Losses May Accelerate For Indonesia Stock Market

(RTTNews) - The Indonesia stock market turned lower again on Wednesday, one day after ending the two-day losing streak in which it had tumbled more than 370 points or 5 percent. The Jakarta Composite Index now sits just beneath the 7,390-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is soft on continuing concerns over the war in the Middle East and surging oil prices. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished modestly lower on Wednesday following mixed performances from the financial shares, cement stocks, telecoms and resource companies.

For the day, the index sank 51.51 points or 0.69 percent to finish at 7,389.40 after trading between 7,380.81 and 7,527.32.

Among the actives, Bank CIMB Niaga strengthened 1.44 percent, while Bank Mandiri shed 0.61 percent, Bank Danamon Indonesia fell 0.39 percent, Bank Negara Indonesia collected 0.70 percent, Bank Central Asia tumbled 2.15 percent, Bank Rakyat Indonesia added 0.56 percent, Indosat Ooredoo Hutchison dropped 0.98 percent, Indocement rallied 3.60 percent, Semen Indonesia tanked 2.26 percent, Indofood Sukses Makmur rose 0.42 percent, United Tractors stumbled 2.60 percent, Astra International sank 0.83 percent, Energi Mega Persada plummeted 7.74 percent, Aneka Tambang retreated 1.24 percent, Vale Indonesia jumped 1.58 percent, Timah plunged 3.91 percent, Bumi Resources cratered 5.83 percent and Astra Agro Lestari was unchanged.

The lead from Wall Street offers little clarity as the major averages spent much of Wednesday's trade bouncing back and forth across the unchanged line before ending mixed.

The Dow dropped 289.24 points or 0.61 percent to finish at 47,417.27, while the NASDAQ rose 19.03 points or 0.08 percent to end at 22,716.13 and the S&P 500 dipped 5.68 points or 0.08 percent to close at 6,775.80.

The recent volatility has largely been driven by big swings by the price of crude oil, which rebounded on Wednesday.

Crude oil is regained ground after the United Kingdom Maritime Trade Operations said it has received reports of three vessels being struck by projectiles off Iran's coast, adding to worries about transit through the Strait of Hormuz.

Crude oil prices skyrocketed on Wednesday as the Middle East conflict fails to show any indication of calming down soon. West Texas Intermediate crude for April delivery was up $4.21 or 5.04 percent at $87.66 per barrel.

Meanwhile, traders largely shrugged off a report from the Labor Department showing consumer prices in the U.S. increased in line with estimates in February.