Indonesia Stock Market May Reverse Tuesday's Losses

(RTTNews) - The Indonesia stock market headed south again on Tuesday, one day after ending the five-day losing streak in which it had stumbled more than 110 points or 1.8 percent. The Jakarta Composite Index now rests just beneath the 6,620-point plateau although it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is flat to slightly higher, with apprehension reigning over the outlook for interest rates. The European and U.S. markets saw mild upside and the Asian markets figure to follow that lead.

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

For the day, the index dipped 14.51 points or 0.22 percent to finish at 6,618.92 after trading between 6,603.70 and 6,677.57.

Among the actives, Bank CIMB Niaga collected 1.04 percent, while Bank Mandiri shed 0.49 percent, Bank Danamon Indonesia climbed 1.09 percent, Bank Negara Indonesia accelerated 2.22 percent, Bank Central Asia lost 0.54 percent, Bank Rakyat Indonesia gained 0.46 percent, Indosat Ooredoo Hutchison rallied 1.80 percent, Indocement retreated 1.26 percent, Semen Indonesia added 0.43 percent, Indofood Suskes strengthened 1.72 percent, United Tractors improved 1.53 percent, Astra International fell 0.37 percent, Energi Mega Persada soared 1.85 percent, Astra Agro Lestari rose 0.0.35 percent, Aneka Tambang jumped 1.77 percent, Bumi Resources surged 3.70 percent and Vale Indonesia and Timah were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages spent much of Tuesday bouncing back and forth across the unchanged line, finally finishing with slight gains.

The Dow rose 10.42 points or 0.03 percent to finish at 33,573.28, while the NASDAQ added 46.99 points or 0.36 percent to close at 13,276.42 and the S&P 500 picked up 10.06 points or 0.24 percent to end at 4,283.85.

Traders remained reluctant to make significant moves as they continue to look ahead to next week's Federal Reserve meeting.

The Fed is due to announce its latest monetary policy decision next Wednesday, with the central bank widely expected to pause its recent series of interest rate hikes.

Crude oil prices slumped Tuesday on concerns about the outlook for energy demand due to economic slowdown and interest rate hikes. West Texas Intermediate Crude oil futures for July fell $0.41 or 0.6 percent at $71.74 a barrel.