Losing Streak May Continue For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved lower in three straight sessions, sinking almost 325 points or 4.3 percent in that span. The Jakarta Composite Index now rests just beneath the 6,860-point plateau and it may take further damage again on Wednesday.

The global forecast for the Asian markets is weak on surging oil prices and weakness among technology stocks. The European markets were down and the U.S. bourses were mixed and the Asian markets also figure to open to the downside.

The JCI finished modestly lower again on Tuesday following losses from the financial shares, gains from the telecoms and mixed performances from the resource and cement sectors.

For the day, the index shed 46.72 points or 0.68 percent to finish at 6,858.90 after trading between 6,762.88 and 6,977.29.

Among the actives, Bank Mandiri dipped 0.24 percent, while Bank Danamon Indonesia plummeted 6.60 percent, Bank Negara Indonesia collected 2.36 percent, Bank Central Asia fell 0.41 percent, Bank Rakyat Indonesia added 0.63 percent, Indosat Ooredoo Hutchison surged 7.80 percent, Indocement lost 0.48 percent, Semen Indonesia jumped 1.46 percent, Indofood Sukses Makmur gained 0.72 percent, Astra International crashed 3.31 percent, Energi Mega Persada tanked 3.37 percent, Astra Agro Lestari retreated 1.52 percent, Aneka Tambang tumbled 3.51 percent, Vale Indonesia improved 0.83 percent, Timah rallied 2.25 percent and Bumi Resources, United Tractors and Bank CIMB Niaga were unchanged.

The lead from Wall Street offers little clarity as the major averages opened lower but trended higher as the session progressed, with the Dow finally peaking into positive territory by the day's end.

The Dow rose 56.09 points or 0.11 percent to finish at 49,760.56, while the NASDAQ sank 185.92 points or 0.71 percent to end at 26,088.20 and the S&P 500 dipped 11.88 points or 0.16 percent to close at 7,400.96.

An extended surge by the price of crude oil contributed to the early sell-off on Wall Street, with U.S. crude oil futures soaring by more than 4 percent and jumping back above $100 a barrel.

The continued increase by the price of crude oil comes as the U.S. and Iran struggle to reach an agreement to end the war and reopen the critical Strait of Hormuz.

The weakness on Wall Street also came following the release of a report from the Labor Department showing the fastest annual rate of consumer price growth since May 2023 - making any rate cuts in the near future extremely unlikely.