The Indonesia stock market has moved lower in consecutive trading days, sinking almost 50 points or 0.8 percent along the way. The Jakarta Composite Index now sits just shy of the 6,310-point plateau although it may find support on Wednesday.
The global forecast is flat and mixed to lower ahead of the FOMC meeting later today. The European were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The JCI finished slightly lower on Tuesday following losses from the financial shares and resource stocks.
For the day, the index lost 14.56 points or 0.23 percent to finish at 6,309.70 after trading between 6,296.90 and 6,355.41.
Among the actives, Bank Danamon Indonesia dropped 0.96 percent, while Bank CIMB Niaga tumbled 1.74 percent, Bank Negara Indonesia skidded 1.58 percent, Bank Central Asia lost 0.60 percent, Bank Mandiri declined 1.50 percent, Bank Rakyat Indonesia spiked 3.28 percent, Indosat skyrocketed 9.78 percent, Telkom Indonesia fell 0.59 percent, Indocement rose 0.20 percent, United Tractors added 0.36 percent, Astra International was up 0.45 percent, Astra Agro Lestari retreated 1.54 percent, Aneka Tambang tanked 2.99 percent, Vale Indonesia plunged 3.18 percent, Timah plummeted 6.84 percent, Bumi Resources surrendered 1.64 percent and Semen Indonesia and Indofood Suskes were unchanged.
The lead from Wall Street is inconclusive as stocks finished mixed on Tuesday after ending the previous session firmly positive.
The Dow shed 127.51 points or 0.39 percent to finish at 32,825.95, while the NASDAQ rose 11.86 points or 0.09 percent to end at 13,471.57 and the S&P 500 fell 6.23 points or 0.16 percent to close at 3,962.71.
The mixed close on Wall Street came as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. Traders will look for changes to the Fed's statement as well as any revisions to the central bank's forecasts for the economy, inflation and interest rates.
Traders also hope Fed Chair Jerome Powell will address the recent spike in treasury yields in his post-meeting press conference. Ahead of the Fed announcement, treasury yields saw considerable volatility before closing modestly higher.
In economic news, the Commerce Department said retail sales pulled back more than expected last month. Also, the Federal Reserve noted an unexpected slump in U.S. industrial production in February.
Crude oil prices drifted lower on Tuesday amid concerns of a likely drop in energy demand after several countries in Europe have temporarily suspended the use of AstraZeneca's coronavirus vaccine. West Texas Intermediate Crude oil futures for April ended lower by $0.59 or 0.9 percent at $64.80 per barrel, falling for a third straight session.
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