Lower Open Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Tuesday halted the three-day winning streak in which it had risen more than 30 points or 0.5 percent. The Jakarta Composite Index now rests just above the 6,940-point plateau and it's expected to open under pressure again on Wednesday.

The global forecast for the Asian markets suggests consolidation on rising concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The JCI finished modestly lower on Tuesday following losses from the resource stocks and a mixed picture from the financial shares.

For the day, the index lost 20.57 points or 0.30 percent to finish at 6,940.89.

Among the actives, Bank CIMB Niaga dropped 0.89 percent, while Bank Mandiri collected 0.41 percent, Bank Danamon Indonesia sank 0.70 percent, Bank Negara Indonesia improved 1.21 percent, Bank Central Asia rallied 1.38 percent, Bank Rakyat Indonesia gained 0.48 percent, Indosat Ooredoo Hutchison advanced 0.97 percent, Semen Indonesia skidded 1.16 percent, Indofood Suskes fell 0.37 percent, United Tractors plunged 3.31 percent, Astra International retreated 1.20 percent, Energi Mega Persada plummeted 3.73 percent, Astra Agro Lestari shed 0.67 percent, Aneka Tambang tanked 2.22 percent, Timah tumbled 1.88 percent and Bumi Resources, Indocement and Vale Indonesia were unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Tuesday and continued to sink as the day progressed, ending near session lows.

The Dow plunged 430.97 points or 1.29 percent to finish at 33,002.38, while the NASDAQ tumbled 248.31 points or 1.87 percent to close at 13,059.47 and the S&P 500 sank 58.94 points or 1.37 percent to end at 4,229.45.

The sell-off on Wall Street followed a report from the Labor Department unexpectedly showing a notable increase in U.S. job openings in August.

The data added to interest rate concerns amid worries strength in the labor market could convince the Federal Reserve to raise rates higher than had been anticipated and keep rates an elevated level for longer than expected.

The interest rate worries contributed to a continued surge by treasury yields, with the yield on the benchmark 10-year note jumping to its highest level in 16 years.

Oil futures settled higher on Tuesday on optimism that OPEC+ won't change its production policy at the committee's meeting later today. West Texas Intermediate Crude oil futures for November added $0.41 or 0.5 percent at $89.23 a barrel.