Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in four straight sessions, slipping more than 180 points or 2.6 percent along the way. The Jakarta Composite Index now rests just above the 6,890-point plateau and it's predicted to open under pressure again on Wednesday.

The global forecast for the Asian markets is soft on rising concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

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

For the day, the index dropped 94.76 points or 1.36 percent to finish at 6,892.57.

Among the actives, Bank Danamon Indonesia retreated 1.39 percent, while Bank CIMB Niaga tumbled 2.08 percent, Bank Negara Indonesia lost 2.05 percent, Bank Central Asia skidded 1.14 percent, Bank Mandiri collected 0.23 percent, Bank Rakyat Indonesia fell 0.61 percent, Indosat Ooredoo Hutchison surrendered 2.92 percent, Indocement added 0.50 percent, Semen Indonesia plummeted 6.82 percent, United Tractors stumbled 1.40 percent, Astra International tanked 2.49 percent, Energi Mega Persada crashed 6.63 percent, Astra Agro Lestari declined 3.02 percent, Aneka Tambang plunged 4.61 percent, Vale Indonesia slumped 1.68 percent, Timah sank 2.41 percent and Bumi Resources and Indofood Suskes were unchanged.

The lead from Wall Street remains negative as the major averages opened lower and continued deeper into the red as the day progressed, ending near session lows.

The Dow retreated 350.76 points or 1.03 percent to finish at 33,596.76, while the NASDAQ tumbled 225.05 points or 2.00 percent to close at 11,014.89 and the S&P 500 dropped 57.58 points or 1.44 percent to end at 3,941.26.

The extended sell-off on Wall Street reflected lingering concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting.

While the Fed is widely expected to slow the pace of interest rate hikes next week, recent upbeat economic data has raised concerns about how much further the central bank will raise rates at future meetings.

In economic news, the Commerce Department released a report showing the U.S. trade deficit widened in the month of October.

Crude oil prices dropped to an 11-month low on Tuesday amid concerns about the outlook for energy demand as uncertainty and consequences of a continued Fed tightening weighed on the commodity. West Texas Intermediate Crude oil futures for January ended lower by $2.68 or 3.5 percent at $74.25 a barrel.