Indonesia Stock Market May Extend Wednesday's Losses

(RTTNews) - The Indonesia stock market on Wednesday snapped the two-day winning streak in which it had jumped more than 310 points or 3.9 percent along the way. The Jakarta Composite Index now rests just above the 8,150-point plateau and it's likely to open in the red again on Thursday.

The global forecast for the Asian markets is soft on concerns over relations between the United States and China, while tech shares are also likely to be weak. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

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

For the day, the index slumped 85.53 points or 1.04 percent to finish at 8,152.55 after trading between 8,141.99 and 8,261.84.

Among the actives, Bank CIMB Niaga fell 0.29 percent, while Bank Mandiri shed 0.46 percent, Bank Danamon Indonesia collected 0.42 percent, Bank Negara Indonesia lost 0.49 percent, Bank Central Asia tanked 3.24 percent, Bank Rakyat Indonesia retreated 1.60 percent, Indosat Ooredoo Hutchison stumbled 3.39 percent, Indocement advanced 0.83 percent, Indofood Sukses Makmur declined 1.37 percent, United Tractors dipped 0.28 percent, Astra International rallied 2.92 percent, Astra Agro Lestari climbed 1.25 percent, Aneka Tambang plunged 3.65 percent, Vale Indonesia tumbled 2.78 percent, Timah crashed 9.72 percent, Bumi Resources soared 3.03 percent and Semen Indonesia and Energi Mega Persada were unchanged.

The lead from Wall Street is weak as the major averages opened flat but gradually turned lower as the day progressed and finished solidly under water.

The Dow stumbled 334.33 points or 0.71 percent to finish at 46,590.41, while the NASDAQ sank 213.27 points or 0.93 percent to end at 22,740.40 and the S&P 500 slumped 35.95 points or 0.53 percent to close at 6,699.40.

The slump by the tech-heavy NASDAQ was partly due to a steep drop by shares of Netflix (NFLX) and Texas Instruments (TXN) after disappointing earnings news.

The major averages fell to their lows of the session following reports that the Trump administration is considering a plan to curb an array of software-powered exports to China.

Crude oil prices surged on Wednesday on news that the proposed U.S.-Russia summit to discuss the Russia-Ukraine war has been shelved. West Texas Intermediate crude for December delivery was up $1.28 or 2.24 percent at $58.52 per barrel.