Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Tuesday ended the two-day slide in which it had gathered more than 35 points or 0.5 percent. The Jakarta Composite Index now sits just above the 6,885-point plateau and it's looking at another soft start again on Wednesday.

The global forecast for the Asian markets is negative, with oil and technology stocks likely to lead the way lower. 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 on Tuesday following losses from the financials and a mixed performance from the resource stocks.

For the day, the index slumped 44.86 points or 0.65 percent to finish at 6,886.50.

Among the actives, Bank CIMB Niaga skidded 1.18 percent, while Bank Mandiri retreated 1.31 percent, Bank Danamon Indonesia tumbled 1.96 percent, Bank Negara Indonesia surrendered 2.25 percent, Bank Rakyat Indonesia advanced 0.88 percent, Semen Indonesia tanked 3.58 percent, Indofood Suskes plunged 4.44 percent, Astra International rose 0.36 percent, Energi Mega Persada slumped 2.61 percent, Astra Agro Lestari slid 0.33 percent, Aneka Tambang spiked 2.77 percent, Vale Indonesia added 0.36 percent, Timah declined 1.60 percent, Bumi Resources improved 0.78 percent and Bank Central Asia, Indosat Ooredoo Hutchison, Indocement and United Tractors were unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Tuesday and finished the same way.

The Dow advanced 71.15 points or 0.20 percent to finish at 35,630.68, while the NASDAQ sank 62.11 points or 0.43 percent to close at 14,283.91 and the S&P 500 fell 12.23 points or 0.27 percent to end at 4,576.73.

The modest weakness on Wall Street may partly have reflected profit taking, as some traders looked to cash in on the strong gains posted last month.

Overall trading activity remained somewhat subdued, however, as traders continued to look ahead to Friday's closely watched monthly jobs report.

In U.S. economic news, the Institute for Supply Management said U.S. manufacturing activity contracted for the ninth consecutive month in July. Also, the Commerce Department said construction spending rose slightly less than expected in June.

Crude oil futures ended lower on Tuesday thanks to a firm dollar and data showing a slowdown in global manufacturing activity. West Texas Intermediate Crude oil futures for September ended lower by $0.43 at $81.37 a barrel.