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Losing Streak May Continue For Indonesia Shares

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The Indonesia stock market has ended lower in three straight sessions, sliding almost 140 points or 2 percent along the way. The Jakarta Composite Index now rests just beneath the 6,940-point plateau and it’s expected to open in the red again on Tuesday.

The global forecast for the Asian markets is mixed to lower, with a dose of volatility as bargain hunting may give the oversold bourses a lift – but the gains may evaporate as the day progresses. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished modestly lower on Tuesday as losses from the financials and resource stocks were mitigated by support from the cement companies.

For the day, the index dropped 55.25 points or 0.79 percent to finish at 6,939.15.

Among the actives, Bank Danamon Indonesia strengthened 1.37 percent, while Bank CIMB Niaga lost 0.46 percent, Bank Negara Indonesia slumped 0.57 percent, Bank Central Asia shed 0.60 percent, Bank Rakyat Indonesia collected 1.37 percent, Indocement spiked 2.75 percent, Semen Indonesia rallied 2.38 percent, United Tractors slid 0.31 percent, Astra International added 0.38 percent, Energi Mega Persada plunged 4.14 percent, Aneka Tambang sank 0.79 percent, Vale Indonesia declined 1.87 percent, Timah skidded 1.08 percent, Bumi Resources plummeted 6.82 percent and Bank Mandiri, Indosat Ooredoo Hutchison, Astra Agro Lestari and Indofood Suskes were unchanged.

The lead from Wall Street ends up weak as the major averages saw considerable volatility on Tuesday, opening lower before rallying and then handing back the gains to finish mixed.

The Dow rose 36.31 points or 0.12 percent to finish at 29,239.19, while the NASDAQ tumbled 115.91 points or 1.10 percent to end at 10,426.19 and the S&P 500 sank 23.55 points or 0.65 percent to close at 3,588.84.

The early weakness on Wall Street was due to concerns about rising interest rates and the impact of high borrowing costs on corporate earnings and economic growth. A downward revision in the global economic growth forecast by the International Monetary Fund also weighed.

The markets rebounded when treasury yields ticked lower, but stocks faltered past mid-afternoon after the Bank of England said that its market intervention will be over soon.

Oil futures fell on Tuesday, extending losses from the previous session on concerns about outlook for energy demand amid the rising possibility of a global recession. A surge in COVID-19 cases in China and fears of further monetary policy tightening also weighed. West Texas Intermediate Crude oil futures for November sank $1.78 or 2 percent at $89.35 a barrel.

Source: RTT News

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