Indonesia Stock Market May Give Up Support At 6,100 Points

(RTTNews) - The Indonesia stock market on Wednesday snapped the three-day winning streak in which it had improved almost 185 points or 2.8 percent. The Jakarta Composite Index now sits just beneath the 6,150-point plateau and it's likely to open to the downside again on Thursday.

The global forecast for the Asian markets is negative thanks to elevated treasury yields and concerns over the outlook for interest rates. The European and U.S. markets were firmly in the red and the Asian bourses are expected to follow that lead.

The JCI finished modestly lower on Wednesday following losses among the agricultural, infrastructure and industrial sectors.

For the day, the index lost 46.20 points or 0.75 percent to finish at 6,146.72 after trading between 6,136.19 and 6,214.76.

The lead from Wall Street is weak as the major averages opened sharply lower on Wednesday and stayed that way throughout the session.

The Dow tumbled 341.41 points or 0.66 percent to finish at 51,179.87, while the NASDAQ sank 61.20 points or 0.22 percent to end at 27,538.69 and the S&P 500 slipped 17.16 points or 0.22 percent to close at 7,801.77.

The weakness on Wall Street emerged after the benchmark ten-year treasury yield bounced back to its highest levels since 2002 - however, they eased as the day progressed, mitigating some of the markets' selling pressure.

Crude oil prices slumped again on Wednesday, unable to hold early gains after the International Energy Agency announced member states have expressed support for accelerating the oil stock releases. West Texas Intermediate crude for November delivery was down $1.15 or 1.3 percent at $88.29 a barrel.

Meanwhile, traders largely shrugged the minutes of the Federal Reserve's latest monetary policy meeting, which confirmed most officials expect to once again raise interest rates before the end of the year.