Lower Open Predicted For Indonesia Stock Market

(RTTNews) - Ahead of Monday's holiday for Independence Day, the Indonesia stock market had finished higher in two of three trading days since ending the two-day slide in which it had retreated more than 140 points or 2.2 percent. The Jakarta Composite Index now rests just above the 6,400-point plateau although it's likely to open under water on Tuesday/

The global forecast for the Asian markets is soft on surging crude oil prices and increasing anxiety in the Middle East. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The JCI finished sharply higher on Friday following gains from the financial shares, cement companies and resource and energy stocks.

For the day, the index rallied 100.12 points or 1.59 percent to finish at the daily high of 6,401.89 after trading as low as 6,267.41.

The lead from Wall Street is weak as the major averages opened mixed and flat but turned lower by midday, ending near session lows.

The Dow sank 272.63 points or 0.51 percent to finish at 53,459.78, while the NASDAQ lost 84.25 points or 0.32 percent to close at 26,644.91 and the S&P 500 fell 40.70 points or 0.52 percent to end at 7,745.06.

The weakness that emerged on Wall Street came as the price of crude oil moved sharply higher amid indications Iran has ruled out talks with the U.S. to extend a 60-day ceasefire that expired Monday.

Crude oil prices moved sharply higher on Monday, reflecting concerns about a re-escalation of the conflict in the Middle East. West Texas Intermediate crude for September delivery surged $2.28 or 2.8 percent to $84.68 a barrel.

Airline stocks moved sharply lower over the course of the session amid the surge in crude oil prices, while substantial weakness was also visible among software, telecom, computer hardware and housing stocks.