Oversold Indonesia Bourse Called Lower Again On Wednesday

(RTTNews) - The Indonesia stock market has finished lower in back-to-back sessions, retreating more than 215 points or 3.2 percent along the way. The Jakarta Composite Index now sits just beneath the 6,590-point plateau and it's expected to see continued consolidation again on Wednesday.

The global forecast for the Asian markets is negative, with weakness expected from the technology and oil companies. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The JCI finished sharply lower on Tuesday with damage across the board, especially among the financial shares and resource stocks.

For the day, the index stumbled 162.51 points or 2.41 percent to finish at 6,587.09 after trading between 6,576.97 and 6,772.65.

Among the actives, Bank CIMB Niaga skidded 1.18 percent, while Bank Mandiri tumbled 3.08 percent, Bank Danamon Indonesia shed 0.80 percent, Bank Negara Indonesia collected 0.71 percent, Bank Central Asia slumped 1.12 percent, Bank Rakyat Indonesia surrendered 3.06 percent, Bank Maybank Indonesia dropped 1.01 percent, Indosat Ooredoo Hutchison cratered 3.58 percent, Indocement declined 3.40 percent, Semen Indonesia added 0.36 percent, Indofood Sukses Makmur sank 0.95 percent, United Tractors lost 6.00 percent, Astra International declined 2.98 percent, Energi Mega Persada stumbled 3.47 percent, Astra Agro Lestari retreated 2.54 percent, Aneka Tambang fell 0.30 percent, Jasa Marga tanked 3.41 percent, Vale Indonesia crashed 6.46 percent, Timah plunged 5.26 percent and Bumi Resources plummeted 5.56 percent.

The lead from Wall Street is mostly soft as the major averages opened mixed on Tuesday and finished in similar fashion.

The Dow gained 159.95 points or 0.37 percent to finish at 43,621.16, while the NASDAQ plummeted 260.54 points or 1.35 percent to close at 19,026.39 and the S&P 500 sank 28.00 points or 0.47 percent to end at 5,955.25.

Significant weakness among technology stocks weighed on Wall Street, as reflected the notable slump by the tech-heavy NASDAQ.

Traders continued to express concerns about the sustainability of the artificial intelligence trade ahead of the release of AI darling Nvidia's (NVDA) fourth quarter results on Wednesday.

The selling pressure also spurred concerns about the outlook for the economy after a Conference Board report showing a significant deterioration by U.S. consumer confidence in February.

Oil futures settled sharply lower on Tuesday as concerns about demand and oversupply in the market weighed and pushed the commodity's prices to the lowest level in about 11 weeks. West Texas Intermediate Crude oil futures for April settled lower by $1.77 or at $68.93 a barrel.