Indonesia Stock Market Due For Support On Wednesday

(RTTNews) - The Indonesia stock market has finished lower in our straight sessions, stumbling almost 110 points or 1.8 percent along the way. The Jakarta Composite Index now rests just above the 6,635-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is soft, with profit taking expected ahead of key jobs data from the United States later in the week. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished modestly lower again on Tuesday following mixed performances from the financial shares and the resource stocks.

For the day, the index lost 44.68 points or 0.67 percent to finish at 6,636.42.

Among the actives, Bank Danamon Indonesia collected 0.36 percent, while Bank Negara Indonesia dipped 0.28 percent, Bank Central Asia climbed 1.09 percent, Bank Rakyat Indonesia dropped 0.90 percent, Indosat Ooredoo Hutchison rallied 2.18 percent, Indocement gained 0.49 percent, Indofood Suskes shed 0.69 percent, United Tractors stumbled 1.64 percent, Astra International retreated 1.52 percent, Astra Agro Lestari added 0.34 percent, Aneka Tambang rose 0.26 percent, Vale Indonesia strengthened 1.16 percent, Timah jumped 1.68 percent and Bumi Resources, Bank Mandiri, Bank CIMB Niaga, Semen Indonesia and Energi Mega Persada were unchanged.

The lead from Wall Street is not encouraging as the major averages opened higher on Tuesday but started to trend lower as the day progressed, with the Dow finishing in the red.

The Dow shed 50.56 points or 0.15 percent to finish at 33,042.78, while the NASDAQ rose 41.74 points or 0.32 percent to close at 13,017.43 and the S&P 500 perked 0.07 points or 0.00 percent to end at 4,205.52.

The early strength on Wall Street materialized on the weekend's news that an agreement had been reached to raise the debt ceiling and avoid a disastrous default by the U.S. government.

Much of that had already been priced in, however, and stocks faded ahead of Friday's jobs report amid concerns about further interest rate hikes.

In economic news, the Conference Board said consumer confidence in the U.S. saw a modest decrease from an upwardly revised level in May.

Crude oil prices fell sharply on Tuesday, weighed down by doubts about China's economic recovery and uncertainty over whether the Congress will pass the debt deal this week. West Texas Intermediate Crude oil futures for July ended down $3.21 or 4.4 percent at $69.46 a barrel.