The Indonesia stock market has finished lower in two of three trading days since the end of the modest two-day winning streak in which it had gathered more than 20 points or 0.3 percent. The Jakarta Composite Index now sits just beneath the 6,535-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian suggests consolidation on continued COVID-19 worries and concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.
The JCI finished sharply lower on Tuesday following losses from the financial shares and mixed performances from the cement and resource companies.
For the day, the index lost 74.36 points or 1.13 percent to finish at the daily low of 6,533.93 after peaking at 6,647.48.
Among the actives, Bank CIMB Niaga skidded 1.01 percent, while Bank Negara Indonesia sank 2.16 percent, Bank Central Asia slumped 1.69 percent, Bank Mandiri tanked 2.44 percent, Bank Rakyat Indonesia stumbled 1.92 percent, Indosat soared 3.82 percent, Indocement added 0.48 percent, Semen Indonesia surrendered 2.44 percent, Indofood Suskes plunged 3.08 percent, United Tractors tumbled 2.18 percent, Astra International plummeted 3.35 percent, Aneka Tambang retreated 1.29 percent, Vale Indonesia advanced 0.84 percent, Timah dipped 0.32 percent, Bumi Resources jumped 1.54 percent, Energi Mega Persada declined 1.72 percent and Bank Danamon Indonesia and Astra Agro Lestari were unchanged.
The lead from Wall Street is broadly negative as the major averages opened lower on Tuesday and remained largely under water throughout the trading day.
The Dow plummeted 652.22 points or 1.86 percent to finish at 34,483.72, while the NASDAQ tumbled 245.14 points or 1.55 percent to close at 15,537.69 and the S&P 500 dropped 88.26 points or 1.90 percent to end at 4,567.01.
The sell-off on Wall Street partly reflected renewed concerns about the new coronavirus variant after Moderna's (MRNA) CEO said in an interview that COVID-19 vaccines are likely to be less effective against Omicron.
Stocks saw further downside after Federal Reserve Jerome Powell suggested during Congressional testimony that the central bank would discuss accelerating the pace at which it reduces its asset purchases during the next monetary policy meeting to contend with inflation.
Crude oil prices declined sharply on Tuesday amid fresh concerns about the outlook for oil and jet fuel demand. West Texas Intermediate Crude oil futures for January ended down by $3.77 or 5.4 percent at $66.18 a barrel.
Closer to home, Indonesia will release November numbers for consumer prices later today; in October, inflation was up 0.12 percent on month and 1.66 percent on year.
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