The Indonesia stock market moved lower again on Tuesday, one day after snapping the three-day losing streak in which it had eased just seven points or 0.1 percent. The Jakarta Composite Index now rests just above the 6,010-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian is soft, with inflation concerns offset by support from crude oil. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.
The JCI finished sharply lower on Tuesday following losses from the financial shares, cement companies and resource stocks.
For the day, the index sank 66.54 points or 1.09 percent to finish at 6,012.03 after trading between 6,004.82 and 6,114.29.
Among the actives, Bank Danamon Indonesia dropped 0.91 percent, while Bank CIMB Niaga retreated 1.63 percent, Bank Negara Indonesia slipped 0.64 percent, Bank Central Asia sank 2.03 percent, Bank Mandiri lost 0.43 percent, Bank Rakyat Indonesia collected 0.53 percent, Indosat plunged 5.81 percent, Indocement skidded 1.17 percent, Semen Indonesia declined 2.27 percent, Indofood Suskes added 0.38 percent, United Tractors tanked 2.31 percent, Astra International was down 0.41 percent, Astra Agro Lestari shed 0.66 percent, Aneka Tambang fell 0.39 percent, Vale Indonesia slid 0.48 percent, Bumi Resources surrendered 1.69 percent and Timah was unchanged.
The lead from Wall Street is negative as stocks opened lower on Tuesday and then bounced back and forth across the unchanged line before ending in the red.
The Dow dropped 107.39 points or 0.31 percent to finish at 34,888.79, while the NASDAQ sank 55.59 points or 0.38 percent to end at 14,677.65 and the S&P 500 fell 15.42 points or 0.35 percent to close at 4,369.21.
Stocks moved lower in afternoon trading as treasury yields rose after the Treasury Department revealed this month's auction of $24 billion worth of thirty-year bonds.
The lower close on Wall Street also came after the Labor Department released a report showing consumer prices in the U.S. saw the biggest monthly increase in thirteen years in June.
On the earnings front, financial giants JPMorgan Chase (JPM) and Goldman Sachs (GS) both saw quarterly results that beat estimates, while snack and beverage giant PepsiCo (PEP) also reported better than expected second quarter results.
Crude oil prices rose sharply on Tuesday amid expectations crude stockpiles may have dropped last week. West Texas Intermediate Crude oil futures for August ended up $1.15 or 1.6 percent at $75.25 a barrel.
For comments and feedback contact: editorial@rttnews.com
