Indonesia Stock Market May End Losing Streak

(RTTNews) - The Indonesia stock market has finished lower in five straight sessions, slumping more than 540 points or 7.9 percent in that span. The Jakarta Composite Index now sits just above the 6,530-point plateau and it's overdue for support on Wednesday.

The global forecast for the Asian markets is murky amid concerns about interest rates and the possibility of a trade war. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets may split the difference.

The JCI finished sharply lower on Tuesday following losses from the financial shares, cement companies, telecoms and resource stocks.

For the day, the index stumbled 116.20 points or 1.75 percent to finish at 6,531.99.

Among the actives, Bank CIMB Niaga collected 0.30 percent, while Bank Mandiri tanked 2.40 percent, Bank Negara Indonesia tumbled 1.93 percent, Bank Central Asia sank 0.82 percent, Bank Rakyat Indonesia climbed 1.01 percent, Bank Maybank Indonesia skidded 1.03 percent, Indosat Ooredoo Hutchison crashed 15.36 percent, Indocement surrendered 2.31 percent, Semen Indonesia stumbled 2.26 percent, Indofood Sukses Makmur dropped 0.96 percent, United Tractors rallied 1.24 percent, Astra International advanced 0.88 percent, Aneka Tambang improved 1.08 percent, Jasa Marga plunged 3.94 percent, Vale Indonesia plummeted 4.24 percent, Timah cratered 4.62 percent, Bumi Resources sank 4.05 percent and Bank Danamon Indonesia, Energi Mega Persada and Astra Agro Lestari were unchanged.

The lead from Wall Street provides little clarity as the major averages opened slightly lower but then headed in opposite directions to finish the day mixed.

The Dow gained 123.24 points or 0.28 percent to finish at 44,593.65, while the NASDAQ sank 70.41 points or 0.36 percent to close at 19,643.86 and the S&P 500 rose 2.06 points or 0.03 percent to end at 6,068.50.

The choppy trading on Wall Street came as traders digested congressional testimony by Federal Reserve Chair Jerome Powell, who told the Senate Banking Committee the central bank does "not need to be in a hurry" to adjust its policy stance.

Stocks moved to the downside in early trading amid lingering concerns about a global trade war after President Donald Trump officially announced tariffs on U.S. steel and aluminum imports.

Oil prices moved higher Tuesday amid concerns about a possible drop in crude supplies due to U.S. sanctions on Russian oil, while a weaker dollar contributed as well to the rise in oil prices. West Texas Intermediate Crude oil futures for March rose $1.00 or 1.4 percent at $73.32 a barrel.