Additional Support Called For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Tuesday snapped the four-day losing streak in which it had dropped almost 190 points or 2.5 percent. The Jakarta Composite Index now rests just beneath the 7,200-point plateau and it's expected to open in the green again on Wednesday.

The global forecast for the Asian markets is mixed to higher, with support again expected from the oil and technology sectors. The European markets were down and the U.S. bourses were mostly higher and the Asian markets are tipped to follow the latter lead.

The JCI finished modestly higher on Tuesday following gains from the telecoms and cement companies, while the financials and resource stocks were mixed.

For the day, the index advanced 61.44 points or 0.86 percent to finish at 7,195.71 after trading between 7,136.69 and 7,229.83.

Among the actives, Bank Mandiri slumped 1.19 percent, while Bank Danamon Indonesia collected 0.40 percent, Bank Negara Indonesia fell 0.41 percent, Bank Central Asia declined 0.75 percent, Bank Rakyat Indonesia rose 0.23 percent, Bank Maybank Indonesia advanced 0.92 percent, Indosat Ooredoo Hutchison skyrocketed 9.38 percent, Indocement strengthened 1.45 percent, Semen Indonesia rallied 3.66 percent, Indofood Sukses Makmur climbed 0.97 percent, United Tractors jumped 1.93 percent, Astra International gained 0.81 percent, Energi Mega Persada plunged 3.05 percent, Astra Agro Lestari sank 0.79 percent, Aneka Tambang surged 5.73 percent, Jasa Marga shed 0.44 percent, Vale Indonesia added 0.54 percent, Timah soared 3.46 percent, Bumi Resources tumbled 1.96 percent and Bank CIMB Niaga was unchanged.

The lead from Wall Street is cautiously optimistic after the major averages opened lower on Tuesday, although the NASDAQ and S&P 500 managed to finish in the green.

The Dow slumped 120.66 points or 0.28 percent to finish at 43,268.94, while the NASDAQ rallied 195.66 points or 1.04 percent to close at 18.987.47 and the S&P added 23.36 points or 0.40 percent to end at 5,916.98.

The early weakness on Wall Street came amid concerns about escalating tensions between the U.S. and Russia over the war in Ukraine.

After President Joe Biden gave Ukraine permission to attack Russian territory using U.S.-made long-range missiles, Russian President Vladimir Putin has signed a decree amending the country's nuclear doctrine.

Selling pressure waned shortly after the start of trading, however, with an advance by shares of Nvidia (NVDA) helping lead the turnaround by the NASDAQ. Nvidia will release Q3 results later today.

Oil futures settled higher on Tuesday amid the rising possibility of supply disruptions after Ukraine launched long-range U.S. made missiles to hit a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December rose $0.23 or about 0.3 percent at $69.39 a barrel.