The Indonesian stock market has declined for two consecutive sessions, dropping over 265 points or 3.6 percent. The Jakarta Composite Index (JCI) is now positioned just below the 7,060 mark, and it's expected to open lower again on Tuesday.
The global outlook for Asian markets remains pessimistic due to persistent concerns regarding the health of the U.S. economy. Both European and U.S. markets experienced significant losses on Monday, and it is anticipated that Asian markets will follow a similar trend, although the current selloff might ease as the day progresses.
On Monday, the JCI saw a sharp decline across all sectors, driven by fears over the U.S. economic outlook. The index plummeted 248.47 points or 3.40 percent to close at 7,059.65, with trading ranging between 6,998.81 and 7,257.48. Key decliners included:
* Bank CIMB Niaga: -4.59%
* Bank Mandiri: -3.31%
* Bank Danamon Indonesia: -3.53%
* Bank Negara Indonesia: -2.75%
* Bank Central Asia: -3.19%
* Bank Rakyat Indonesia: -3.82%
* Indosat Ooredoo Hutchison: -1.45%
* Indocement: -0.35%
* Semen Indonesia: -2.07%
* Indofood Sukses Makmur: -0.82%
* United Tractors: -4.78%
* Astra International: -2.77%
* Energi Mega Persada: -8.26%
* Astra Agro Lestari: -4.55%
* Aneka Tambang: -4.46%
* Vale Indonesia: -3.71%
* Timah: -8.16%
* Bumi Resources: -5.16%
On Wall Street, major indices opened deeply in the red on Monday and remained so throughout the trading day. Specifically, the Dow Jones Industrial Average fell 1,033.99 points or 2.60 percent to 38,703.27. The NASDAQ Composite plunged 576.08 points or 3.43 percent to 16,200.08, and the S&P 500 dropped 160.23 points or 3.00 percent to 5,186.33.
The sustained weakness in the U.S. markets is attributed to fears of a potential recession, spurred by a disappointing jobs report released last Friday. However, stocks did recover some ground following the release of a positive report from the Institute for Supply Management, indicating growth in the U.S. service sector in July.
Adding to market concerns, oil futures fell on Monday due to anxieties about demand prospects amid fears of a U.S. economic downturn. West Texas Intermediate Crude oil futures for September settled at $72.94 a barrel, down $0.58 or 0.7 percent.
