Lower Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market moved back to the downside again on Tuesday, one session after ending the two-day slide in which it had slumped more than 100 points or 1.5 percent. The Jakarta Composite Index now rests just above the 6,675-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is soft on concerns over growth and on the U.S. debt ceiling. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The JCI finished modestly lower on Tuesday as losses from the financial shares and resource stocks were mitigated by support from the cement companies.

For the day, the index lost 35.18 points or 0.52 percent to finish at 6,676.56.

Among the actives, Bank CIMB Niaga soared 3.18 percent, while Bank Mandiri retreated 1.19 percent, Bank Danamon Indonesia stumbled 1.08 percent, Bank Negara Indonesia surrendered 1.69 percent, Bank Central Asia dropped 0.85 percent, Bank Rakyat Indonesia collected 0.97 percent, Indosat Ooredoo Hutchison plunged 3.26 percent, Indocement improved 0.74 percent, Semen Indonesia advanced 0.85 percent, Indofood Suskes strengthened 1.49 percent, United Tractors eased 0.20 percent, Astra International slumped 1.18 percent, Energi Mega Persada sank 0.92 percent, Astra Agro Lestari declined 1.64 percent, Aneka Tambang skidded 1.01 percent, Vale Indonesia plummeted 3.36 percent, Bumi Resources tanked 2.38 percent and Timah was unchanged.

The lead from Wall Street is negative as the major averages opened lower on Tuesday. The NASDAQ spent some time in positive territory but they all finished solidly in the red.

The Dow plunged 336.46 points or 1.01 percent to finish at 33,012.14, while the NASDAQ dipped 22.16 points or 0.18 percent to end at 12,345.05 and the S&P 500 sank 26.38 points or 0.64 percent to close at 4,109.90.

The steep drop by the Dow was partly due to a decrease by shares of Home Depot (HD), with the home improvement retailer falling by 2.2 percent after it reported weaker than expected first quarter revenues and lowered its full-year guidance.

Ongoing concerns about the U.S. debt ceiling also generated some negative sentiment as President Joe Biden meets with top congressional leaders with no resolution.

Traders were also reacting to a mixed batch of U.S. economic data, including separate reports showing weaker than expected retail sales growth and an unexpected increase in industrial output.

Oil prices drifted lower Tuesday amid concerns about the outlook for energy demand following disappointing Chinese data. West Texas Intermediate Crude oil futures for June ended lower by $0.25 or 0.4 percent at $70.86 a barrel.