipped To Halt Slide On Tuesday

The Indonesia stock market has moved lower in two straight sessions, sliding more than 55 points or 0.8 percent along the way. The Jakarta Composite Index now rests just above the 6,550-point plateau although it's expected to bounce higher on Tuesday.

The global forecast for the Asian markets is broadly positive thanks to a jump in crude oil prices, plus expected bargain hunting after days of heavy selling. The European and U.S. markets were firm and the Asian bourses are expected to follow suit.

The JCI finished modestly lower on Monday following losses from the financial shares and resource stocks.

For the day, the index slid 31.72 points or 0.48 percent to finish at 6,550.59 after trading between 6,543.66 and 6,607.17. There were 206 decliners and 156 gainers, with 118 stocks finishing unchanged.

Among the actives, Tiga Pilar Sejahtera Food soared 3.82 percent, while SLJ Global dropped 1.58 percent, Voksel Electric shed 0.83 percent, XL Axiata added 0.70 percent, Jasa Marga lost 0.47 percent, Bank Pan Indonesia fell 0.39 percent, Bank Danamon Indonesia tumbled 2.68 percent, Bank Mandiri plunged 2.95 percent, Vale Indonesia dipped 0.32 percent, Indofood skidded 1.30 percent and Bumi Resources, Bank MNC Internasional and Lotte Chemical were unchanged.

The lead from Wall Street is solid as stocks saw a significant turnaround over the course of trade on Monday after an initial move to the downside.

The Dow jumped 336.70 points or 1.37 percent to 24,874.76, while the NASDAQ added 72.84 points or 1.00 percent to 7,330.70 and the S&P gained 26.69 points or 1.10 percent to 2,720.94.

The rebound on Wall Street reflected recent volatility in the markets amid uncertainty about a potential global trade war and an increase in interest rates. Lingering concerns of a trade war contributed to the initial weakness, as President Donald Trump plans to implement tariffs on steel and aluminum imports.

Trading activity was somewhat subdued, however, as traders looked ahead to the Labor Department's monthly employment report due on Friday.

In economic news, the Institute for Supply Management noted a slowdown in the pace of growth in the service sector in February.

Crude oil prices rose Monday amid reports that a major pipeline in Libya went down Sunday, the second Libyan installation to fail in the past few weeks. As a result, April WTI oil climbed $1.32 or 2.2 percent to $62.57/bbl.

by RTTNews Staff Writer

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