Win Streak May End For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in four straight sessions, collecting more than 85 points or 1.3 percent along the way. The Jakarta Composite Index now rests just above the 6,745-point plateau although it may run out of steam on Thursday.

The global forecast for the Asian markets is increasingly negative as the debt ceiling situation in the United States continues to drag on. The European and U.S. bourses were down and the Asian markets figure to follow suit.

The JCI finished slightly higher on Wednesday following mixed performances from the resource and cement companies, while the financials were soft.

For the day, the index gained 9.12 points or 0.14 percent to finish at 6,745.80.

Among the actives, Bank CIMB Niaga tanked 2.41 percent, while Bank Mandiri dropped 0.98 percent, Bank Danamon Indonesia fell 0.36 percent, Bank Negara Indonesia retreated 1.40 percent, Bank Central Asia skidded 1.10 percent, Bank Rakyat Indonesia jumped 1.82 percent, Indosat Ooredoo Hutchison soared 3.59 percent, Indocement improved 0.75 percent, Semen Indonesia lost 0.42 percent, United Tractors added 0.41 percent, Astra International climbed 1.14 percent, Energi Mega Persada surged 4.67 percent, Aneka Tambang rose 0.26 percent, Vale Indonesia rallied 2.71 percent, Timah declined 1.06 percent, Bumi Resources plunged 2.59 percent and Astra Agro Lestari and Indofood Suskes were unchanged.

The lead from Wall Street suggests continued consolidation as the major averages opened lower on Wednesday and remained in the red throughout the trading day.

The Dow tumbled 255.59 points or 0.77 percent to finish at 32,799.92. while the NASDAQ sank 76.08 points or 0.61 percent to close at 12,484.16 and the S&P 500 dropped 30.34 points or 0.73 percent to end at 4,115.24.

Lingering concerns about lawmakers' ability to reach an agreement on increasing the U.S. debt ceiling continued to weigh on Wall Street.

While negotiations have continued this week, traders remain worried about reports suggesting a lack of progress towards a deal.

Traders were also digesting the minutes of the Federal Reserve's May monetary policy meeting, which indicated uncertainty about the outlook for interest rates.

Crude oil prices moved higher Wednesday, rising for the third consecutive session on concerns over tightening supply after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July jumped $1.43 or 2 percent at $74.34 a barrel.

Closer to home, the central bank in Indonesia will conclude its monetary policy meeting later today and announce its decision on interest rates. The bank is expected to keep its benchmark lending rate (5.75 percent), lending facility rate (6.50 percent) and deposit facility rate (5.00 percent) all unchanged.