Lower Open Anticipated For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished higher in back-to-back sessions, accelerating more than 120 points or 1.8 percent along the way. The Jakarta Composite Index now rests just shy of the 6,925-point plateau and it's expected to open under pressure on Wednesday.

The global forecast for the Asian markets is murky on concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished sharply higher on Tuesday following gains from the financial shares and mixed performances from the resource and cement stocks.

For the day, the index jumped 87.22 points or 1.28 percent to finish at 6,923.03.

Among the actives, Bank Danamon Indonesia fell 0.36 percent, while Bank CIMB Niaga strengthened 1.27 percent, Bank Negara Indonesia eased 0.27 percent, Bank Central Asia rose 0.29 percent, Bank Mandiri dropped 1.00 percent, Bank Rakyat Indonesia slumped 1.22 percent, Indosat Ooredoo Hutchison lost 0.41 percent, Indocement soared 2.54 percent, Semen Indonesia tumbled 1.84 percent, Indofood Suskes skidded 1.09 percent, United Tractors advanced 0.85 percent, Astra International added 0.44 percent, Energi Mega Persada retreated 1.95 percent, Astra Agro Lestari gained 0.63 percent, Aneka Tambang shed 0.50 percent, Vale Indonesia perked 0.35 percent, Timah gathered 0.43 percent and Bumi Resources sank 0.59 percent.

The lead from Wall Street is uninspired as the major averages opened lower on Tuesday, with only the Dow managing to break barely into positive territory.

The Dow rose 37.63 points or 0.11 percent to finish at 33,241.56, while the NASDAQ tumbled 144.64 points or 1.38 percent to end at 10,353.23 and the S&P 500 sank 15.57 points or 0.40 percent to close at 3,829.25.

The weakness on Wall Street partly reflected lingering concerns about the economic outlook following recent indications the Federal Reserve plans to continuing raising interest rates.

The markets got a lift when treasuries moved sharply lower, extending the downward trend seen over the past several sessions.

Bond prices came under pressure in early trading and saw further downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 10.9 basis points to 3.860 percent.

Crude oil prices pared gains and settled roughly flat on Tuesday after refineries in the Gulf Coast restarted after a temporary closure. West Texas Intermediate Crude oil futures for February settled flat at $79.53 a barrel.