Soft Start Likely For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Tuesday ended the three-day winning streak in which it had picked up more than 160 points or 2.6 percent. The Jakarta Composite Index now rests just above the 6,880-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is a mixed bag, with weakness among the financials and oil companies likely countered by support from the technology shares. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The JCI finished modestly lower on Tuesday following losses from the financial hares and cement companies.

For the day, the index dipped 6.46 points or 0.09 percent to finish at 6,882.70.

Among the actives, Bank Mandiri retreated 1.25 percent, while Bank Danamon Indonesia was down 0.40 percent, Bank Negara Indonesia declined 1.32 percent, Bank Rakyat Indonesia fell 0.45 percent, Indocement slumped 1.37 percent, Semen Indonesia dropped 0.81 percent, Indofood Sukses Makmur added 0.42 percent, United Tractors lost 0.46 percent, Astra International shed 0.68 percent and Vale Indonesia tumbled 1.72 percent.

The lead from Wall Street remains divergent as the major averages opened mixed and finished the same way.

The Dow tumbled 299.05 points or 0.76 percent to finish at 39,112.16, while the NASDAQ rallied 220.84 points or 1.26 percent to close at 17,717.65 and the S&P 500 gained 21.43 points or 0.39 percent to end at 5,469.30.

The session-long strength in the tech-heavy NASDAQ was fueled by a rebound of Nvidia stocks after recent losses. Meta Platforms, Alphabet, Apple Inc., Eli Lilly, Micron Technology also posted strong gains.

Boeing, Nike, Goldman Sachs, IBM, Pfizer, McDonalds Corporation, Wells Fargo, Bank of America, Home Depot and Johnson & Johnson declined sharply, weighing on the Dow.

In economic news, the Chicago Fed National Activity Index, which measures overall economic activity and inflationary pressure, rose in May for the first time in three months. Also, the Conference Board said consumer confidence in the U.S. eased slightly in June.

Oil prices fell on Tuesday as traders booked some profits ahead of crucial U.S. inflation data due later in the week. West Texas Intermediate Crude oil futures for August ended down by $0.80 or nearly 1 percent at $80.83 a barrel.