Indonesia Bourse May Give Up Support At 6,100 Points

(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, tumbling more than 225 points or 3.2 percent along the way. The Jakarta Composite Index now sits just shy of the 6,150-point plateau and it's expected to open under water again on Tuesday.

The global forecast for the Asian markets is soft on a rebound in both crude oil prices and treasury yields. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

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

For the day, the index tanked 94.03 points or 1.51 percent to finish at 6,147.86 after trading between 6,140.34 and 6,227.90.

The lead from Wall Street is weak as the major averages opened lower on Monday and remained under water throughout the trading day, ending at session lows.

The Dow dropped 347.11 points or 0.67 percent to finish at 51,481.51, while the NASDAQ sank 248.34 points or 0.92 percent to close at 26,820.38 and the S&P 500 lost 59.72 points or 0.77 percent to end at 7,683.69.

The weakness on Wall Street followed a substantial rebound by the price of crude oil, which has been a key driver of trading in recent sessions.

Crude oil prices were up on Monday, although well off early highs after U.S. President Donald Trump rejected Iran's conditional proposal for reopening the Strait of Hormuz. West Texas Intermediate crude for November delivery was up $0.41 or 0.42 percent to $92.80 per barrel.

Reports cited U.S. officials as saying that Trump has told aides he expects to resume bombing Iran after the November midterm elections, which caused the jump in oil prices.

Treasury yields also spiked, with the yield on the benchmark ten-year note reaching its highest level since June 2007. The jumps in oil prices and treasury yields have renewed concerns about the outlook for inflation and interest rates ahead of the Federal Reserve's next monetary policy meeting next month.