Indonesia Stock Market Expected To Open Under Pressure

(RTTNews) - The Indonesia stock market has finished higher in seven straight sessions, rising almost 150 points or 2.2 percent along the way. The Jakarta Composite Index now sits just above the 7,100-point plateau although it's overdue for consolidation on Wednesday.

The global forecast for the Asian markets is negative on growth concerns, with energy and technology stocks expected to weigh. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The JCI finished slightly higher on Tuesday as gains from the resource and financial stocks were capped by weakness from the cement companies.

For the day, the index rose 16.03 points or 0.23 percent to finish at 7,102.88.

Among the actives, Bank CIMB Niaga dropped 0.90 percent, while Bank Negara Indonesia accelerated 2.42 percent, Bank Central Asia collected 0.32 percent, Bank Mandiri strengthened 1.50 percent, Bank Rakyat Indonesia advanced 0.92 percent, Indosat Ooredoo retreated 1.39 percent, Indocement skidded 1.03 percent, Semen Indonesia shed 0.71 percent, Indofood Suskes declined 1.13 percent, United Tractors eased 0.08 percent, Astra International gained 0.75 percent, Energi Mega Persada rallied 5.22 percent, Astra Agro Lestari sank 0.79 percent, Aneka Tambang surged 5.83 percent, Vale Indonesia soared 6.72 percent, Timah spiked 3.67 percent, Bumi Resources skyrocketed 23.89 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and remained in the red throughout the trading day.

The Dow shed 58.13 points or 0.18 percent to finish at 32,774.41, while the NASDAQ tumbled 150.53 points or 1.19 percent to end at 12,493.93 and the S&P 500 fell 17.59 points or 0.42 percent to close at 4,122.47.

Technology stocks helped to lead Wall Street lower, with semiconductor stocks turning in some of the worst performances after Micron Technology (MU) warned that it may miss its previous guidance.

The weakness also came as traders looked ahead to the release of a highly anticipated reading on U.S. consumer price inflation later today.

Crude oil futures settled modestly lower Tuesday on concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for September ended lower by $0.26 or 0.3 percent at $90.50 a barrel.