Indonesia Shares May Head South Again On Wednesday

(RTTNews) - The Indonesia stock market on Tuesday ended the two-day slide in which it had fallen almost 75 points or 1.1 percent. The Jakarta Composite Index now rests just beneath the 6,780-point plateau although it may turn lower again on Wednesday.

The global forecast for the Asian markets suggests mild consolidation ahead of key inflation data later in the day. The European markets were mixed and the U.S. bourses were slightly lower and the Asian markets figure to open in similar fashion.

The JCI finished slightly higher on Tuesday following gains from the resource and cement stocks and a mixed picture from the financial sector.

For the day, the index rose 10.35 points or 0.15 percent to finish at 6,779.98 after trading between 6,742.18 and 6,793.77.

Among the actives, Bank CIMB Niaga skidded 1.09 percent, while Bank Mandiri retreated 1.46 percent, Bank Negara Indonesia dipped 0.27 percent, Bank Central Asia sank 0.83 percent, Bank Rakyat Indonesia collected 0.49 percent, Indosat Ooredoo Hutchison fell 0.32 percent, Indocement strengthened 1.72 percent, Semen Indonesia surged 5.15 percent, Indofood Suskes lost 0.73 percent, United Tractors climbed 1.10 percent, Astra International soared 3.27 percent, Astra Agro Lestari rose 0.33 percent, Aneka Tambang jumped 1.93 percent, Vale Indonesia spiked 1.43 percent, Timah rallied 2.56 percent and Bumi Resources, Bank Danamon Indonesia and Energi Mega Persada were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent most of the session in the red, finishing with modest losses.

The Dow shed 56.88 points or 0.17 percent to finish at 33,561.81, while the NASDAQ dropped 77.37 points or 0.63 percent to close at 12,179.55 and the S&P 500 sank 18.95 points or 0.46 percent to end at 4,119.17.

The weakness on Wall Street came as traders continued to move money out of relatively risky assets like stocks ahead of the release of key inflation data later today.

The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates.

The weakness on Wall Street may also have reflected concerns about the debt ceiling ahead of a meeting between President Joe Biden and House Speaker Kevin McCarthy, R-Calif. that could result in default if not addressed.

Crude oil prices shook off early weakness to finish higher amid expectations of higher seasonal demand and on the U.S. government's plans to refill the emergency oil reserve. West Texas Intermediate Crude oil futures for June settled at $73.71 a barrel, gaining $0.55 or 0.8 percent.