(RTTNews) - The Indonesia stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had gathered almost 110 points or 1.7 percent. The Jakarta Composite Index now rests just beneath the 6,920-point plateau although it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets is upbeat on bargain hunting, particularly among the recently battered technology stocks. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The JCI finished modestly lower on Tuesday following losses from the resource and cement stocks, while the financials were mixed.
For the day, the index sank 34.02 points or 0.49 percent to finish at 6,918.19 after trading between 6,894.92 and 6,996.32.
Among the actives, Bank Danamon Indonesia tanked 2.13 percent, while Bank CIMB Niaga surrendered 1.83 percent, Bank Negara Indonesia fell 0.31 percent, Bank Central Asia climbed 0.93 percent, Bank Mandiri collected 0.32 percent, Bank Rakyat Indonesia jumped 1.99 percent, Indosat tumbled 1.88 percent, Indocement dipped 0.23 percent, Semen Indonesia sank 2.21 percent, Indofood Suskes shed 0.82 percent, United Tractors declined 1.51 percent, Astra International lost 1.18 percent, Bakrie Sumatera Plantations advanced 0.83 percent, Astra Agro Lestari slumped 2.10 percent, Aneka Tambang skidded 1.25 percent, Vale Indonesia dropped 1.75 percent, Timah plunged 2.80 percent, Bumi Resources retreated 1.89 percent and Energi Mega Persada was unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and accelerated as the day progressed, finishing near daily highs.
The Dow soared 599.10 points or 1.82 percent to finish at 33,544.34, while the NASDAQ surged 367.40 points or 2.92 percent to end at 12,948.62 and the S&P 500 jumped 89.34 points or 2.14 percent to close at 4,262.45.
The rebound on Wall Street followed Monday's downturn as traders picked up stocks at reduced levels following recent weakness - particularly on the tech-heavy NASDAQ, which had fallen to its lowest closing level in over a year.
Traders also reacted positively to a report from the Labor Department showing producer prices increased slightly less than expected in February, even as the Federal Reserve prepares to announce its first rate hike since 2018 later today.
Crude oil prices fell sharply Tuesday amid fresh concerns over demand from China, where there has been a surge in Covid-19 cases, and on easing worries about supply disruptions. West Texas Intermediate Crude oil futures for April dropped $6.57 or 6.4 percent at $96.44 a barrel, more than 25 percent off a recent high of $130.50 a barrel. WTI crude futures shed 5.8 percent on Monday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
