(RTTNews) - The Indonesia stock market moved lower again on Monday, one session after it had snapped the three-day losing streak in which it had retreated more than 120 points or 2.4 percent. The Jakarta Composite Index now sits just beneath the 5,000-point plateau and it may extend those losses on Tuesday.
The global forecast for the Asian markets is broadly negative on rising coronavirus concerns and the resulting slide in crude oil prices. The European and U.S. markets were firmly in the red and the Asian bourses are tipped to follow suit.
The JCI finished sharply lower on Monday following losses from the financial share, resource stocks and cement companies.
For the day, the index skidded 59.86 points or 1.18 percent to finish at 4,999.36 after trading between 4,987.75 and 5,075.82.
Among the actives, Bank Danamon Indonesia tanked 3.36 percent, while Bank Mandiri tumbled 1.79 percent, Bank CIMB Niaga skidded 1.31 percent, Bank Negara Indonesia and Aneka Tambang both retreated 3.16 percent, Astra Agro Lestari soared 5.71 percent, Vale Indonesia dropped 1.28 percent, Timah surrendered 3.87 percent, Indosat plunged 5.58 percent, Indocement plummeted 6.47 percent, Semen Indonesia declined 1.34 percent and Indofood Suskes and Bumi Resources were unchanged.
The lead from Wall Street is soft as stocks opened sharply lower on Monday and remained in the red throughout the day, extending losses to a fourth straight session.
The Dow plummeted 509.72 points or 1.84 percent to finish at 27,147.70, while the NASDAQ dipped 14.48 points or 0.13 percent to end at 10,778.80 and the S&P 500 sank 38.41 points or 1.16 percent to close at 3,281.06.
The sell-off on Wall Street comes amid concerns about a renewed surge in coronavirus cases in Europe, with the U.K. reportedly considering another lockdown.
The death of Supreme Court Justice Ruth Bader Ginsburg may also be weighing on the markets, as a fight over the nomination of her replacement could lead to further delays in the passage of another coronavirus relief bill.
Crude oil prices fell sharply Monday on worries about outlook for energy demand amid rising coronavirus cases in Europe. West Texas Intermediate Crude oil futures for October shed $1.80 or 4.4 percent to settle at $39.31 a barrel.
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