Indonesia Bourse Tipped To Open In The Red

(RTTNews) - The Indonesia stock market bounced higher again on Tuesday, one day after snapping the two-day winning streak in which it had picked up almost 150 points or 2.2 percent. The Jakarta Composite Index now sits just above the 6,760-point plateau although it's expected to open under pressure again on Wednesday.

The global forecast for the Asian markets is flat to lower on concerns over the outlook for interest rates and the health of the banking sector. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to follow the latter lead.

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

For the day, the index advanced 51.40 points or 0.77 percent to finish at 6,760.33 after trading between 6,715.60 and 6,764.65.

Among the actives, Bank Danamon Indonesia lost 0.35 percent, while Bank CIMB Niaga slid 0.40 percent, Bank Negara Indonesia slumped 0.90 percent, Bank Central Asia fell 0.29 percent, Bank Mandiri sank 0.74 percent, Bank Rakyat Indonesia collected 0.63 percent, Indosat Ooredoo Hutchison declined 0.71 percent, Indocement skyrocketed 7.79 percent, Semen Indonesia rallied 2.00 percent, United Tractors spiked 2.79 percent, Astra International shed 0.43 percent, Energi Mega Persada retreated 1.68 percent, Astra Agro Lestari dropped 0.93 percent, Aneka Tambang jumped 1.79 percent, Vale Indonesia strengthened 1.56 percent, Timah added 0.49 percent, Bumi Resources surged 6.20 percent and Indofood Suskes was unchanged.

The lead from Wall Street is soft as the major averages opened mixed on Tuesday, but they all headed south throughout the session and ended in the red.

The Dow shed 37.83 points or 0.12 percent to finish at 32,394.25, while the NASDAQ sank 52.76 points or 0.45 percent to end at 11,716.08 and the S&P 500 fell 6.26 points or 0.16 percent to close at 3,971.27.

The weakness that emerged on Wall Street reflected ongoing concerns about the outlook for interest rates amid a continued increase in treasury yields as the 10-year yield climbed further off last Friday's six-month closing low.

In economic news, the Conference Board unexpectedly reported a slight improvement in U.S. consumer confidence in March.

Crude oil prices climbed higher Tuesday on easing concerns about global banking sector woes, lifting the most active oil futures contract to a two-week closing high. West Texas Intermediate Crude oil futures for May ended higher by $0.39 or 0.5 percent at $73.20 a barrel.