Additional Consolidation Likely For Indonesia Stock Market

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Additional Consolidation Likely For Indonesia Stock Market

(RTTNews) - The Indonesia stock market headed south again on Wednesday, one day after snapping the two-day losing streak in which it had fallen almost 40 points or 0.6 percent. The Jakarta Composite Index now sits just beneath the 6,930-point plateau and the losses may accelerate on Thursday.

The global forecast for the Asian markets is broadly negative on geopolitical concerns and the dimming outlook for interest rates. The European and U.S. markets were sharply lower and the Asian bourses are expected to open in similar fashion.

The JCI finished slightly lower on Wednesday following losses from the financial and cement sectors, while the resource stocks were mixed.

For the day, the index slipped 11.71 points or 0.17 percent to finish at 6,927.91 after trading between 6,908.29 and 6,968.25.

Among the actives, Bank CIMB Niaga tumbled 1.75 percent, while Bank Mandiri tanked 2.50 percent, Bank Danamon Indonesia slumped 1.10 percent, Bank Negara Indonesia declined 1.44 percent, Bank Central Asia skidded 1.12 percent, Indosat Ooredoo Hutchison plunged 3.45 percent, Indocement plummeted 3.88 percent, Semen Indonesia stumbled 2.66 percent, Indofood Suskes sank 0.73 percent, United Tractors dipped 0.28 percent, Astra International fell 0.43 percent, Energi Mega Persada rallied 1.57 percent, Astra Agro Lestari surrendered 2.78 percent, Aneka Tambang spiked 2.21 percent, Vale Indonesia jumped 1.77 percent, Timah crashed 5.06 percent, Bumi Resources dropped 0.79 percent and Bank Rakyat Indonesia was unchanged.

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

The Dow tumbled 332.57 points or 0.98 percent to finish at 33,665.08, while the NASDAQ dropped 219.44 points or 1.39 percent to close at 13,314.30 and the S&P 500 sank 58.60 points or 1.34 percent to end at 4,314.60.

The weakness on Wall Street came amid rising tensions in the Middle East after a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed several hundred people.

Hamas tried to attribute the blast to an Israeli airstrike, but the Israeli military said with some evidence it was not involved and the explosion was caused by a misfired Palestinian rocket.

Higher bond yields added to the negative sentiment raising concerns about the outlook for interest rates.

On the U.S. economic front, the Commerce Department noted a substantial rebound in new residential construction in the U.S. in September.

Crude oil prices rose sharply Wednesday on rising concerns over supplies as geopolitical concerns escalated after the large explosion at the Gaza hospital. West Texas Intermediate Crude oil futures for November jumped $1.66 or 1.9 percent at $88.32 a barrel.

Closer to home, the central bank in Indonesia will conclude its monetary policy later today and announce its decision on interest rates. The benchmark lending rate (5.75 percent), lending facility rate (6.50 percent) and the deposit facility rate (5.00 percent) are all expected to see no change.

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