Indonesia Stock Market May Find Traction On Wednesday

(RTTNews) - The Indonesia stock market on Tuesday ended the two-day winning streak in which it had gained almost 120 points or 1.6 percent. The Jakarta Composite Index now rests just beneath the 7,600-point plateau although it's looking at a fairly steady start on Wednesday.

The global forecast for the Asian markets suggests little movement ahead of key corporate and inflation data. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to also hug the unchanged line.

The JCI finished slightly lower on Tuesday following losses from the financial shares and resource stocks.

For the day, the index shed 8.30 points or 0.11 percent to finish at 7,597.90.

Among the actives, Bank CIMB Niaga shed 0.52 percent, while Bank Mandiri fell 0.35 percent, Bank Negara Indonesia dropped 2.26 percent, Bank Central Asia retreated 1.21 percent, Bank Rakyat Indonesia tanked 2.36 percent, Bank Maybank Indonesia plunged 3.36 percent, Indosat Ooredoo Hutchison dipped 0.23 percent, Semen Indonesia skidded 1.00 percent, Indofood Sukses Makmur sank 0.73 percent, United Tractors clmbed 1.11 percent, Energi Mega Persada and Timah both declined 1.89 percent, Aneka Tambang lost 0.68 percent, Vale Indonesia slumped 1.05 percent, Bumi Resources tumbled 2.13 percent and Astra International, Bank Danamon Indonesia, Astra Agro Lestari, Indocement and Jasa Marga were unchanged.

The lead from Wall Street is flat to positive as the major averages straddled the unchanged line throughout Tuesday's trade before finally finishing barely higher.

The Dow rose 10.00 points or 0.02 percent to finish at a record 41,250.50, while the NASDAQ added 29.05 points or 0.16 percent to close at 17,754.82 and the S&P 500 perked 8.96 points or 0.16 percent to end at 5,625.80.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of earnings news from Nvidia (NVDA), with the AI darling due to release its fiscal second quarter results later today.

Traders were also looking ahead to the release of Commerce Department's report on personal income and spending in the month of July, which includes readings on inflation said to be preferred by the Federal Reserve, on Friday.

While the data is not likely to affect optimism the Fed will lower rates next month, it could impact expectations for how quickly the central bank cuts rates.

Oil prices fell on Tuesday after three successive days of strong gains, consolidating ahead of supply data due out later today. West Texas Intermediate Crude futures for October slumped $1.89 or 2.5 percent at $75.53 a barrel.