Higher Open Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has finished lower in three straight sessions, sinking more than 100 points 1.4 percent along the way. The Jakarta Composite Index now rests just above the 7,110-point plateau although it may halt its slide on Wednesday.

The global forecast for the Asian markets is mixed to higher, with bargain hunting expected - especially among the oil and technology stocks. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The JCI finished slightly lower on Tuesday as losses from the financials were offset by missed performances from the resource and cement stocks.

For the day, the index dipped 15.05 points or 0.21 percent to finish at 7,112.45.

Among the actives, Bank Danamon Indonesia slid 0.38 percent, while Bank CIMB Niaga declined 1.35 percent, Bank Central Asia retreated 1.48 percent, Bank Mandiri climbed 1.08 percent, Bank Rakyat Indonesia was down 0.22 percent, Indosat Ooredoo Hutchison lost 0.33 percent, Indocement stumbled 1.50 percent, Semen Indonesia advanced 1.01 percent, Indofood Suskes dropped 0.81 percent, United Tractors rose 0.30 percent, Astra International fell 0.36 percent, Energi Mega Persada tanked 1.44 percent, Astra Agro Lestari skidded 1.13 percent, Aneka Tambang dipped 0.25 percent, Vale Indonesia improved 1.15 percent, Timah slumped 1.44 percent, Bumi Resources rallied 2.19 percent and Bank Negara Indonesia was unchanged.

The lead from Wall Street offers little clarity as the major averages shook off early strength, sinking as the day progressed with only the NASDAQ finishing in the green.

The Dow dropped 125.82 points or 0.43 percent to finish at 29,134.99, while the NASDAQ added 26.58 points or 0.25 percent to end at 10,829.50 and the S&P 500 slipped7.75 points or 0.21 percent to close at 3,647.29.

Bargain hunting contributed to the early rebound on Wall Street, as traders picked up stocks at reduced levels following recent weakness. Buying interest waned over the course of the morning, however, as concerns about higher interest rates and the outlook for the global economy continued to weigh on the markets.

The subsequent pullback by stocks came as treasury yields once again surged after an initial move to the downside, with the yield on the benchmark 10-year note reaching its highest levels in over 12 years.

In economic news, the Commerce Department noted a modest decrease in new orders for U.S. manufactured durable goods in August, as well as a rebound in new home sales last month. Also, the Conference Board saw a bigger than expected improvement in consumer confidence this month.

Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian. West Texas Intermediate Crude oil futures for November ended higher by $1.79 or 2.3 percent at $78.50 a barrel.