Indonesia Stock Market Tipped To Open In The Green

(RTTNews) - The Indonesia stock market moved lower again on Wednesday, one day after snapping the six-day losing streak in which it had plummeted almost 400 points or 7 percent. The Jakarta Composite Index now sits just beneath the 6,650-point plateau although it figures to open higher again on Thursday.

The global forecast for the Asian markets is positive, with oversold markets likely to rebound on possible easing inflation concerns. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The JCI finished modestly lower on Wednesday following losses from the resource stocks and energy producers, while the financials came in mixed.

For the day, the index dropped 56.86 points or 0.85 percent to finish at 6,646.41.

Among the actives, Bank Danamon Indonesia collected 0.43 percent, while Bank CIMB Niaga shed 0.50 percent, Bank Negara Indonesia stumbled 1.29 percent, Bank Central Asia added 0.69 percent, Bank Mandiri retreated 1.63 percent, Bank Rakyat Indonesia dipped 0.24 percent, Indosat jumped 1.99 percent, Indocement and Indofood Suskes both climbed 1.08 percent, Semen Indonesia rose 0.37 percent, United Tractors plunged 4.20 percent, Astra International sank 3.05 percent, Energi Mega Persada tumbled 3.51 percent, Bakrie Sumatera Plantations slumped 1.65 percent, Astra Agro Lestari tanked 3.59 percent, Aneka Tambang crashed 3.91 percent, Vale Indonesia cratered 4.13 percent, Timah plummeted 6.12 percent and Bumi Resources declined 1.43 percent.

The lead from Wall Street is upbeat as the major averages hugged the unchanged line for most of Wednesday's trade before a late rally pushed them into the green.

The Dow climbed 69.86 points or 0.23 percent to finish at 31,037.68, while the NASDAQ added 39.61 points or 0.35 percent to close at 11,361.85 and the S&P 500 rose 13.69 points or 0.36 percent to end at 3,845.08.

The late rally on Wall Street followed the release of the latest batch of minutes from the Federal Reserve's latest monetary policy meeting, which showed the central bank remains committed to bringing down inflation.

The minutes also said participants continued to anticipate that ongoing increases in the target range for the federal funds would be appropriate to achieve the monetary policy committee's objectives; another 50 or 75-basis point move is expected in the July meeting.

Crude oil futures settled lower Wednesday amid concerns about outlook for energy demand due to a surge in Covid-19 cases in China and fears over a possible recession, while a strong greenback also weighed. West Texas Intermediate crude oil futures for August ended lower by $0.97 or 1 percent at $98.53 a barrel.