(RTTNews) - The Indonesia stock market has moved lower in three straight sessions, retreating more than 200 points or 2.9 percent along the way. The Jakarta Composite Index now sits just beneath the 7,100-point plateau although it's expected to open to the upside on Tuesday.
The global forecast for the Asian markets is mixed to higher, with bargain hunting likely offset by oil prices and war concerns. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The JCI finished barely lower on Monday following losses from the financial shares and cement companies, while the resource stocks were mixed.
For the day, the index slipped 5.39 points or 0.08 percent to finish at 7,091.67 after trading between 6,945.50 and 7,104.64.
Among the actives, Bank CIMB Niaga dropped 0.84 percent, while Bank Mandiri slumped 1.26 percent, Bank Danamon Indonesia fell 0.39 percent, Bank Negara Indonesia retreated 1.28 percent, Bank Central Asia collected 0.48 percent, Bank Rakyat Indonesia tumbled 1.75 percent, Indosat Ooredoo Hutchison shed 0.48 percent, Indocement declined 1.43 percent, Semen Indonesia contracted 1.60 percent, Indofood Sukses Makmur lost 0.42 percent, United Tractors jumped 1.72 percent, Astra International soared 3.67 percent, Energi Mega Persada advanced 0.93 percent, Astra Agro Lestari rallied 2.03 percent, Vale Indonesia plunged 4.62 percent, Timah cratered 1.58 percent, Bumi Resources surged 5.61 percent and Aneka Tambang was unchanged.
The lead from Wall Street offers little clarity as the major averages opened higher on Monday but faded as the day progressed and ended mixed.
The Dow added 49.50 points or 0.11 percent to finish at 45,216.14, while the NASDAQ slumped 153.72 points or 0.73 percent to end at 20,794.64 and the S&P 500 sank 25.13 points or 0.39 percent to close at 6,343.72.
Bargain hunting contributed to the initial strength on Wall Street, as some traders looked to pick up stocks at reduced levels following recent weakness.
Optimistic comments from President Donald Trump about the war in the Middle East also generated some early buying interest - but that optimism was short-lived after Trump threatened Iran with obliteration.
Buying interest waned over the course of the session, however, as the price of crude oil saw further upside amid ongoing concerns about the impact of the Middle East war.
Crude oil prices catapulted on Monday as the gulf region remains enveloped in war tension after the U.S. sends more soldiers to the area as Trump warned Iran to open the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $3.05 or 3.06 percent at $102.69 per barrel.
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