Indonesia Bourse May Spin Its Wheels Again On Wednesday

(RTTNews) - The Indonesia stock market on Tuesday halted the 11-day winning streak in which it had surged more than 530 points or 7.5 percent. The Jakarta Composite Index now sits just beneath the 7,350-point plateau and it may remain stuck in neutral again on Wednesday.

The global forecast for the Asian markets offers little clarity as the markets figure to stagnate amidst a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are likely to follow that lead.

The JCI finished modestly lower on Tuesday following losses from the food, cement and resource stocks, while the financials came in mixed. For the day, the index sank 53.46 points or 0.72 percent to finish at 7,344.74 after trading between 7,344.74 and 7,457.38. Among the actives, Bank CIMB Niaga lost 0.58 percent, while Bank Danamon Indonesia collected 0.41 percent, Bank Negara Indonesia fell 0.49 percent, Bank Central Asia slumped 0.59 percent, Bank Rakyat Indonesia rose 0.26 percent, Indosat Ooredoo Hutchison gained 0.41 percent, Indocement stumbled 2.40 percent, Semen Indonesia plunged 3.21 percent, Indofood Sukses Makmur sank 0.90 percent, United Tractors added 0.44 percent, Astra International declined 1.47 percent, Energi Mega Persada tanked 3.63 percent, Astra Agro Lestari retreated 1.57 percent, Aneka Tambang plummeted 7.21 percent, Vale Indonesia shed 0.55 percent, Timah dropped 0.94 percent and Bumi Resources jumped 1.69 percent.

The lead from Wall Street is murky as the major averages opened on opposite sides of the unchanged line and finished the same way.

The Dow climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69 and the S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62.

Profit taking contributed to the initial weakness on Wall Street after the NASDAQ and the S&P ended the previous session at record closing highs, while a negative reaction to earnings news also weighing on the markets.

Shares of General Motors (GM) plunged after the automaker reported Q2 earnings that exceeded estimates but were down sharply on year. Leading global security, defense and aerospace contractor Lockheed Martin (LMT) also tumbled on weaker than expected second quarter revenues.

Crude oil moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.