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Indonesia Stock Market May Extend Monday's Losses

The Indonesia stock market headed south again on Monday, one session after it had ended the five-day losing streak in which it had surrendered more than 190 points or 3.2 percent. The Jakarta Composite Index now rests just above the 6,000-point plateau and it may take further damage on Tuesday.

The global forecast for the Asian markets is mixed to lower, thanks to ongoing concerns regarding the trade spat between the United States and China. The European markets were up and the U.S. bourses were down and the Asian markets are expected to follow the latter lead.

The JCI finished sharply lower on Monday following losses from the financial shares, cement companies and resource stocks.

For the day, the index dropped 60.67 points or 1.00 percent to finish at 6,000.58 after trading between 5,988.87 and 6,084.17.

Among the actives, Bank Danamon Indonesia skidded 1.51 percent, while Bank Mandiri shed 0.78 percent, Bank Central Asia collected 0.41 percent, Bank Negara Indonesia tumbled 2.91 percent, Bank Rakyat Indonesia dropped 1.27 percent, Indosat sank 2.85 percent, Indocement plunged 3.39 percent, Semen Indonesia retreated 1.95 percent, Indofood Suskes declined 1.91 percent, United Tractors jumped 0.99 percent, Bumi Resources cratered 7.06 percent, Aneka Tambang fell 0.52 percent, Vale Indonesia dipped 0.28 percent and Timah lost 1.10 percent.

The lead from Wall Street is soft as stocks showed a lack or direction on Monday, bouncing back and forth across the unchanged line before finishing in the red.

The Dow shed 95.70 points or 0.36 percent to 26,478.02, while the NASDAQ lost 26.18 points or 0.33 percent to 7,956.29 and the S&P 500 fell 13.22 points or 0.45 percent to 2,938.79.

The choppy trading on Wall Street came as traders seemed reluctant to make large moves ahead of Thursday's high-level trade talks in Washington. Chinese officials are signaling they're increasingly reluctant to agree to the broad trade deal being pursued by President Donald Trump.

The negotiations come as the trade war continues to hang over the economy, with a survey by the National Association for Business Economics showing 53 percent of economists see trade policy as the key downside risk to the economy.

Crude oil futures failed to hold early gains and ended slightly weak on Monday, despite data that showed a drop in OPEC output in September. West Texas Intermediate Crude oil futures for November ended down $0.06 at $52.75 a barrel after peaking at $54.06 earlier in the day.

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