Renewed Consolidation Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had plunged almost 250 points or 3.3 percent. The Jakarta Composite Index now rests just above the 7,320-point plateau although it's likely to head south again on Wednesday.

The global forecast for the Asian markets is negative ahead of key U.S. inflation data later today. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The JCI finished modestly higher on Tuesday following gains from the food, telecom and cement companies, while the financials and resource stocks were mixed.

For the day, the index gained 55.53 points or 0.76 percent to finish at 7,321.99 after trading between 7,268.61 and 7,344.07.

Among the actives, Bank CIMB Niaga slid 0.28 percent, Bank Mandiri collected 0.39 percent, Bank Danamon Indonesia gained 0.40 percent, Bank Negara Indonesia slumped 1.20 percent, Bank Central Asia climbed 1.00 percent, Bank Rakyat Indonesia advanced 0.90 percent, Bank Maybank Indonesia jumped 1.82 percent, Indosat Ooredoo Hutchison soared 2.80 percent, Indocement improved 1.08 percent, Semen Indonesia strengthened 1.41 percent, Indofood Sukses Makmur added 0.64 percent, United Tractors spiked 2.39 percent, Energi Mega Persada surged 5.30 percent, Aneka Tambang rallied 2.29 percent, Jasa Marga rose 0.21 percent, Vale Indonesia shed 0.54 percent, Timah plunged 5.28 percent, Bumi Resources skyrocketed 16.78 percent and Astra International and Astra Agro Lestari were unchanged.

The lead from Wall Street is soft as the major averages opened slightly higher but quickly headed south and stayed in the red, finishing with modest losses.

The Dow stumbled 382.15 points or 0.86 percent to finish at 43,910.98, while the NASDAQ slipped 17.36 points or 0.09 percent to close at 19,281.40 and the S&P 500 sank 17.36 points or 0.29 percent to end at 5,983.99.

The pullback on Wall Street reflected profit taking as some traders looked to cash in on the recent strength in the markets following the U.S. elections.

Also, traders seemed reluctant to make more significant moves ahead of the highly anticipated report on consumer price inflation, due out later today.

Oil prices edged up only a bit on Tuesday after OPEC lowered its global oil demand forecast for 2025, while the dollar's continued strength hurt as well. West Texas Intermediate Crude oil futures for December rose $0.08 at $68.12 a barrel.