Indonesia Shares Tipped To Open In The Red

(RTTNews) - The Indonesia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had picked up almost 100 points or 1.2 percent. The Jakarta Composite Index now sits just above the 8,240-point plateau and the losses may accelerate on Wednesday.

The global forecast for the Asian markets is negative on concerns that technology shares may be over bought. The European and U.S. markets were firmly under water and the Asian bourses are expected to follow suit.

The JCI finished modestly lower on Tuesday following losses from the financial shares and cement companies, while the resource stocks were mixed.

For the day, the index shed 33.17 points or 0.40 percent to finish at 8,241.91 after trading between 8,225.91 and 8,317.08.

Among the actives, Bank CIMB Niaga retreated 1.14 percent, while Bank Mandiri shed 0.63 percent, Bank Danamon Indonesia fell 0.39 percent, Bank Negara Indonesia collected 0.45 percent, Bank Rakyat Indonesia tumbled 1.73 percent, Indocement tanked 2.73 percent, Semen Indonesia skidded 1.07 percent, Indofood Sukses Makmur stumbled 1.74 percent, United Tractors dipped 0.27 percent, Astra International sank 0.79 percent, Energi Mega Persada plunged 3.95 percent, Astra Agro Lestari dropped 0.96 percent, Aneka Tambang plummeted 4.82 percent, Vale Indonesia climbed 1.10 percent, Timah surrendered 2.40 percent, Bumi Resources lost 0.71 percent and Bank Central Asia and Indosat Ooredoo Hutchison were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Tuesday and remained in the red throughout the trading day, ending near session lows.

The Dow dropped 251.44 points of 0.53 percent to finish at 47,085.24, while the NASDAQ plummeted 486.09 points or 2.04 percent to close at 23,348.64 and the S&P 500 sank 80.42 points or 1.17 percent to end at 6,771.55.

The sell-off on Wall Street came amid concerns about the valuations of tech stocks, which have helped lead the markets to record highs amid optimism about artificial intelligence.

The weakness on Wall Street also came as Goldman Sachs (GS) CEO David Solomon warned of a significant correction by the equity markets over the next 1-2 years.

Crude oil prices declined sharply on Tuesday due to excess supply concerns. West Texas Intermediate crude for December delivery was down $0.44 or 0.72 percent at $60.61 per barrel.

Closer to home, Indonesia will provide Q3 data for gross domestic product later today; in the previous three months, GDP was up 4.04 percent on quarter and 5.12 percent on year.