(RTTNews) - The Indonesia stock market has moved lower in seven straight sessions, slumping more than 550 points or 5.1 percent in that span. The Jakarta Composite Index now rests just above the 7,070-point plateau and it's tipped to open under water again on Wednesday.
The global forecast for the Asian markets is negative on weakness among the tech shares and because of the ongoing conflict in the Middle East and its effect on oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The JCI finished modestly lower on Tuesday as losses from the cement and resource sectors were mitigated by support from the financials.
For the day, the index shed 34.13 points or 0.48 percent to finish at 7,072.39 after trading between 7,032.98 and 7,151.51.
Among the actives, Bank CIMB Niaga collected 0.40 percent, while Bank Mandiri added 0.68 percent, Bank Danamon Indonesia plunged 6.09 percent, Bank Negara Indonesia jumped 1.88 percent, Bank Central Asia rose 0.42 percent, Bank Rakyat Indonesia gained 0.66 percent, Indosat Ooredoo Hutchison tanked 2.99 percent, Indocement tumbled 1.90 percent, Semen Indonesia dropped 0.97 percent, Indofood Sukses Makmur skidded 1.09 percent, Astra International and United Tractors both retreated 1.63 percent, Energi Mega Persada rallied 2.34 percent, Astra Agro Lestari stumbled 3.29 percent, Aneka Tambang contracted 1.94 percent, Vale Indonesia sank 0.73 percent, Timah slumped 2.40 percent and Bumi Resources spiked 1.79 percent.
The lead from Wall Street is weak as the major averages opened mixed on Tuesday but all quickly tracked to the downside and finished in the red.
The Dow shed 25.86 points or 0.05 percent to finish at 49,141.93, while the NASDAQ slumped 223.30 points or 0.90 percent to end at 24,663.80 and the S&P 500 sank 35.11 points or 0.49 percent to close at 7,138.80.
The NASDAQ pulled back well off Monday's record closing high as companies tied to artificial intelligence infrastructure came under pressure after reports said OpenAI recently missed its own targets for new users and revenue.
An extended surge by the price of crude oil also weighed on Wall Street, with U.S. crude oil futures spiking above $100 a barrel before giving ground.
Crude oil prices soared on Tuesday amid the ongoing U.S.-Iran stalemate, although it gave ground later in the day following reports that Iran readied a revised peace plan. West Texas Intermediate crude for June month delivery was up $3.44 or 3.57 percent at $99.81 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
