No Help Yet For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished lower in six straight sessions, slumping more than 240 points or 4 percent along the way. The Jakarta Composite Index now rests just above the 6,090-point plateau and it's expected to extend its losses again on Thursday.

The global forecast for the Asian markets is weak on renewed conflicts in the Middle East, surging crude oil prices and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The JCI finished modestly lower on Wednesday following losses among the financial shares, cement companies and agricultural stocks.

For the day, the index dropped 39.20 points or 0.64 percent to finish at 6,091.39 after trading between 6,029.32 and 6,174.41.

For the day, the index plummeted 360.42 points or 5.98 percent to finish at 5,663.24 after trading between 5,262.77 and 6,228.52. Volume was 449.29 million shares worth 47.83 trillion won. There were 804 decliners and 91 gainers.

The lead from Wall Street is sharply negative as the major averages opened lower on Wednesday and turned more deeply into the red as the day progressed, ending at session lows.

The late-day sell-off on Wall Street came as treasury yields surged in electronic trading on concerns about the outlook for interest rates even after the Federal Reserve left rates unchanged, although three members voted to increase rates.

Stocks came under pressure early in the day amid a substantial rebound by crude oil prices - which skyrocketed on Wednesday after Iran launched surprise attacks on U.S. bases in Jordan. West Texas Intermediate crude for September delivery was up $5.55 or 7.00 percent at $84.81 per barrel.