Higher Open Predicted For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has tracked lower in two straight sessions, dropping almost 45 points or 0.7 percent along the way. The Jakarta Composite Index now rests just beneath the 6,770-point plateau although it's expected to find traction on Wednesday.

The global forecast for the Asian markets is cautiously optimistic, with bargain hunting expected after days of heavy selling on recession fears. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The JCI finished slightly lower on Tuesday following losses from the cement and resource stocks, while the financials were mixed.

For the day, the index eased 11.38 points or 0.17 percent to finish at 6,768.32.

Among the actives, Bank Danamon Indonesia tanked 2.45 percent, while Bank CIMB Niaga shed 0.42 percent, Bank Negara Indonesia perked 0.27 percent, Bank Central Asia dropped 0.87 percent, Bank Mandiri collected 0.50 percent, Bank Rakyat Indonesia slumped 1.21 percent, Indosat Ooredoo Hutchison added 0.44 percent, Indocement dipped 0.25 percent, Semen Indonesia plunged 2.52 percent, Indofood Suskes fell 0.36 percent, United Tractors sank 0.74 percent, Energi Mega Persada plummeted 3.92 percent, Astra Agro Lestari rose 0.31 percent, Aneka Tambang retreated 1.47 percent, Vale Indonesia retreated 1.71 percent, Timah declined 2.11 percent, Bumi Resources tumbled 1.80 percent and Astra International was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened lower, bounced back and forth across the unchanged line and finally moved into positive territory for good in the afternoon.

The Dow advanced 92.20 points or 0.28 percent to finish at 32,848,74, while the NASDAQ perked 1.08 points or 0.01 percent to close at 10,547.11 and the S&P 500 rose 3.96 points or 0.10 percent to end at 3,821.62.

The modest strength on Wall Street came as traders looked to pick up stocks at reduced levels following recent weakness. The major averages had closed lower for four consecutive session, ending Monday's trading at their lowest closing levels in over a month.

Buying interest remained somewhat subdued, however, with some traders reluctant to get back into the markets amid lingering concerns the Federal Reserve's aggressive interest rate hikes will tip the economy into a recession.

In economic news, the Commerce Department reported a decrease in new residential construction and building permits in the U.S. in November.

Crude oil bounced higher on Tuesday thanks to an improving demand outlook and a slightly weaker dollar. West Texas Intermediate rose $0.83 or 1.10 percent to $76.02 per barrel.